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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
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
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