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

[pompeyfaith]

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

Thread here also on the above:

http://www.legalbeagles.info/forums/...ad.php?t=27330

[Paul210]

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

Just had this sent through.

Anyone with a Welcome Fin case??

Click the link.

http://www.fscs.org.uk/news/2011/mar...epm/index.html

Just spoke with FSCS, all complaints should still be lodged with Welcome first as they will conduct the investigation.

Also they have confirmed that the offset rule is now in play due to default declaration so can apply any award against any outstanding balance on any welcome account, not just any arrears balance which was the previous position with welcome.

[leclerc]

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

Does anyone have an address for this Guy, im tempted to send him a nice customer complaint (quoting his comments) along with my CC ppi refund request.

Brian.Hartzer@rbs.co.uk

Their email stuff is not difficult to work out. BTW, if they ever hire John Smith as head of retail then it will present a much tougher task

[Gian80]

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

Hi all,

I have just spoken to Welcome Finance and the FSCS and was told the same thing, that any settlement will be offset against any outstanding balance (even if it is not in arrears) and this can also be across accounts (i.e. any settlement in relation to closed accounts will be offset against any current outstanding balance).

When I put it to the FSCS that this flies in the face of how they have previously dealt with complaints the chap I spoke to said he was also surprised. He quoted a Q&A sheet they had been issued with regarding the WF runoff that stated under FSCS rules settlements for mis-sold PPI will be used to reduce any outstanding loan balance with any remaining amount being paid to the complainant. When I asked which rule this was specifically he was unable to advise me and suggested I send them an email which will be passed to their legal team!

I also asked him whether they would honour any offers of settlement that they have made prior to 1st March which he said they would. Therefore if WF have already made an offer of settlement to you this should still go through and the redress paid out as you have stipulated (i.e. in to a nominated bank account or by cheque).

I also asked about pre-2005 cases, I was told to submit LOC's to WF as you usually would and if they did not uphold the complaint you reserve the right to escalate the matter to FOS. Presumably cases that go to FOS and are upheld will not been used to offset against any outstanding balance?

In relation to post-2005 cases, this is clearly not an acceptable situation. An individual should have the freedom to choose how the redress is paid out as allowed under common law. I will be emailing the FSCS to ask why the scheme they are running in relation to WF cases is different to how they normally deal with cases.

[Paul210]

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

Just spoken with FOS regarding offsets applied by FSCS, theyve confirmed they have no jurisdiction where a FSCS case so couldnt get involved

[valdez]

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

I've been following this forum for a while now since making a claim on my Egg loan ppi. I received a letter from Egg in January saying my claim had been upheld but it was on hold as the they were waiting for the outcome of the Judicial Enquiry before making payment and then today i've received a letter along with a cheque for £7005.59 in recompense, the letter says they've carried out a further review of my complaint and will be refunding all premiums charged together with interest and if as a result of the judicial review an additional sum is due to me they will make any additional payment as necessary. WHOOPEE, and there was me thinking this was going to drag on forever. Good luck to everyone else complaining, I hope you're all as fortunate as me.

[Class Act]

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

Hi all,

I have just spoken to Welcome Finance and the FSCS and was told the same thing, that any settlement will be offset against any outstanding balance (even if it is not in arrears) and this can also be across accounts (i.e. any settlement in relation to closed accounts will be offset against any current outstanding balance).

When I put it to the FSCS that this flies in the face of how they have previously dealt with complaints the chap I spoke to said he was also surprised. He quoted a Q&A sheet they had been issued with regarding the WF runoff that stated under FSCS rules settlements for mis-sold PPI will be used to reduce any outstanding loan balance with any remaining amount being paid to the complainant. When I asked which rule this was specifically he was unable to advise me and suggested I send them an email which will be passed to their legal team!

I also asked him whether they would honour any offers of settlement that they have made prior to 1st March which he said they would. Therefore if WF have already made an offer of settlement to you this should still go through and the redress paid out as you have stipulated (i.e. in to a nominated bank account or by cheque).

I also asked about pre-2005 cases, I was told to submit LOC's to WF as you usually would and if they did not uphold the complaint you reserve the right to escalate the matter to FOS. Presumably cases that go to FOS and are upheld will not been used to offset against any outstanding balance?

In relation to post-2005 cases, this is clearly not an acceptable situation. An individual should have the freedom to choose how the redress is paid out as allowed under common law. I will be emailing the FSCS to ask why the scheme they are running in relation to WF cases is different to how they normally deal with cases.

Dear oh dear, so we have a government backed organisation that is treating consumers worse than the firms who flogged this over priced useless product in the first place!!

So here it is, I have a claim with the FSCS sold through Picture Fin and i get all my money back to me in my bank account, yet my next door neighbour who also has a claim through the FSCS, but because his is Welcome he is dictated too and he cannot have his redress paid to him?? ie its off his loan!!!

What sort of system are we living in?? not only do we have the Banks taking on their own regulator in court against their own customers (who bailed the Banking system out to the tune of Billions!) and no one in the government blinks an eye, we now have the FSCS telling the public you can have redress back for the way Welcome ripped you off, but only on OUR terms!!!!!!

It really does beggar belief!!!!

Farce.

[MBD23]

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

Dear oh dear, so we have a government backed organisation that is treating consumers worse than the firms who flogged this over priced useless product in the first place!!

So here it is, I have a claim with the FSCS sold through Picture Fin and i get all my money back to me in my bank account, yet my next door neighbour who also has a claim through the FSCS, but because his is Welcome he is dictated too and he cannot have his redress paid to him?? ie its off his loan!!!

What sort of system are we living in?? not only do we have the Banks taking on their own regulator in court against their own customers (who bailed the Banking system out to the tune of Billions!) and no one in the government blinks an eye, we now have the FSCS telling the public you can have redress back for the way Welcome ripped you off, but only on OUR terms!!!!!!

It really does beggar belief!!!!

Farce.

to be fair if you owe someone money, and then in transpires that they then owe you money , there is nothing morally wrong in knocking it off the debt. you owe me £100 , it then transpires in fact for a reason rightly or wrongly I owe you £20 , Im entitled to say ok you now owe me £80, I actually dont have to part with any cash. You have got the benfit in not having to pay that money back to me plus the benefit in interest saved, which is probably worth more to you than if you had spent the money. you cant argue against the banks right to do this impartially imho

[EXC]

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

today i've received a letter along with a cheque for £7005.59 in recompense, the letter says they've carried out a further review of my complaint and will be refunding all premiums charged together with interest and if as a result of the judicial review an additional sum is due to me they will make any additional payment as necessary.

Congratulations.

I cannot see how any outcome of the Judicial Review could have any effect on the level of redress.

[skv123]

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

I've been following this forum for a while now since making a claim on my Egg loan ppi. I received a letter from Egg in January saying my claim had been upheld but it was on hold as the they were waiting for the outcome of the Judicial Enquiry before making payment and then today i've received a letter along with a cheque for £7005.59 in recompense, the letter says they've carried out a further review of my complaint and will be refunding all premiums charged together with interest and if as a result of the judicial review an additional sum is due to me they will make any additional payment as necessary. WHOOPEE, and there was me thinking this was going to drag on forever. Good luck to everyone else complaining, I hope you're all as fortunate as me.

I believe Egg have not refunded you statutory interest. If you have not signed an acceptance form then simply bank the cheque and then take your complaint to the FOS chasing the statutory interest.

On a settlement as large as yours the statutory interest could be quite substantial and you have nothing to lose.

[ncf355]

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

to be fair if you owe someone money, and then in transpires that they then owe you money , there is nothing morally wrong in knocking it off the debt. you owe me £100 , it then transpires in fact for a reason rightly or wrongly I owe you £20 , Im entitled to say ok you now owe me £80, I actually dont have to part with any cash. You have got the benfit in not having to pay that money back to me plus the benefit in interest saved, which is probably worth more to you than if you had spent the money. you cant argue against the banks right to do this impartially imho

[panto mode]
Oh yes you can!
[/panto mode]
Welcome entered legally binding agreements to supply finance for £X amount across X years at £X amount per month

They sold possibly dubious payment protection insurance in possibly questionable ways and are now being brought to account for this

So why should they get thheir money back quicker than the agreement gave them a legal right to?

[EXC]

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

[panto mode]
Oh yes you can!
[/panto mode]
Welcome entered legally binding agreements to supply finance for £X amount across X years at £X amount per month

They sold possibly dubious payment protection insurance in possibly questionable ways and are now being brought to account for this

So why should they get thheir money back quicker than the agreement gave them a legal right to?

That's a fair point. Ther may be an obligation on the part of FSCS to recover any of the assets of the defaulted firm to go towards compensation claims. But as Gian80 pointed out this doesn't appear to be their usual policy.

Also the payout will be 90% of the value of the claim.

FSCS Insurance Limits

[EXC]

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

The FSA have published a Voluntary Variation of Permission for Welcome Financial Services.

http://www.fsa.gov.uk/pubs/other/financial_services.pdf

[valdez]

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

I believe Egg have not refunded you statutory interest.

Sorry, I should have said, 1,930.62 of that was interest added.

[debtisbad]

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

Well done Valdez!