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

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

    Hi All, this is my first posting, I have been following this thread and thought I would contribute

    thanks to everyone who has contributed so far wit all the information and your thoughts

    As I search the internet I cant find any information about the last 2 days of the hearing, in fact only really the first day was the only one really reported upon.

    I should say my place in this discussion, I work at a cmc , fairly decent size - we submit about 600 ppi claims per month - and are waiting on a decision on about 3000 ppi claims so it is a pretty big decision for us 3000x average of £400 = 1.2million

    Just as the judicial review was announced we were about to substantially increase our advertising and staff, once the judicial review was announced we cancelled all advertising in nov and dec but have returned to advertising in jan and feb

    our view is as follows, in the last few days we have been receiving a few more offers from rbs, halifax, lloyds, again with no pattern over which ones are made offers and which ones go on hold, we think it might be so that the lenders can say they have not employed a blanket ban

    we are finding fos mainly ruling against claims and not settling many as wins, the reason the lender wont sign up to the decision as fos have said they are 6 weeks from running out of money as no decisions are being accepted so it is far from business as normal at fos. in fact there is very little reason to submit anything to fos, it will cost time and money and fos wont settle it before the judicial review has been compleetd therefore you may as well wait for the judicial review to finish then recontact the letter for a final response , those are our thoughts anyway

    the only reason to submit to fos is where one has an smdl and therefore 6 months timebar, there is some confusion with mbna as they send a letter saying they havent reached a decision after 8 weeks and give fos rights and 6 months ticking clock, but in their on hold letter it says on hold due to the judicial review and havethe right to send to fos but intimate the 6 month time clock is not ticking, would be hard to see how the lenders could get away with saying the 6 month time was up when they arent providing final decisions to cmc's and fos not able to get anything agreed by the lenders that a client should lose their rights however in this environment who knows , so to be on the safe side we will also send mbna cases to fos

    the view with regard to the lloyds halifax move is cloudy, it could be to be seen to be doing something, it could be that these credit cards are not owed so much money as time period and type of cards these claims will probably be small, it could be that this is the 1st batch as 250,000 people is a lot to contact and they will move onto the next batch once this is finished, or it could be they wont pay any money out just offset against debts , improve their own balance sheet and alter terms to allow self employed people to still claim for example and not have to pay any money back. at the moment it appears to be doing some good in raising awareness and negative effect on cmc's but if more did this with more claims and did it genuinely then it could be bad news for cmc's

    sorry to ramble on, its saturday morning, just trying to keep some background on my own place in this discussion and also what we see is happening and our thoughts

    fingers crossed for the judicial review, from a business perspective we wish the fsa had not tried to make it a bigger market, as the market was big enough in the first place and now the courts are involved, anything could happen. we think whoever loses is likely to appeal and the lenders will continue with putting the squeeze on cmc's. I said if jan and feb we had advertised but if this goes beyond March then I dont think we will be able to and I can see us having to let some more people go. We had to cut costs to the bone last December because of the pressure the judicial review has put on and we let go a lot of staff.

    My letters to Vince Cable have gone unanswered

    Comment


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

      Originally posted by MBD23 View Post
      Hi All, this is my first posting, I have been following this thread and thought I would contribute

      thanks to everyone who has contributed so far wit all the information and your thoughts

      As I search the internet I cant find any information about the last 2 days of the hearing, in fact only really the first day was the only one really reported upon.

      I should say my place in this discussion, I work at a cmc , fairly decent size - we submit about 600 ppi claims per month - and are waiting on a decision on about 3000 ppi claims so it is a pretty big decision for us 3000x average of £400 = 1.2million

      Just as the judicial review was announced we were about to substantially increase our advertising and staff, once the judicial review was announced we cancelled all advertising in nov and dec but have returned to advertising in jan and feb

      our view is as follows, in the last few days we have been receiving a few more offers from rbs, halifax, lloyds, again with no pattern over which ones are made offers and which ones go on hold, we think it might be so that the lenders can say they have not employed a blanket ban

      we are finding fos mainly ruling against claims and not settling many as wins, the reason the lender wont sign up to the decision as fos have said they are 6 weeks from running out of money as no decisions are being accepted so it is far from business as normal at fos. in fact there is very little reason to submit anything to fos, it will cost time and money and fos wont settle it before the judicial review has been compleetd therefore you may as well wait for the judicial review to finish then recontact the letter for a final response , those are our thoughts anyway

      the only reason to submit to fos is where one has an smdl and therefore 6 months timebar, there is some confusion with mbna as they send a letter saying they havent reached a decision after 8 weeks and give fos rights and 6 months ticking clock, but in their on hold letter it says on hold due to the judicial review and havethe right to send to fos but intimate the 6 month time clock is not ticking, would be hard to see how the lenders could get away with saying the 6 month time was up when they arent providing final decisions to cmc's and fos not able to get anything agreed by the lenders that a client should lose their rights however in this environment who knows , so to be on the safe side we will also send mbna cases to fos

      the view with regard to the lloyds halifax move is cloudy, it could be to be seen to be doing something, it could be that these credit cards are not owed so much money as time period and type of cards these claims will probably be small, it could be that this is the 1st batch as 250,000 people is a lot to contact and they will move onto the next batch once this is finished, or it could be they wont pay any money out just offset against debts , improve their own balance sheet and alter terms to allow self employed people to still claim for example and not have to pay any money back. at the moment it appears to be doing some good in raising awareness and negative effect on cmc's but if more did this with more claims and did it genuinely then it could be bad news for cmc's

      sorry to ramble on, its saturday morning, just trying to keep some background on my own place in this discussion and also what we see is happening and our thoughts

      fingers crossed for the judicial review, from a business perspective we wish the fsa had not tried to make it a bigger market, as the market was big enough in the first place and now the courts are involved, anything could happen. we think whoever loses is likely to appeal and the lenders will continue with putting the squeeze on cmc's. I said if jan and feb we had advertised but if this goes beyond March then I dont think we will be able to and I can see us having to let some more people go. We had to cut costs to the bone last December because of the pressure the judicial review has put on and we let go a lot of staff.

      My letters to Vince Cable have gone unanswered

      The point is that after their rather successful (for now) bank campaign it was inevitable that PPI would be next no matter what the FSA did In fact by issuing proceedings it may let them string it out (with the wholehearted collusion of te FSA) in the same way they did with bank charges.

      Trouble is in my case the provider has already admitted liability only the amount of compensation needs to be resolved
      ------------------------------- merged -------------------------------
      Also whilst the JR is about the FSA & their powers we still have unfair contracts legislation by which to proceed. One only has to argue at the outset that your claim is not based on the FSA rulings but on current legislation
      Last edited by righty; 29th January 2011, 13:14:PM. Reason: Automerged Doublepost

      Comment


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

        Righty, the problem with that premis is that whilst in the bank charges instance, there was an "official" stay and ALL claims were on hold. In this instance, ALL claims are NOT on hold, ie Santander claims, ie claims outside of the area of the JR. It would be interesting perhaps to rework PPI letters based solely on Legislation only rather than on FSA issues.

        Are there cases being won going via legislation and the court route?
        "Family means that no one gets forgotten or left behind"
        (quote from David Ogden Stiers)

        Comment


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

          Originally posted by MBD23 View Post
          My letters to Vince Cable have gone unanswered
          Disgusting!

          But, we all the that the main prority of the coalition Gov. is to keep the Bank's sweet...

          Comment


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

            My new PPI claim with First Direct has met with brick wall. FD wrote back saying they would not deal with the claim until the JR was over. They said they have put it on hold and that I can go to the FOS in the alternative. This PPI goes back to 2003.

            Comment


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

              Originally posted by The Debt Star View Post
              My new PPI claim with First Direct has met with brick wall. FD wrote back saying they would not deal with the claim until the JR was over. They said they have put it on hold and that I can go to the FOS in the alternative. This PPI goes back to 2003.
              Is that when the PPI policy specifically for the loan you are claiming on finishes or was the loan consolidated post 2005/2008 with a further PPI policy?
              Is it one policy or multiple policies?
              "Family means that no one gets forgotten or left behind"
              (quote from David Ogden Stiers)

              Comment


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

                1 policy, a monthly premium PPI sold with a credit card, which was paid up in 2006.

                Comment


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

                  hi, firstly i would like to thank everyone who's contributed to this informative thread, it has made some interesting reading.

                  I have recently complained about PPI i had taken out with the HFC on a loan i have with them and have now recieved a letter stating that they have reviewed my complaint but confirm they are unable to provide a final response at the moment due to legal proceedings etc as they are part of HSBC and they are members of the BBA. They also state that they
                  a)will register my complaint.

                  b) keep me informed if there are any material developments in the court case that affect my complaint.

                  c)will revert to me once the matter has been resolved through the court.

                  d)will not take account of the delay for the purposes of calculating any applicable time bar period either in relation to court proceedings or for calculating any period within which a complaint should be referred to the FOS

                  they also add that they are obliged to advise me that i have the right to refer my complaint to the FOS.

                  the question i have is do i wait to see what happens or refer my complaint to the FOS now? also should i cancel the insurance on the loan or would this affect any decisions they may come too. I have around 10 more payments to make to clear this loan and the reason for my complaint is that i was told i would have to take out the PPI to have the loan accepted.

                  thanks again and any advice would be much appreciated.

                  sba

                  Comment


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

                    sba, if you have not already cancelled the PPI policy and you believe it to be missold then cancel it because clearly you may be paying for PPI that is not fit for purpose.
                    "Family means that no one gets forgotten or left behind"
                    (quote from David Ogden Stiers)

                    Comment


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

                      Originally posted by sba01 View Post
                      hi, firstly i would like to thank everyone who's contributed to this informative thread, it has made some interesting reading.

                      I have recently complained about PPI i had taken out with the HFC on a loan i have with them and have now recieved a letter stating that they have reviewed my complaint but confirm they are unable to provide a final response at the moment due to legal proceedings etc as they are part of HSBC and they are members of the BBA. They also state that they
                      a)will register my complaint.

                      b) keep me informed if there are any material developments in the court case that affect my complaint.

                      c)will revert to me once the matter has been resolved through the court.

                      d)will not take account of the delay for the purposes of calculating any applicable time bar period either in relation to court proceedings or for calculating any period within which a complaint should be referred to the FOS

                      they also add that they are obliged to advise me that i have the right to refer my complaint to the FOS.

                      the question i have is do i wait to see what happens or refer my complaint to the FOS now? also should i cancel the insurance on the loan or would this affect any decisions they may come too. I have around 10 more payments to make to clear this loan and the reason for my complaint is that i was told i would have to take out the PPI to have the loan accepted.

                      thanks again and any advice would be much appreciated.

                      sba
                      Thats exactly the same letter I received from First Direct (which is of course HSBC).

                      Comment


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

                        I have recently complained about PPI i had taken out with the HFC on a loan i have with them and have now recieved a letter stating that they have reviewed my complaint but confirm they are unable to provide a final response at the moment due to legal proceedings etc as they are part of HSBC and they are members of the BBA. They also state that they


                        I cannot see how HFC are in a position to put a hold on PPI complaints being as they where one of the first to be fined by the FSA for malpractice in selling the product a bit rich now that they have been caught out they are giving consumers short shift in returning there money.

                        Futhermore with the FSA's latest statement to the financial industry they are leaving there door wide open to be reprimanded by the FSA again.


                        http://www.fsa.gov.uk/pages/Library/...2008/004.shtml

                        Last edited by pompeyfaith; 29th January 2011, 19:47:PM.
                        If you think nobody cares if you're alive, try missing a couple of payments.

                        sigpic

                        Comment


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

                          SBA if it is a credit card I would say cancel as you wont get stat 8% interest, if its a loan I would say not cancel and wait till u get your compensation as 8% will be more than you earn in a bank
                          And no you dont have to send to fos as the letter you have been sent clearly says
                          will not take account of the delay for the purposes of calculating any applicable time bar period either in relation to court proceedings or for calculating any period within which a complaint should be referred to the FOS

                          no point sending to fos as fos wont settle it until the judicial review is over and more chances of losing at fos at the moment than winning , they are looking for reasons now to throw out claims

                          they are all using the same letter template , must have been something agreed at BBA level


                          ------------------------------- merged -------------------------------
                          a)will register my complaint.

                          b) keep me informed if there are any material developments in the court case that affect my complaint.

                          c)will revert to me once the matter has been resolved through the court.

                          d)will not take account of the delay for the purposes of calculating any applicable time bar period either in relation to court proceedings or for calculating any period within which a complaint should be referred to the FOS

                          they also add that they are obliged to advise me that i have the right to refer my complaint to the FOS.

                          the question i have is do i wait to see what happens or refer my complaint to the FOS now? also should i cancel the insurance on the loan or would this affect any decisions they may come too. I have around 10 more payments to make to clear this loan and the reason for my complaint is that i was told i would have to take out the PPI to have the loan accepted.



                          MBNA also send this letter but at the same time they also send a letter at 8 weeks saying no final decision yet and give clients fos rights and advise them they have to send to fos within 6 months - mixed messages , confusing :tinysmile_hmm_t2:

                          Last edited by MBD23; 29th January 2011, 20:38:PM. Reason: Automerged Doublepost

                          Comment


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

                            Banks face 4bn blow in PPI mis-selling scandal | This is Money

                            The above article does not really add more to what has already been said.
                            "Family means that no one gets forgotten or left behind"
                            (quote from David Ogden Stiers)

                            Comment


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

                              if it is a credit card I would say cancel as you wont get stat 8% interest


                              Where did you read that as it is not true, 8% stat is in the fos guideance on settling claims and indeed will apply equally to all PPI claims whether it be credit card or loan.

                              no point sending to fos as fos wont settle it until the judicial review is over and more chances of losing at fos at the moment than winning , they are looking for reasons now to throw out claims


                              Again please enlighten us all how you work that out because if that was the case there would be no court case and the FOS AND FSA would not have made the statements they have.

                              If you think this is all a set up you are wrong

                              If you think nobody cares if you're alive, try missing a couple of payments.

                              sigpic

                              Comment


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

                                As on FB, as I have been back and forth checking on there just in case, but going by what have been said to they they know of is so far the FSA and FOS case - looking stronger than the BBA, but we shall soon see, or should I say their arguments were stronger!

                                http://www.facebook.com/?ref=home#!/...47221511992547

                                Comment

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