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

[EXC]

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

[quote=dogtired;222533]

Need some advice peeps on a store card.
Can you claim back "payment cover" on this?
Did a CCA for my other half and got a very poor copy of the original application form and a single sheet which they claim is a "screen shot" with no dates on it, will try and upload them tomorrow when I am back near my scanner but the copy application form is a disgrace, almost illegible they say the "no" box is ticked but its just marked all over so its not very clear.
The only way round it I think is to do a full SAR but he does not want to do that, says just leave it but I do not want to do that
The copies are really that bad

The documents seam to indicate that there was no payment cover in place - or have I misunderstood?

[EXC]

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

Santander profits hit by PPI mis-selling costs


Santander has set aside 620m euros (£548m) to cover the costs of mis-selling payment protection insurance (PPI) in the UK.

The Spanish bank is the latest to outline the one-off amount to cover the cost of compensation for mis-selling the loan insurance.

Lloyds Banking Group set aside £3.2bn to cover the cost of this compensation, followed by Barclays (£1bn), RBS (£850m) and HSBC (£269m).
The move hit Santander's profits.

The UK arm of the bank - which includes the Abbey, Alliance and Leicester and Bradford and Bingley brands - saw pre-tax profits dip 3% to £1.2bn in the six months to June.

The parent company Banco Santander reported a first-half net profit of 3.5 billion euros, down 21%.

Legal wrangle
PPI is supposed to cover loan repayments if someone becomes ill or loses their job, but it has emerged that many of the policies sold by the banks were mis-sold.

In April, the banking industry lost its High Court challenge to new rules on the sale of PPI.

Among other things, the rules require sellers of PPI polices to review all their past sales to see if their customers have a claim for mis-selling, whether or not they have actually complained.

While the legal case was going on the banks put on hold tens of thousands of fresh PPI complaints that came in.

Santander was second, behind Barclays, in the list of most complained-about financial institutions during the second half of 2010.

The data, compiled by the City watchdog - the Financial Services Authority - was driven, in part, by PPI complaints.

Santander chief executive Ana Botin said the bank had taken significant steps to improve customer service.

Earlier in July, Santander said it had brought its call centres back to the UK from India following complaints.

"In line with other UK banks, a further provision for payment protection insurance remediation has also been made," Ms Botin said.

"Notwithstanding these factors, Santander UK has delivered profit in the first six months, maintaining its strong track record of profitability and strengthening its balance sheet."


BBC News - Santander profits hit by PPI mis-selling costs

[leclerc]

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

This is it

(oh, and BTW dont forget its 16 weeks for the extended timescale!)

even if they didnt have the advanced systems and amount of people at their disposal, it should be carried out quicker than 8 weeks to make a payment

This needs addressing by the media

Having spoken to an ombudsman the issue is about the definition of promptly within the Dispensation rules. What may appear prompt to you and I may not be the same and the definition may change over time. With thousands and thousands of complaints 8 weeks is not necessarily excessive in timescale however if other factors are pressing, ie debt collection agents from the bank hassling you for money(explain PPI complaint to them if pending) or real financial hardship then 8 weeks could cause further detriment to the individual and would therefore be unfair. If the award is via the FOS you are gaining 8% interest on the compensation up to the date it is paid so those 8 weeks are benefiting the customer to a degree.

[dogtired]

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

[quote=dogtired;222482]Need some advice peeps on a store card.
Can you claim back "payment cover" on this?
Did a CCA for my other half and got a very poor copy of the original application form and a single sheet which they claim is a "screen shot" with no dates on it, will try and upload them tomorrow when I am back near my scanner but the copy application form is a disgrace, almost illegible they say the "no" box is ticked but its just marked all over so its not very clear.
The only way round it I think is to do a full SAR but he does not want to do that, says just leave it but I do not want to do that
The copies are really that bad

[EXC]

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

PPI Complaints Handling for Businesses

''Caroline Wayman, principal ombudsman and legal director, talks about the Ombudsman and complaints handling at the FSA's training session for businesses on the assessment and redress of payment protection insurance (PPI) complaints''.

http://www.financial-ombudsman.org.u...rms-July11.pdf

[MBD23]

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

Yes, the FOS told me this at their recent seminar and have confirmed it in writing. They also said that the end of August deadline was to accept or reject the complaint only and a further eight weeks would be allowed to pay. Roll on Christmas!
JDEH

thanks for that - what did they actually say in writing ?

are you able to put it in writing

[dogtired]

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

Need some advice peeps on a store card.
Can you claim back "payment cover" on this?
Did a CCA for my other half and got a very poor copy of the original application form and a single sheet which they claim is a "screen shot" with no dates on it, will try and upload them tomorrow when I am back near my scanner but the copy application form is a disgrace, almost illegible they say the "no" box is ticked but its just marked all over so its not very clear.
The only way round it I think is to do a full SAR but he does not want to do that, says just leave it but I do not want to :beagleTxxx

[EXC]

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

Moreover in the thread from which the quote comes, the commenter also states that most banks will settle only after action, or in some case at the court doors.

That's because defending credit card default charges in law is a no-hoper. But defending a PPI mis-selling claim, for which mischief virtually no laws exist to prevent, is different animal.

[MrZ]

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

With respect Budgie is a recognised authority on claiming compound interest and if he says, at the time of writing, that no claimant has successfully argued and won a claim for an award for compound interest in a County Court, then I'd take it as read.

Regardless of the fact that County Court judgments aren't precedent setting, banks do fight PPI claims in court because they know that the law is an inadequate medium to employ in establishing the mis-selling of insurance.

Legal Beagles Consumer Forum - View Single Post - Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

I'm afraid maybe I wasnt clear in my post. Saying that "no [PPI] claimant has argued and won" based on Sempra is not the same as "[PPI] Claimants haved argued but lost". In fact the comment goes on to say that it likely to change. Moreover in the thread from which the quote comes, the commenter also states that most banks will settle only after action, or in some case at the court doors. I mis use the word precedent in its legal sense, but its certainly acceptable to refer to similar cases in the county court.

I dont know why anyone with a valid claim wouldnt insist on full compsenation, but I suppose each have their own reasons.

The banks are generally the ones that spin the idea of whats fair and full compensation.

People should now that they have a right in statute and case law for full and fair compensation.

Having said that, I think its important that a claimant knows exactly what the claim is for and shouldnt insist on anything in court or elsewhere that he/she isnt sure of.

[EXC]

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

Perhaps this is why the commenter you posted is not aware of many claims being held in the county court. The banks aren't foolish. The Sempra case is well established in that compound interest can be awarded. The last thing they want, is to fight a valid PPI claim where Sempra is argued and set a precedent. I would be interested in reading cases where interest based on Sempra was claimed, but not awarded in an otherwise upheld PPI claim.

With respect Budgie is a recognised authority on claiming compound interest and if he says, at the time of writing, that no claimant has successfully argued and won a claim for an award for compound interest in a County Court, then I'd take it as read.

Regardless of the fact that County Court judgments aren't precedent setting, banks do fight PPI claims in court because they know that the law is an inadequate medium to employ in establishing the mis-selling of insurance.

Legal Beagles Consumer Forum - View Single Post - Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......

[ncf355]

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

Banks buckle under deluge of loan insurance complaints

Bla ........

The logjam makes the situation different from previous mis-selling problems, when banks have been able to increase their staff over time, industry sources said.

Bla.....

What an utter load of crap!

They have known for several years they were going to be deluged by this, but instead chose to ignore the need for more resources and instead attempted to hold back the flood with an unjustified JR

The fact that FOS/FSA make constant amendments to the timelines to help them makes me sick, they ought to have the same timelines (whether or not they meet the rules has no effect on the consumer - they still wait the same time for their claim to be processed) and when they fail to meet the 8 week timeline be heavily fined for it - if that system was kept in place with a decent fine for every so may 1,000 that failed to be dealt with on time (say 500k-£1M, so its not actually economical for them to ignore the problem), they'd soon get things sorted

[enaid]

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

I bet there are a few jobs going to help them with the work load....or will they take on temps... or take people away from other departments?

Banks buckle under deluge of loan insurance complaints

Big banks are being flooded with thousands of customer complaints about payment protection insurance and are managing to settle only very few cases, according to industry sources.

One large bank is understood to have received almost 7,000 complaints in a single week recently, and had settled fewer than ten cases. Industry insiders said that the banks were struggling to increase workforces and other resources, such as IT systems. Nonetheless, banks are doubling or tripling their complaints-handling staff in Britain, increasing the total employed across the industry by thousands in an attempt to meet the flood of complaints.

One insider said that the level of claims coming through the door was “an enormous challenge”, adding that one big problem was that banks were trying to employ significant numbers of staff from the same relatively limited talent pool.

An option being considered by some banks is to sign outsourcing contracts with Indian companies to keep costs under control and to deal with the level of complaints. Such a move might be considered controversial because some decisions about PPI mis-selling are complex and may not be resolved easily by external contractors.

There is a possibility, too, that customers, who already believe that they have been mis-sold a product, find themselves caught up in a frustrating process to try to resolve the issue, financial insiders warned.

With a final compensation bill expected to be up to £8 billion, PPI is the biggest mis-selling scandal to have hit the banking industry. PPI was insurance intended to pay loan bills in the event of the policyholder losing earnings through ill-health or redundancy, but many people were unaware that they were paying for it or were sold policies when the fine print excluded them from ever claiming.

Late last year the Financial Services Authority ordered banks to apply new rules to how they sell products, requiring them not only to supply customers with documents stating the terms and conditions but also to talk them through the details.

The change, which applied to old and new policies, led to panic among the banks as it left them open to millions of mis-selling claims over PPI, triggering protracted legal action.

The banks abandoned their case only when Lloyds, the biggest PPI seller, broke ranks in May and walked away from the case, earmarking £3.2 billion to pay victims.

Because banks froze all work on compensation claims during the legal case, since May they have been swamped with historic and new claims.

The logjam makes the situation different from previous mis-selling problems, when banks have been able to increase their staff over time, industry sources said.

The FSA has already waived the normal rule stipulating a response to complaints within eight weeks, giving banks more breathing space to deal with PPI claims.

A rolling programme of deadlines has been introduced, with the first date of August 31 looming for decisions on complaints put on hold while banks pursued their court case.

The industry believes it will take about two years to clear the complaints.

Read more at: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in...... - Page 166 - Legal Beagles Consumer Forum

[MrZ]

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

You cannot insist on compound interest - even in County Court.

I would be careful insisting anything in country court.

In most PPI claims, the value is not on the charge for the PPI itself, but the amount of compounded interest added to the account as a result of the charge. A claim for PPI should insist that the compounded interest is accounted for up to the date of claim. In the event the account is no longer active or has been sold then no less than the interest compounded up to the termination of the account. From then onward, interest is a matter "pre action" insisting [negotiating] full and fair compensation. The arguments in support of this are many. Because of this, many banks have in the end settled the claim out of court and paid the compound interest as well.

Perhaps this is why the commenter you posted is not aware of many claims being held in the county court. The banks aren't foolish. The Sempra case is well established in that compound interest can be awarded. The last thing they want, is to fight a valid PPI claim where Sempra is argued and set a precedent. I would be interested in reading cases where interest based on Sempra was claimed, but not awarded in an otherwise upheld PPI claim.

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

I bet there are a few jobs going to help them with the work load....or will they take on temps... or take people away from other departments?

so it takes 8 weeks to first of all receive response: one person to scan the letter, then for someone to input onto a spreadsheet, then for someone to check the amount, then for someone to authorise the amount and then for someone to write to the customer giving a timescale, then for someone to key the amount/or write a cheque which two people might sign. You see, it takes a weeks for each person in the chain to do their jobs. Don't you know, they're busy people :o

[EXC]

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

If you make your claim properly, you will be asking for full compensation in the form of interest. You should also state that interest will accrue until the date of payment. The longer they take to pay the more interest will be added to your compensation. Thats not so bad...especially if you insisted on compound interest.

You cannot insist on compound interest - even in County Court.

Compound interest
This is the type of interest that we are all used to in our everyday lives as the interest on overdrafts, loans, mortgages and credit card balances is calculated on a compound basis. It therefore appears quite reasonable that when asking the credit card company to repay charges that they should also be asked to pay compound interest upon those charges.
However, claiming compound interest is not easy; it is not simply a matter of just asking for it. The County Courts currently have no statutory powers to award compound interest in these types of claims. Unfortunately this is just the way that English Law has developed over the years. Certain types of cases were originally decided with an award of simple interest. Judges then used the authority of those previous cases to enable them to make decisions in subsequent ones. It became accepted practice that compound interest would not be awarded, except in a very limited range of claim types. However, the recent case of Sempra Metals Limited (formerly Metallgesellschaft Limited) (Respondents) v Her Majesty's Commissioners of Inland Revenue and another (Appellants) 18th July 2007 raised the issue of Compound Interest. As a result of the House of Lords appeal in that case many of the preconceived ideas with regards to the awarding of compound interest were examined, picked apart and the law concerning the awarding of compound interest was basically rewritten. It now appears possible for Courts to award compound interest in such claims as these. In legal terms Sempra is also very recent so the developments in law that have arisen from it have not yet found their way throughout the entire Court system. No Claimant has yet actually argued and won a claim for an award of compound interest in a County Court, although this situation is likely to change very soon. Some Claimant's may have “won” claims by default but no one has actually argued and received a judgment for compound interest in the normally accepted sense. So in summary, it is possible to make a claim for an award of compound interest in a credit card charges claim but there is no current precedent stating that a Claimant is entitled to receive such an award. Until a precedent is set a Claimant would be expected to argue a claim for compound interest from scratch, which would mean studying, understanding and learning the multitude of arguments and case law referred to and decided in the Sempra case. Eventually, a Claimant will WIN the argument in court and hopefully make it easier for others with similar claims to successfully follow on. However, until that stage is reached it must be a Claimant’s own decision as to whether to proceed with a claim on a compound interest basis. An easy to use spreadsheet for calculating compound interest may be found here Compound Spreadsheet. Remember that it is important, at this pre-litigation stage that this is referred to as COMPENSATORY INTEREST and not compound interest.

Budgie's strategy for reclaiming credit card charges - Legal Beagles Consumer Forum