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

[The Debt Star]

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.

I don't agree with you. If A owes B £100 and B subsequently owes A £50, it should be up to A how he pays B the balance £50 due. B shouldn't be in a position to 'hold onto' and dictate to A how that money is spent; especially (and this is the main point) if B had deliberately mis-sold or acted in a way that was wholly detrimental to A (which imo is what PPI was).

[Bonce]

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

Hi all,

This is just another victory for the banks. Why the hell should Welcome Finance be able to broker this deal. Via this deal they will repair their corrupt balance sheets allowing them to carry on trading under another name or sell their book to the highest bidder which by the way will be a million times more than they could have done six months ago. Why should this highly illegal lending institute be able to get away with this? They will have paid no tax for years due to losses etc and within 1-2 years they will be back lending as corruptly as ever. It gives rise to anyother lender who is still currently suffering to broker the same sort of deal which ultimately screws the genreal public.

The question is are we going to stand back and let this happen. People must see the bigger picture, if this has been allowed to happen then we can all give up any hope of a favourable result from the JR and i would assume that all PPI claims will be dead within 6-12 months as the other banks will come out and argue their cases.

This is all down to the useless people we elect into (or dont elect into) power, the banks rule the world and until we have a government who acts as they are supposed to in our best interests then things will carry on getting worse. Our government is as corrupt if not more corrupt than Robert Mugabe's and anyone who does not beleive that is not worth wasting your breath speaking to. This is a deal that has been sorted behind closed doors and yet again allows another bank to keep its billions and will get more tax breaks somewhere in the future whilst trading as Welcome Finance Ltd.

What about the directors who have been drawing rediculous salaries for God knows how long? Surely there are criminal charges to be answered as they are the ones who set targets like 100% PPI penetration. As a qualified mortgage adviser i could go to jail for fudging peoples income or even not carrying out the correct money laundering checks, the difference is i, like every other mortgage advise/broker are just little fish and the only people the FSA actively seek. The FSA are there to help and protect us, Is there anyone out there who can honestly put up their hand and say they do a good job????

Does anyone think it is worth setting up a petition? Or are we gonna sit back and take up the ass, again???
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Totally agree with Debt Star, MDB23 must work for the government???

[leclerc]

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

Hi all,

This is just another victory for the banks. Why the hell should Welcome Finance be able to broker this deal. Via this deal they will repair their corrupt balance sheets allowing them to carry on trading under another name or sell their book to the highest bidder which by the way will be a million times more than they could have done six months ago. Why should this highly illegal lending institute be able to get away with this? They will have paid no tax for years due to losses etc and within 1-2 years they will be back lending as corruptly as ever. It gives rise to anyother lender who is still currently suffering to broker the same sort of deal which ultimately screws the genreal public.

The question is are we going to stand back and let this happen. People must see the bigger picture, if this has been allowed to happen then we can all give up any hope of a favourable result from the JR and i would assume that all PPI claims will be dead within 6-12 months as the other banks will come out and argue their cases.

This is all down to the useless people we elect into (or dont elect into) power, the banks rule the world and until we have a government who acts as they are supposed to in our best interests then things will carry on getting worse. Our government is as corrupt if not more corrupt than Robert Mugabe's and anyone who does not beleive that is not worth wasting your breath speaking to. This is a deal that has been sorted behind closed doors and yet again allows another bank to keep its billions and will get more tax breaks somewhere in the future whilst trading as Welcome Finance Ltd.

What about the directors who have been drawing rediculous salaries for God knows how long? Surely there are criminal charges to be answered as they are the ones who set targets like 100% PPI penetration. As a qualified mortgage adviser i could go to jail for fudging peoples income or even not carrying out the correct money laundering checks, the difference is i, like every other mortgage advise/broker are just little fish and the only people the FSA actively seek. The FSA are there to help and protect us, Is there anyone out there who can honestly put up their hand and say they do a good job????

Does anyone think it is worth setting up a petition? Or are we gonna sit back and take up the ass, again???
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Totally agree with Debt Star, MDB23 must work for the government???

Have you relieved yourself of all that stress now?

Please do not start a petition and slap yourself a few times(I'm metaphorically doing it for you, ok?).
Now the world is a better place.

[Bonce]

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

So Leclerc is taking it up the ass, anyone else?

[leclerc]

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

Hi all,

This is just another victory for the banks. Why the hell should Welcome Finance be able to broker this deal. Via this deal they will repair their corrupt balance sheets allowing them to carry on trading under another name or sell their book to the highest bidder which by the way will be a million times more than they could have done six months ago. Why should this highly illegal lending institute be able to get away with this? They will have paid no tax for years due to losses etc and within 1-2 years they will be back lending as corruptly as ever. It gives rise to anyother lender who is still currently suffering to broker the same sort of deal which ultimately screws the genreal public.
They were not illegal as they were licensed and the fact that the agreements were not exempt from the CCA. You could suggest that Welcome Finance, already fined by the FSA over PPI misselling and that those claims in themselves means that they cannot afford the amount of payouts(plus interest on sums already taken out.



The question is are we going to stand back and let this happen. People must see the bigger picture, if this has been allowed to happen then we can all give up any hope of a favourable result from the JR and i would assume that all PPI claims will be dead within 6-12 months as the other banks will come out and argue their cases.

Welcome Finance and the JR are NOT linked apart from the issue of PPI. The judge has yet to rule on the JR so the fact that they have gone to the FSCS can only be made on the basis of financial considerations.

This is all down to the useless people we elect into (or dont elect into) power, the banks rule the world and until we have a government who acts as they are supposed to in our best interests then things will carry on getting worse. Our government is as corrupt if not more corrupt than Robert Mugabe's and anyone who does not beleive that is not worth wasting your breath speaking to. This is a deal that has been sorted behind closed doors and yet again allows another bank to keep its billions and will get more tax breaks somewhere in the future whilst trading as Welcome Finance Ltd.
I'm not sure that the comparison with Robert Mugabe is a good one since Mugabe came to power after the civil war in Zimbabwe. Electors are intimidated when going to vote, opposition supporters are arrested and tortured etc, etc
I need to clarify that we are still talking about Welcome Finance going to the FSA for help via the FSCS?

What about the directors who have been drawing rediculous salaries for God knows how long? Surely there are criminal charges to be answered as they are the ones who set targets like 100% PPI penetration. As a qualified mortgage adviser i could go to jail for fudging peoples income or even not carrying out the correct money laundering checks, the difference is i, like every other mortgage advise/broker are just little fish and the only people the FSA actively seek. The FSA are there to help and protect us, Is there anyone out there who can honestly put up their hand and say they do a good job????
Have you got a link to the info re Welcome Finance directors salary? No firm can expect 100% PPI penetration because not everyone is eligible and I mean really ineligible for the cover not just pre existing medical conditions or assertions of "you must have it". The FSA have to work with evidence and many people who are sceptical of what they can or cannot do, don't bother reporting to the FSA for anything to be done.

Does anyone think it is worth setting up a petition? Or are we gonna sit back and take up the ass, again???
Petitions are pretty pointless since the likelihood of getting a decent amount of signatures is sparse. Again, what else can you do? You believe the government is corrupt, that the banks are winning all the time and that a petition is the best form of attack. Personally, its not a position I agree with at all.

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Totally agree with Debt Star, MDB23 must work for the government???

Just to be clear, I hate threads where we start to say, do you work for a DCA, Government or Bank cos that is simply childish.

Have a discussion but let rational thought enter rather than irrational logic.
Please see questions above as I have asked for clarification and let's not start using insults at each other cos it does not help with the discussion. Perhaps I should have posted this response earlier than my previous one.

[MYROOT]

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

I think using redress payment to reduce outstanding amount (set off) is not a bad idea but it raises question as to the impact it will have on the balance to be carried forward. The position of the FOS is to bring the customer to the position he/she would have been if the PPI was not sold in the first place. However, if "set off" is used, the customer is disadvantaged as he/she has not been brought to that position. The other downside is FSCS will only pay 90% of the claim. This is unfortunate but better than if the company is gone under for that matter no redress is paid.

[leclerc]

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

I think using redress payment to reduce outstanding amount (set off) is not a bad idea but it raises question as to the impact it will have on the balance to be carried forward. The position of the FOS is to bring the customer to the position he/she would have been if the PPI was not sold in the first place. However, if "set off" is used, the customer is disadvantaged as he/she has not been brought to that position. The other downside is FSCS will only pay 90% of the claim. This is unfortunate but better than if the company is gone under for that matter no redress is paid.

Do you think that it should be used to pay off any arrears but the rest of it then passed onto the customer which therefore gives the customer a clean slate with regards to arrears and allows them to continue to pay off the loan?

[MYROOT]

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

Personally it is no, because it is the customer that owns the money and for that matter it is him/her who decides whether to pay part of his/her debt off or use the money for something different. We should not forget that the loan was contracted over a term and for that matter using the money to reduce the person's indebtedness has altered the contract to the disadvange of the borrower. The best thing probably to do in this special circumstace is to pay the 100% to those willing to accept set off and pay their 90% to those who want direct payments.

[leclerc]

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

Personally it is no, because it is the customer that owns the money and for that matter it is him/her who decides whether to pay part of his/her debt off or use the money for something different. We should not forget that the loan was contracted over a term and for that matter using the money to reduce the person's indebtedness has altered the contract to the disadvange of the borrower. The best thing probably to do in this special circumstace is to pay the 100% to those willing to accept set off and pay their 90% to those who want direct payments.

What I was saying that if there were arrears on the loan, ie missed payments that the settlement clears those arrears and the rest is paid to the borrower themselves so that they can continue to service the loan they took out. That means that if the borrower believes the PPI payments contributed to their hardship in meeting the loan that the arrears are paid off leaving them in the same position should the loan not have been taken out with PPI.

[Class Act]

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

Lets get this thread back on track a little!

Below is an extract from the FSA when fining HFC for PPI mis selling; You will see that the majority was for a breach of ICOB (suitability) and so for the BBA to state that they in the main followed these rules is wrong.

I think if you look at the majority of fines etc from the FSA you will see breaches of ICOB/ICOBS within their findings.

Any thoughts EXC?


Principle 9
5.1 Principle 9 (suitability) provides that:
A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgement.
5.2 In considering the standards required under this Principle, the FSA also has considered the specific requirements set out in the part of the FSA Handbook (the Handbook) entitled Insurance: Conduct of Business (ICOB).
Facts and matters relied on
5.3 By reason of the facts and matters detailed in paragraphs 5.4 to 5.14 the FSA considers that HFC has breached Principle 9 of the FSA's Principles for Businesses and ICOB 4.3.1R, 4.3.2R, 4.3.5R, 4.3.6R and 4.4.1R.
The suitability

[EXC]

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

Lets get this thread back on track a little!

Below is an extract from the FSA when fining HFC for PPI mis selling; You will see that the majority was for a breach of ICOB (suitability) and so for the BBA to state that they in the main followed these rules is wrong.

I think if you look at the majority of fines etc from the FSA you will see breaches of ICOB/ICOBS within their findings.

Any thoughts EXC?


Principle 9
5.1 Principle 9 (suitability) provides that:
A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgement.
5.2 In considering the standards required under this Principle, the FSA also has considered the specific requirements set out in the part of the FSA Handbook (the Handbook) entitled Insurance: Conduct of Business (ICOB).
Facts and matters relied on
5.3 By reason of the facts and matters detailed in paragraphs 5.4 to 5.14 the FSA considers that HFC has breached Principle 9 of the FSA's Principles for Businesses and ICOB 4.3.1R, 4.3.2R, 4.3.5R, 4.3.6R and 4.4.1R.
The suitability

I'm not sure that the BBA are claiming that they (or their members) 'followed' the rules as such but rather that they are the applicable rules - and the only rules that should apply. But I take your point that some of the breaches were for principles which incurred a fine - and they didn't complain then did they?

[NLP]

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

Still waiting are we?

Who was it that said this would be fast tracked PMSL

They are winning, and will continue to win.... with... the weapon of choice

TIME

[Budgie]

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

Still waiting are we?

Who was it that said this would be fast tracked PMSL

They are winning, and will continue to win.... with... the weapon of choice

TIME

I can't see what difference TIME will make to be honest.

Have just noticed that you haven't posted for a week NLP.
Have you been away on your holidays or maybe having some Neuro Linguistic Programming training ?

http://www.businessballs.com/nlpneur...rogramming.htm

[NLP]

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

I can't see what difference TIME will make to be honest.

Have just noticed that you haven't posted for a week NLP.
Have you been away on your holidays or maybe having some Neuro Linguistic Programming training ?

http://www.businessballs.com/nlpneur...rogramming.htm

If you can't see what difference TIME makes to joe public... you should just forget this lark.
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pmsl... er yeah, i've been away on a training program... or wherever you fancy... just wanna keep you sheep happy.

[Angry Cat]

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

... just wanna keep you sheep happy.

Sheep?