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

[ncf355]

Re: Latest updates on PPI Judicial Review and claims on hold

Of course, tht's the BBA's mantra is it not?

:drama:

[Chip Tuesday]

Re: Latest updates on PPI Judicial Review and claims on hold

It said this Chip

Hi Turbo,

That sounds like a pretty risky strategy to me, it's only a couple of weeks until the JR is heard, and I'd hold fire on any potential lower offers for compensation (as this is you hard earned cash we're talking about) until after that decision is made. If the BBA get their way then for the immediate future we could see a diminished level of compensation (so holding out a couple more weeks won't make any material difference), but if the FSA win the court might order the BBA to cooperate fully, in which case waiting a couple of weeks could pay off in the corect (higher) level of compensation being paid.

Personally I think it's a pretty brave move going into a complaint from such a new angle, I think that the banks might simply ignore such a letter, as holding up the FOS procedure allows them to make interest off your money. Humms, it is a difficult one. This could be a course of action for the future if the FSA & FOS win and the BBA appeal, but I'd only offer to accept a smaller payout as and when the options become more clear. For all we know the JR could be thrown out at the hearing stage and not even get to a judgement stage.

CT
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Also I don't know if you guys have seen this on the Mortage Strategy webiste:

http://www.mortgagestrategy.co.uk/am...024682.article

There's a bit of an interesting bit about this not being resolved until the end of the year... strange!

CT

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

There's a bit of an interesting bit about this not being resolved until the end of the year... strange!

CT

I think they mean the whole potential Judicial Review process including appeals and not just the outcome of next week's hearing.

[Chip Tuesday]

Re: Latest updates on PPI Judicial Review and claims on hold

Yeah that's what I guessed, but it seems like a wierd time-frame to me. Most commentators are using the Bank Chrages test case as a potential timescale, and although this case is different the Mortgage Strategy article seems to pluck the end-of-the-year figure from nowhere.

CT

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

Yeah that's what I guessed, but it seems like a wierd time-frame to me. Most commentators are using the Bank Chrages test case as a potential timescale, and although this case is different the Mortgage Strategy article seems to pluck the end-of-the-year figure from nowhere.

CT

I know what you mean but there is no reason that even if the decision is appealed twice, it couldn't be concluded this year.

Their are 2 types of applications for Judicial Review - regular and 'for urgent consideration' and this one is for 'urgent consideration' which means it and any appeal would effectively be fast tracked. This was reflected in the court Order of 21 October that noted that the case required a ''rapid determination''.

So in my view, comparisons with the length of the test case (2 years and 4 months from start to finish) don't stand up. So far things are already happening twice as quickly. The first test case hearing took 6 months to schedule (from the point proceedings were filed to the hearing itself) whereas the Judicial Review will have taken just three.

If it continues to take half the time that the test case did the JR will be done & dusted by the end of this year.

[The Debt Star]

Re: Latest updates on PPI Judicial Review and claims on hold

I think that the banks might simply ignore such a letter, as holding up the FOS procedure allows them to make interest off your money.

Good point. I hadn't thought of it that way. The banks are making $ on the money they are holding onto, so even though they may pay out more interest if the JR goes against them, it probably stacks up in their favour anyway.

[Paul210]

Re: Latest updates on PPI Judicial Review and claims on hold

Quote:

Originally Posted by: Chip Tuesday
"I think the banks might simply ignore such a letter, as holding up the money allows them to make interest off your money."


I think your giving the complaints departments at the banks way too much credit, from speaking to them the ones on hold are doing so beacause their legal dept tells them to do so, it doesnt matter what letter you send them if its on hold it will stay on hold until the whole JR issue is resolved or the decision makers at the banks change their policies. Remember these are simply customer service bods doing what the computer system tells them, sounds harsh but from delaing with them its the only conclusion to come to!!

For reference lenders stances in relaiton to JR as follows:

LTSB - saying if complaint not upheld before 12/10/10 then on hold although I've noticed some credit card claims from after then have begun to receive offers in last 7 days.

Northern Rock - Still delaing with complaints.

HSBC - All on hold

Santander Group (Santander, Alliance & Leicester & Abbey National) - Still delaing with complaints.

Barlcays & Barclaycard - All on hold

Yorkshire Bank (inc clydesdale bank) - still dealing with complaints.

Welcome Finance - Still dealing with complaints.

HBOS (Halifax & Bank of Scotland) - Depends on case, some held some not.

RBS Group (Royal Bank of Scotland, Natwest, Lombard, Tescos & M&S) - Depends on case, some held some still proceeding.

Blackhorse Finance - All on hold

Capital One - Still dealing with complaints.

Citi financial - Still dealing with Complaints

MBNA - All on hold.

N.B. For lenders where it depends on the case they state hinges on whether new FSA guidance impacts on cases but when i've pushed them for details or examples they are unable to shed any further light on it as to what criteria they are applying to decide that, again seems to be the computer tells them what to do!

[Chip Tuesday]

Re: Latest updates on PPI Judicial Review and claims on hold

Quote:

I think your giving the complaints departments at the banks way too much credit

Ooops, credit giving wasn't the name of my game! I just think that the rules and procedure coming down from on high in certain banks are indeed a money grabbing tactic, it's not the compliants dept fault. Tbh I feel pretty sorry for the staff at the complaints call centers, it must be depressing being told all day how bad your employer is!

CT

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

Is anyone going to be reporting from Court as the JR is happening (us/press etc?)

CT

The BBC's personal finance correspondent said that they 'hope' to be covering the case.

[Chip Tuesday]

Re: Latest updates on PPI Judicial Review and claims on hold

sweet!!

CT

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Given that the BBC is a Government Quango it will be most interesting to see what there take is on the JR and how they report it.

[EXC]

Re: Latest updates on PPI Judicial Review and claims on hold

''Lloyds Banking Group has begun a mass mailshot of 231,000 letters offering possible refunds to Halifax customers who may have been mis-sold Payment Protection Insurance on their credit cards, under a costly and large-scale outreach programme codenamed Project Kestrel.

Internal documents obtained by the Observer reveal that 8,300 letters went out last Monday. Almost a quarter of a million will be dispatched by mid-February, asking credit card customers to contact a special call centre operated by outsourcing firm Capita.''

Lloyds offers compensation to Halifax customers over credit card protection | Business | The Observer

While this is good news it does seem very odd that Lloyds are happy doing this off their own back but at the same time supporting the BBA in challenging the FSA's decision to require them to do it. This is precisely the kind of initiative that is one of the main issues of the BBA's JR claim:

''The perceived need for firms to carry out root cause analysis of complaints and potentially review historical sales are likewise flawed buy it's [FSA'S] erroneous conclusions as to the widespread and common failings by firms''.

This element of the BBA's JR claim goes on to challenge the FSA's power to require firms to do this and complain about the cost of it's implementation.

In my view the hypocrisy that this demonstrates is only made possible by the fact that it is the BBA bringing the JR action on behalf of un-named banks. In essence, through the BBA's JR challenge, Lloyds are conducting a fishing exercise (while conforming with the terms of it's angling licence) but getting the BBA to hold the rod.

[Class Act]

Re: Latest updates on PPI Judicial Review and claims on hold

Has anyone seen this.

http://www.fsa.gov.uk/pages/consumer...ppi_letter.pdf

[pompeyfaith]

Re: Latest updates on PPI Judicial Review and claims on hold

Wow, thats a nice letter CA and straight to the point on the FSA's stance.

Thanks for posting it

[Angry Cat]

Re: Latest updates on PPI Judicial Review and claims on hold

An Excellent letter!