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

[dogtired]

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

Still no news from Bank of Scotland, they are even giving the FOS the runaround.
M and S paid up on one but said they could find no evidence on two others, luckily I still had my copies and also came across another one on a "financial statement" so sent them off! Got a reply on Satrurday with the "We are looking into this" so it goes on!
Quick enough to chase you when you have problems :beagle:

[Paul210]

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

Question: If they uphold a complaint... Do they have to reduce the remaining payments on a loan..?

GE MONEY said sorry we mis-sold it to you, here is your refund yet still looking for the monthly loan payments including the amount paid for the PPI single premuim..?

Strictly to put you back in the position you would have been in without the policy then the premiums should be removed. How are they proposing to resolve the situation going forward as I cant imagine they would leave the insurance running, have they kept the payments the same and reduced the term?

If your not happy with their offer you always have the option to refer to FOS, I'm pretty sure they would look for payments to be resheduled.

[mosten]

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

Question: If they uphold a complaint... Do they have to reduce the remaining payments on a loan..?

GE MONEY said sorry we mis-sold it to you, here is your refund yet still looking for the monthly loan payments including the amount paid for the PPI single premuim..?

[EXC]

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

From today's Times:




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.

[EXC]

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

Can they actually make me an offer with all the figures etc of the PPI and agree they are upholding my complaint and then in the next letter say they cannot locate the paperwork and cannot confirm PPI was added.

Is it possible it is left and right hand not knowing what they are doing? I only spoke to them on Friday and they confirmed they had the acceptance forms and were dealing with them.

I think that in principle they can withdraw upholding the complaint and I suppose it's possible the left hand doesn't know what the right is doing.

[flossie]

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

So they've decided not to uphold the complaint on the basis that they have lost the application form?

I'd do as Leclerc has suggested and point out the error in their logic and threaten them with taking it to the FOS.

Can they actually make me an offer with all the figures etc of the PPI and agree they are upholding my complaint and then in the next letter say they cannot locate the paperwork and cannot confirm PPI was added.

Is it possible it is left and right hand not knowing what they are doing? I only spoke to them on Friday and they confirmed they had the acceptance forms and were dealing with them.

[EXC]

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

"due to the amount of time that has lapsed since the account was closed we're unable to locate the relevant application form . As a result we are rejecting the complaint."

So they've decided not to uphold the complaint on the basis that they have lost the application form?

I'd do as Leclerc has suggested and point out the error in their logic and threaten them with taking it to the FOS.

[leclerc]

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

Just one question.

Can M&S make an offer to refund PPI on a loan and all associated interest and then withdraw that offer once the acceptance letter has been sent and received by them?

On the 11th July I received a letter saying " I can confirm that after further investigation, aided by the evidence that you recently provided, I am upholding your complaint."

and then a letter dated 19th July stating "due to the amount of time that has lapsed since the account was closed we're unable to locate the relevant application form . As a result we are rejecting the complaint."

Just wondering where I stand. Shall I wait until I have the refund cheque or contact them straight away?

They have linked the loan to 3 others I didn't even remember I had that all pre-date it and said they will give me a response to those within 5 weeks. If the writer says they couldn't find the paperwork for one that finished in 2004 how do they hope to find the earlier ones? Their reference number on their letter is also different from the one I have.

Advice appreciated.

Go back to them and tell them that they may have made a mistake but it will cost them £500.00 if they are standing by the 19th july letter as you'll go to the FOS

[flossie]

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

Just one question.

Can M&S make an offer to refund PPI on a loan and all associated interest and then withdraw that offer once the acceptance letter has been sent and received by them?

On the 11th July I received a letter saying " I can confirm that after further investigation, aided by the evidence that you recently provided, I am upholding your complaint."

and then a letter dated 19th July stating "due to the amount of time that has lapsed since the account was closed we're unable to locate the relevant application form . As a result we are rejecting the complaint."

Just wondering where I stand. Shall I wait until I have the refund cheque or contact them straight away?

They have linked the loan to 3 others I didn't even remember I had that all pre-date it and said they will give me a response to those within 5 weeks. If the writer says they couldn't find the paperwork for one that finished in 2004 how do they hope to find the earlier ones? Their reference number on their letter is also different from the one I have.

Advice appreciated.

[EXC]

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

Millions of consumers have suffered detriment on a large-scale and, together, the industry has had to make compensation payments of approximately £15 billion, with most PPI redress still to come.

http://www.fsa.gov.uk/pubs/events/fca_approach.pdf

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

First Direct are part of HSBC so would assume will follow same route, have started to see some (although not many) HSBC offers in the last few weeks
so they do seem to be finally moving albeit very slowly.

Cheers mate, useful to know that HSBC as a group are moving slowly per se. Typical!

[Paul210]

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

anyone? :tinysmile_hmm_t2: or am I the only First Direct PPI claimant? Might explain things :tinysmile_aha_t:

First Direct are part of HSBC so would assume will follow same route, have started to see some (although not many) HSBC offers in the last few weeks
so they do seem to be finally moving albeit very slowly.

[leclerc]

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

anyone? :tinysmile_hmm_t2: or am I the only First Direct PPI claimant? Might explain things :tinysmile_aha_t:

Part of HSBC and if the complaint went in Pre JR then they have until end of August to give final response.

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

Anyone know what First Direct are going to do?

anyone? :tinysmile_hmm_t2: or am I the only First Direct PPI claimant? Might explain things :tinysmile_aha_t:

[EXC]

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

Just out of curiousity - have you heard of any announcement due on Friday?

Regards,

TBD.

What I meant was that I'll know for sure on Friday what Tuesday's announcement was - though I suspect it was the joint note I posted earlier http://www.fsa.gov.uk/pubs/other/joi...about_CMCs.pdf