Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Out of interest has anyone here had a payout yet or at least a promise of one?

It does seem rather odd that Margaret Cole from the FSA could make such a ridiculous statement which is more than likely unfounded. I wonder where she gets her information from?

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Welcome back TBD.

[The_Big_Dog]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

...Fewer than 6,000 of the backlog are now outstanding.

Margaret Cole of the FSA said: "We are encouraged that most firms have used the time extension to clear the backlog of complaints received during the judicial review."

That is complete bovine excrement! Either that or I'm holding the vast majority of the 6,000 that have yet to be decided.

It's totally disgraceful whats going on here, and I'm beginning to want to walk away from the Claims Industry, which is a shame because I really enjoy what I do, but it's beginning to get a bit much when the Regulator just isn't regulating the market and the consumers it's meant to be protecting.

Margaret Cole is 'encouraged'. Sorry Margaret - what *****ing planet are you on????? You've let banks put hundreds of thousands of claims on hold illegally, given them more time to deal with them, given them extentions to deal with new complaints and they're still putting two fingers in the air at you. Jesus Christ - wake up and smell the coffee woman!

I think the banks are stringing the FSA along here, and unless the FSA are going to intervene, then it's going to carry on - same old tactics by the banks. (In fact, some of them have got worse since losing the JR and we're seeing declines coming in for self employed and pre existing meds for complaints we've put in on behalf of clients after the JR was completed, so it's pretty clear which way the banks want to play).

I think it's because uphold rates have fallen to 55% at the fos - the banks are loving it because now, it's 50/50 whether the complaint gets upheld or not.

Congratulations to the FOS and the FSA - probably the most useless waste of space in the world right now and a total laughing stock.

TBD.

[Angry Cat]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

BBC News - PPI backlog 97% cleared by banks

...Fewer than 6,000 of the backlog are now outstanding.

Margaret Cole of the FSA said: "We are encouraged that most firms have used the time extension to clear the backlog of complaints received during the judicial review."

One wonders just where the FSA obtained or have been provided with the above calculation?

Rubbish and I for one do not buy it!

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

TDS, no spoken to you in a long time, how is your case going? the one in with the FOS?

Hi. Oh, nothing but grief and strife! The FOS adjudicated in my favour back in February. Agreed the PPI had been mis-sold and asked me to agree to the settlement and then Egg would send calculations and compensate me. So I did. It took Egg til the end of April to reduce my loan by £400 and to offer £100 stat interest direct.

Bill and I have worked out that the loan should have been reduced by more than £1K and that I should have more than double the stat interest.

So I have had to go back to the FOS who have only now received a response to our calculations from Egg. In the meantime Egg sold the loan to Arrow.

Egg have told the FOS that their figures are correct and ours are wrong.

The Bank has not supplied any detailed calculations or methodology justifying its sums, just lists of figures.

So 18 months since first complaining about the PPI I am no nearer a resolution despite the FOS adjudication and despite the fact that the FOS provided clear directions to the Bank as to how it should have put me back in the position I would have been in "but for" the mis-sold PPI. This included a refund of the carry-over of PPI premioums from the older loan that contained the single premium PPI to the later consolidation loan without PPI.

[di30]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

I knew I'd be in the 3% that wasn't

TDS, no spoken to you in a long time, how is your case going? the one in with the FOS?

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

I knew I'd be in the 3% that wasn't

[EXC]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

PPI backlog 97% cleared by banks


Banks have processed more than 97% of their huge backlog of complaints about payment protection insurance (PPI).

After losing a High Court test case in April they were told to deal with 200,000 complaints which they had put on hold pending the hearing's outcome.

The Financial Services Authority (FSA) gave them until the end of August to either offer compensation, or reject the complaints.

Fewer than 6,000 of the backlog are now outstanding.

Margaret Cole of the FSA said: "We are encouraged that most firms have used the time extension to clear the backlog of complaints received during the judicial review."

A large number of fresh complaints have still been coming in to the banks, encouraged by the widespread publicity surrounding their legal defeat.

The FSA has said that new complaints generated since April must have been processed by 1 September 2011.

Fresh cases received after that date, but before 31 December, must be dealt with in 12 weeks. And from January 2012, the banks will have to go back to the normal eight-week timetable for responding to customers' complaints.

Fresh surge
The FSA revealed this week that the top 16 PPI sellers had paid compensation of £215m in the first half of the year for mis-selling the insurance, with nearly half of that being handed out in May and June alone. Complaints data published by individual banks in the past week has highlighted how they are being besieged by tens of thousands of disgruntled customers.

At RBS and NatWest in the first half of the year, PPI gripes made up 31% of all NatWest complaints and 47% of those to RBS.

These pushed total NatWest complaints up 24% to 147,109 and RBS complaints up 27% to 68,414. Last week, Barclays revealed it had received 73,000 PPI complaints in the first half of the year and predicted they would keep on rising in the second half of 2011.

Lloyds also said recently that its overall insurance complaints had shot up to 202,384 in the first half of the year, of which PPI was the biggest part.

Santander
By contrast, the Santander banking group has reported a 14% drop in the total number of complaints it received in the first half of 2011.

They fell to 168,888 from 195,475 in the second half of 2010 . New complaints to Santander are now 31% lower than they were a year ago.

A bank spokesman explained that, unlike other banks, it had not been a party to the banking industry's legal action over PPI complaints, and had not put them on hold when they came in during the court case.
As a result, it has not had to deal with a big backlog.

Although most of Santander's new insurance complaints relate to PPI, they fell from 18,588 in the second half of 2010 to 16,431 in the first half of this year.

Huge bill
Not all PPI complaints from customers will lead to a bank offering a compensation payment.

Those who are turned down have the right to pursue their complaints to the Financial Ombudsman Service (FOS), which has often found in favour of complainants.

At the start of August, the FOS revealed that it had been receiving 900 fresh PPI complaints every day and that these now made up 65% of its total workload. It has found in favour of customers in 55% of cases. The result has been a huge bill for the banks.

Lloyds has set aside £3.2bn for compensation payments, Barclays £1bn, RBS group £850m, Santander £731m and HSBC £269m.



http://www.bbc.co.uk/news/business-14748374

[MBD23]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

It seems like tese are all tactics to appear to respond to the deadline, but in many cases they are just stalling paying out. Well, did we expect the banks to behave?

[FONT='Arial','sans-serif']to be fair to the banks there are also a lot of PPI claims being settled that post dates the on hold stuff [/FONT]
[FONT='Arial','sans-serif']
[/FONT]
[FONT='Calibri','sans-serif']Either a push to ensure they minimise any future backlog or they have cleared most of the backlog and are able to deal with newer claims[/FONT][FONT='Calibri','sans-serif'] [/FONT]
[FONT='Calibri','sans-serif']the banks are taking on teams and teams of people to deal with PPI, I’m sure some have been assigned to historic while others assigned to new claims[/FONT]
[FONT='Calibri','sans-serif'] [/FONT]

[debtisbad]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

It seems like tese are all tactics to appear to respond to the deadline, but in many cases they are just stalling paying out. Well, did we expect the banks to behave?

[MBD23]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

Halifax/Bank of Scotland are sending just unquants, Lloyds are starting to send a lot too

[Paul210]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

just been told by a staff member at Barclaycard that FSA given them an extension til 5/9 to deal with complaints, not verified, anyone else heard same story?, nothing on FSA website!

Someones telling porkies me thinks!

theyve just rang us back and confirmed upholding and letter being sent today - very strange!

[Paul210]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

just been told by a staff member at Barclaycard that FSA given them an extension til 5/9 to deal with complaints, not verified, anyone else heard same story?, nothing on FSA website!

Someones telling porkies me thinks!

[Bill-K]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

This happened to me, so I always asked for a full breakdown of the calculation and always got paid in full. Rule number one: don't accept the first offer without challenging it.

Agreed., guv'nor. We're now a Third World economy, and haggling is de rigeur.
But...and this is the clincher
...HOW did you know that you had been paid in full ?

[debtisbad]

Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

This has been a constant annoyance to me, too, EXC. My argument has always been that - in order for a claimant to decide whether or not to accept an offer in full and final settlement - he needs to be able to make an informed decision. Such a decision cannot be made without knowing what the offer actually is - and how it has been calculated.

All too often, we have found claimants being offered amounts which do not tally with our own calculations. But because we have not been allowed to see how the offers have been calculated, we have no option other than to conclude that the amounts are incorrect, and suggest that the claimant rejects it.

When such 'calculations' are provided, they are generally no more than a list of the elements of each offer - and certainly do NOT show how these elements have been calculated.

It is my understanding of Disp/App 3.9.4 that, if an understandable explanation of how the redress had been calculated is NOT provided, then the claim has not actually been settled in full.

Disp/App 3.9.4:-

This happened to me, so I always asked for a full breakdown of the calculation and always got paid in full. Rule number one: don't accept the first offer without challenging it.