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

[EXC]

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

Why are they not doing that proactively themselves?

Because they don't have to.

The Root Cause Analysis requirements in the 10/12 Policy Statement only oblige firms to review the past sales of non-complainants and only then under certain circumstances.

[di30]

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

http://www.guardian.co.uk/money/2011...rance-policies

£5bn PPI payout expected 'in months'

As the banks abandon a legal challenge, millions are set to claim. But are any genuine insurance policies available?

Banks were this week urged to pay up quickly and without fuss to compensate people mis-sold payment protection insurance (PPI).

The decision to abandon their legal challenge paves the way for millions to share billions of pounds in compensation. The "big four" banks – Lloyds Banking Group, Royal Bank of Scotland, Barclays and HSBC – this week revealed they face a combined bill of more than £5bn.

If you think you were mis-sold PPI, complain first to the loan provider. The Guardian has produced a template letter. If the complaint is not dealt with to your satisfaction within eight weeks, take your case to the free-to-use Financial Ombudsman Service, which has, until now, upheld three out of four cases.
Where the ombudsman upholds a complaint, the consumer is put back in the position they would have been had they not been mis-sold the cover. The average payout for PPI cases that the ombudsman has upheld is £2,750.
The ombudsman service, even before this week's developments, had been receiving around 5,000 PPI complaints a week.

Banks and other companies will have to look back at past sales, even where people have not complained, and contact customers if necessary. However, the FSA has said a firm "will only have to act towards non-complainants if it finds recurring shortcomings in its own sales in the course of its own [investigations into its sales practices] ..." Some banks are likely to be better than others in pro-actively contacting people.

Martin Lewis, of the MoneySavingExpert.com website, says everyone should check their documents. "If you have PPI, and were told it was compulsory, if you were given employment cover but you were self-employed, or if you were not asked about pre-existing medical conditions, you are likely to be a victim."
Many people have been demanding, and receiving, a full refund of premiums paid, plus interest. Asked whether all this will take days, weeks, months or years to clear up, one financial industry insider told Money that "people aren't going to get letters in the next few days". The answer was likely to be "months".

[leclerc]

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

Jeff Salway: We'll all be losers when PPI saga leads to bank fees - Scotland on Sunday


I'm sorry guys but I am going to counter this specific argument,
------------------------------- merged -------------------------------
http://www.independent.co.uk/money/s...e-2284167.html

similar article here

[Turboman]

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

AC,

Thanks I just thought an open letter to the ICO on the issue of PPI and defaults may give us a general idea on where we stand on this matter.
------------------------------- merged -------------------------------
Bill and Turbo have an excellent spreadsheet for this not sure if it is stickied though however that is the one to be used.

Turbo is very good with EXCEL perhaps we could get him to do a couple for us users for both CREDIT CARD PPI and single upfront PPI

Hi PF

Yes-I'll have a look-

Bill has updated my spreadsheets re single premium loans to include options for usung % other than 8%, and compound interest + other interest options I don't fully understand-when I'm with it-I'll post it + my views on treating overall final rebates and intermediate PPi refunds,

I'll try and bounce these off Budgie first also

However, Credit Cards are not my cup of tea so I look to Budgie & Bill in this area.

Re- the loans PF/Di30/AC---I will try to finish my thoughts in the sub-forum "Understanding PPI Calculations"

Hoewever, my previous experiences 2 years ago on MSE, and on here--resulted in lots of cases of individual queries of of people wanting their figures checked, often without having previously done an SAR or obtaining their statements---

Frankly-I tried to help-but could not cope with the volume and it affected me healthwise.--I anticipate that across the forums in the future---these requests for assistance will be immense

Soooooooo--I will not be dealing with individual cases---but I will gladly try and give some basic Spreadsheet assistance and hope Budgie and Bill can support me------my speciality is Loans & Excel--Credit Cards I get confused re all the discussions re which type of interest we should use---and , frankly, I am not going to try to understand it personnally at this late stage.

Turbs

[debtisbad]

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

Jeff Salway: We'll all be losers when PPI saga leads to bank fees - Scotland on Sunday


I'm sorry guys but I am going to counter this specific argument,
------------------------------- merged -------------------------------
http://www.independent.co.uk/money/s...e-2284167.html

similar article here

Leclerk, the point that isbeing missed in this debate is that the PPI money did not belong to the banks in the first place. It was swindled out of unsuspecting customers, on a huge scale. Therefore then banks have not "lost" anything, they are merely paying back what they stole.

It's rather like a policeman catching a burglar in the street, running away with a stolen laptop, TV and hifi system, saying, these must be returned to the owner. Then the burglar declares that because he has now 'lost" these valuable items, he will have to go out and steal something else of similar value to cover his "loss".

[JakeRippedOffBritons]

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

Why are they not doing that proactively themselves?

Because they don't have to.

The Root Cause Analysis requirements in the 10/12 Policy Statement only oblige firms to review the past sales of non-complainants and only then under certain circumstances.

That's interesting. Quoting from the judgement itself:

"There were between 3.8m and 11.3m non-complainant customers who might be contacted, and 15m who might be assessed for initial mailing by the firms."
http://www.bailii.org/ew/cases/EWHC/Admin/2011/999.html

I think the BBA's own statement is ominous:
"In the interest of providing certainty for their customers, the banks and the BBA have decided that they do not intend to appeal."
"We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities."
BBA - The voice of banking and financial services - Media - Article - Bba Statement Regarding Judical Review - Statements

Ominous words: "taking forward in other ways with the authorities", and "matters of important principal". What could they mean??

Ripped-off Britons

[EXC]

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

Ominous words: "taking forward in other ways with the authorities", and "matters of important principal". What could they mean??

It means they'll lobby to get it changed in future regulatory legislation, at least according to an e-mail the BBA sent out to it's members last week:

''The issue of retrospection remains and is relevant not just for PPI and retail business, but to all areas where conduct of business regulation applies. This has therefore underscored the concerns the industry has had for some time. The BBA will now be taking this matter forward with our various authorities as the new regulatory framework is developed.''

But with an unchallenged High Court judgment as case law it won't be easy for them.

[charitynjw]

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

It means they'll lobby to get it changed in future regulatory legislation, at least according to an e-mail the BBA sent out to it's members last week:

''The issue of retrospection remains and is relevant not just for PPI and retail business, but to all areas where conduct of business regulation applies. This has therefore underscored the concerns the industry has had for some time. The BBA will now be taking this matter forward with our various authorities as the new regulatory framework is developed.''

But with an unchallenged High Court judgment as case law it won't be easy for them.

So, the banks will try to exert enormous pressure on the govt. to have the right to continue to rip people off (my take on it, lol).
& they continue to use hi-falluting words & legal sophistry - no change there, then!!

[leclerc]

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

Leclerk, the point that isbeing missed in this debate is that the PPI money did not belong to the banks in the first place. It was swindled out of unsuspecting customers, on a huge scale.
It's the pursuit of bonuses that is from the branch level. You know how much income that they get the most out of because of what they are flogging over the counter. Shortage of funds means better ISA range, more income means flogging packaged accounts(and a lot harder to prove misselling to as well).
Therefore then banks have not "lost" anything, they are merely paying back what they stole.
I think that the articles quoted underscore how the money will be used once it has been won, ie some people will choose to pay off current borrowing which means that what the banks give out on the one hand will come back on the other and that means you could offset it against any losses.
It's rather like a policeman catching a burglar in the street, running away with a stolen laptop, TV and hifi system, saying, these must be returned to the owner. Then the burglar declares that because he has now 'lost" these valuable items, he will have to go out and steal something else of similar value to cover his "loss".

I think the word I would use is misselling but ultimately the reasons for it came from bosses above. Anything which was not in accordance with the regulatory rules would be blamed on the seller alone(so the "patsy" so to speak).

[pompeyfaith]

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

Hi PF

Yes-I'll have a look-

Bill has updated my spreadsheets re single premium loans to include options for usung % other than 8%, and compound interest + other interest options I don't fully understand-when I'm with it-I'll post it + my views on treating overall final rebates and intermediate PPi refunds,

I'll try and bounce these off Budgie first also

However, Credit Cards are not my cup of tea so I look to Budgie & Bill in this area.

Re- the loans PF/Di30/AC---I will try to finish my thoughts in the sub-forum "Understanding PPI Calculations"

Hoewever, my previous experiences 2 years ago on MSE, and on here--resulted in lots of cases of individual queries of of people wanting their figures checked, often without having previously done an SAR or obtaining their statements---

Frankly-I tried to help-but could not cope with the volume and it affected me healthwise.--I anticipate that across the forums in the future---these requests for assistance will be immense

Soooooooo--I will not be dealing with individual cases---but I will gladly try and give some basic Spreadsheet assistance and hope Budgie and Bill can support me------my speciality is Loans & Excel--Credit Cards I get confused re all the discussions re which type of interest we should use---and , frankly, I am not going to try to understand it personnally at this late stage.

Turbs

Turbs,

Thank you I think anything that gives the consumer a start has to be good and if there is a good workable Spreadsheet like you have, that will serve that purpose.

I can understand you not wanting to help with individual claims as that does entail a lot of work on your part, hell mine must of been bad enough!!!!!!! however if there is spreadsheets on this forum that consumers can work from, then imputing the figures I'm sure most can do.

Regards

[di30]

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

We were wrong admit banks as they save £5bn for PPI refunds.


http://www.dailymail.co.uk/money/art...=feeds-newsxml


More than five years after doubts were first raised, Britain’s biggest banks have finally admitted their collective failings over selling payment protection insurance (PPI).

Last week, they abandoned a legal action over the rules used to assess mis-selling claims, opening the door for hundreds of thousands of claims to be processed.

The insurance was supposed to safeguard customers’ repayments of their credit cards, personal loans or mortgages in the event of illness. But policies were often poorly explained and sold to borrowers regardless of their needs.

[SoapyBubbles]

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

MBNA have finally updated their website!

Payment Protection Insurance Complaints | News Room | About MBNA | UK | MBNA - Official Site

Once again this is great if your just starting the complaint process. Still no time information or estimated time limits for tweeps that have been waiting months!

[Angry Cat]

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

MBNA have finally updated their website!

Payment Protection Insurance Complaints | News Room | About MBNA | UK | MBNA - Official Site

Once again this is great if your just starting the complaint process. Still no time information or estimated time limits for tweeps that have been waiting months!

Gosh, what took MBNA so long to write so few words?

by MBNA:
Friday, 13th May 2011
The British Bankers Association (BBA), in discussion with the industry, has announced it does not intend to appeal the outcome of the Judicial Review into the handling of Payment Protection Insurance (PPI) complaints.
Ultimately, this decision gives the clarity we need to move quickly to support and assist our customers in resolving their PPI complaints.
Some MBNA customers may have received a letter from us advising we could not reach a decision on their PPI complaint pending the outcome of the Judicial Review.
We will now be revisiting all of these complaints and advising customers of the final outcome, based on their individual circumstances, as quickly as we can.
If you have a new PPI complaint, please make contact with us directly in the first instance. We will need full details about why you are making the complaint in order for us to provide a resolution as quickly as possible.
You do not need to use the services of a Claims Management Company (CMC) who can charge for their services or claim a share of any potential compensation you may receive to do this.
You can:
1. Write to us
The Customer Advocate Office
MBNA Europe Bank Limited
PO BOX 1004
Chester Business Park
Chester
CH4 9WW

[Angry Cat]

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

Hmm... MBNA!

What about all the consumers that requested their mis-sold PPI and contractual interest be repaid?

But you said: NO!
And, "we" will not enter into any further correspondence with you on this matter;
in short go away.

These customers know that these PPI reclaim letters would be filed.
Because, MBNA you stated as such.

[k77mss]

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

i sent email to ceo of mbna last week asking when my reply will be given since it's been with them since september.ppi complaints manager responded with email saying he could confirm i would have a reponse within the next fifteen working days. not holding my breath!!!