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

[stevesouth33]

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

Hi TBD

Can you tell me your views on this particular kind of settlement attempt as I've seen one of these myself?

It seems like a cheap way to get around paying the full whack they should as the Goodwill Gesture is always light on the payment total.

cast your minds back to the early days of bank charges when they began paying out Goodwill gestures, some people wrote back saying 'Thanks very much for the goodwill gesture, I'm now taking you to court for the charges"

Which I thought rather industrious actually.

The couple of ones I have had from RBS paid the 'full whack' and in one case paid more than full whack. The statement around length of time and goodwill gesture just gets them out of the 'merits' of the claim itself so they dont have to get into it.

[EXC]

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

(I suppose that they need to raise the £462k to pay their legal bills for the JR from somewhere!).

Their bill for the FSA's external legal costs alone were £867k excluding VAT.

[andrew1]

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

Morning All,



The interesting one is RBS. We saw the first 2 come in over the weekend, and the way they've settled is very interesting. Unfortunately, I haven't got the letters with me because they're in the office, however, they started 'due to the length of time that it has taken to resolve your complaint, we have decided to settle your complaint as a gesture of goodwill with no admission of liability'. When I first read them, I immediately thought of Barclays - are RBS doing the same to reduce their caseload?



TBD.

Hi TBD

Can you tell me your views on this particular kind of settlement attempt as I've seen one of these myself?

It seems like a cheap way to get around paying the full whack they should as the Goodwill Gesture is always light on the payment total.

cast your minds back to the early days of bank charges when they began paying out Goodwill gestures, some people wrote back saying 'Thanks very much for the goodwill gesture, I'm now taking you to court for the charges"

Which I thought rather industrious actually.

[The_Big_Dog]

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

Morning All,

I'll be keeping an eye on the BBA's conference this morning, however, I'm doubtful that there will be a huge earth shattering announcement which will see the end of CMC's. It'll be interesting to see what's said, however, if there was something big on the cards, I think the CMC grapevine would have picked something up - and I've not heard a dickybird. Secondly, any regulatory body in the UK has 2 speeds - dead slow and stop, so if they have got something nasty in store for CMC's, it'll take them ages to implement it.

I'm very cynical of any organisation that states 'an announcement is imminent' - particularly when they're charging £270 or £390 for a ticket (I suppose that they need to raise the £462k to pay their legal bills for the JR from somewhere!).

I think what is on the cards is a move from our Monitoring & Compliance Unit in Staffordshire. The current compliance is monitored by Staffordshire Trading Standards - their current contract for doing this is due for renewal in the not too distant future, so there might be an announcement about this, and I'll bet somewhere along the line that they increase our fees somewhere as well.

Meanwhile, back at the ranch, we're seeing settlements coming in from everyone except for HSBC (quelle suprise Rodney!). They're sending plenty of hold letters, but no sniff of an uphold yet.

The interesting one is RBS. We saw the first 2 come in over the weekend, and the way they've settled is very interesting. Unfortunately, I haven't got the letters with me because they're in the office, however, they started 'due to the length of time that it has taken to resolve your complaint, we have decided to settle your complaint as a gesture of goodwill with no admission of liability'. When I first read them, I immediately thought of Barclays - are RBS doing the same to reduce their caseload?

What is coming apparent is they all need to pick up their pace between now and the end of August if they're going to clear their backlogs, because the settlements aren't coming in quick enough. I've analysed what I've seen already and how many are still to be resolved and I think that at current levels, I'm seeing about 20% of what I should be seeing, so they've got a lot of work to do - it's going to be an interesting 6 weeks.

TBD.

[andrew1]

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

Just remembered - Sempra Meals vs HMRC , sets precedent for compound I believe. - it's the grey cells!

[stevesouth33]

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

Heard from the budsman today that a previously not up-held complaint, had been reviewed by the financial business and that they were now prepared to pay full redress in line with the FOS guidlines. This one dates from 2005 and had a PPI payment of £70 a month so that should not be incosiderable.

The redress breaks down thus:

Refund of all PPI premiums
Refund of compound interest
Refund of simple interest less tax
Refund of interest since claim put on hold less tax

Whats quite good is that they knew that the adjudicator had upheld it but would not co-operate so the adjudicator referred it to the ombudsman, but in the meantime they have re-considered which is interesting.

[andrew1]

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

A1,
if you just reclaim simple interest, you will not be put back into the position that you were in prior to taking out the useless PPI!

Sorry AC, can you spell this out for me exactly why you suggest this so I can be in tune with the argument? I have my theories as to why contractual is right, but I'd like to hear it from someone else.

[Angry Cat]

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

Credit Card

A1,
if you just reclaim simple interest, you will not be put back into the position that you were in prior to taking out the useless PPI!

[andrew1]

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

Andrew

Loan PPI or Credit Card PPI?

Credit Card

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

Lloyds Bank are stating on their web site that they are taking upto 16 weeks to resolve the PPI claims if they were submitted claims sent in after 6th May will not receive either a letter or payment before September. This is terrible my cousin was told by her bank that in order for them to give her an increase in the overdraft this PPI was a condition and they swiped it from her account even though she did not want it as she already had medical cover on another policy.

[Turboman]

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

Andrew

Loan PPI or Credit Card PPI?

[andrew1]

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

What is generally acceptable as a refundable amount?

1)Refund of Premiums
2)Refund of Interest incurred on the account becasue of the PPI
3)Refund of SIMPLE interest applied to the account because of the PPI
Interest @ 8%

I sent my claim in for Contractual Interest - is that something people are going for or should one settle for Simple interest.

Opinions please?


A1

Sorry, this got lost in the recent debate in following threads..anyone any thoughts on Simple or Contractual Interest for these PPI claims?

[Angry Cat]

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

A Shocking story that involves, Cardiff Pinnacle, Lombard, RBS and 1st Credit:
http://www.dailymail.co.uk/news/arti...#ixzz1SGOFBUIk

[seller 17]

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

It's anyone's guess really.

I do know that the MOJ have been conducting a wholesale review of the regulation of CMCs and the BBA have been lobbying them hard.

Attached is the BBA's response to a MOJ consultation earlier this year that mainly deals with Conduct of Authorised Person Rules for CMCs but they also took the opportunity to have a moan and groan about other issues the banking industry has with CMCs.

Incredibly amongst the list of demands, the BBA wants CMCs to ''be regulated in a similar way to the financial services industry – they should be subject to the same conduct principles, such as treating customers fairly, for example''.

And who was it at the very time this was written that was heading a legal challenge to the very legitimacy of enforcing Treating Customers Fairly conduct principles? Step forward the BBA.

i think the CMC's should be worried reading this.

The link to the BBA response is interesting. If their members paid out upfront on these claims there would be no need to use CMC's anyway....the BBA, dont you just love em!!!!!!! Full of it.

[EXC]

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

If what the BBA say in this letter to the MOJ and if all of that can be put into place in a satisfactory manner this would cover a hell of a lot of our concerns on behalf of the consumers.

I agree but don't lose sight of the fact that the BBA are using the consumer perspective to embellish their case. That's because there is far more detriment suffered by the consumer than the financial services industry at the hands of CMCs.

The BBA commissioned a piece of research in 2009 - 'Impact of Claims Management Companies' Activities on Consumers of Financial Services' and this was submitted along with their consultation response.