PPI Reclaiming Discussion part 4

amersall

chrisgregson wrote: »

Hello people.

I am currently in the process of trying to reclaim the PPI already paid by my parents on an outstanding loan (about £1000 paid) and the full amount still technically outstanding (nearly £3000 to pay).

I sent Nat West a letter and they have replied in the time frame but I want to know how best to respond if possible......

The letter sent to them, based the claim on the fact the PPI was missold because both mum and dad were self employed and had outstanding medical issues and were not told how this would affect if they tried to claim (effectively couldn't claim!). It also stated they were informed at the time it would assist with obtaining the credit/loan by the person selling the loan.

They have come back saying 'no because you signed this (copies of docs signed were enclosed) to say you agreed and understood and we have guidelines which our people are told to follow'.

They said 'therefore we aren't wrong and you cant get owt back but if you want to go to Ombudsman here's their details or if you want to cancel the policy go into your branch.

THEY did howeber offer £750 as compensation for their trouble if they signed a sheet enclosed......!!!!!

Now in my opinion, they clearly know they are goosed otherwise they wouldn't offer £750 if they had done nothing wrong!!!!????

Can anyone give any advice on how to respond?? Do I ask them to reconsider and leave it there, OR do I tell them they we will only accept a full refund + 8% OR do I go, as they suggest, straight to the ombudsman??

Any help gratefully received!!!

hi there, yes this is a stalling tactic! they hope you will accept and go away, please dont. and do as di says, and if you want any more help just shout, they would not offer you anything if they were in the right, yes your parents signed but us as mere consumers dont know everything about ppi do we!! if we did we would not be on this forum now would we?
the fos dont look too kindly on this attitude from banks so you go for it and good luck

chocaholic110

I sent a SARS request to Egg and got a letter saying they would send me the info by 27th March but I still haven't received anything. I am writing to them again but how long do I give them to send the info out and what else do I say? Thanks

maxdp

chocaholic110 wrote: »

I sent a SARS request to Egg and got a letter saying they would send me the info by 27th March but I still haven't received anything. I am writing to them again but how long do I give them to send the info out and what else do I say? Thanks

Hi Send them a letter saying that you are giving them 14 days to respond otherwise you are going straight to the FOS.

Good Luck

di3004

This was on the Burgess website in March 2009.


http://www.burgesses.com/press/30000-fos-ppi-complaints%E2%80%93-name-and-shame-offenders-says-burgess/


30,000 FOS PPI complaints– name and shame offenders says Burgess

As the level of Payment Protection Insurance complaints to the Financial Ombudsman Service continues to rise, PPI lobbyist Sara-Ann Burgess is calling upon the Financial Services Authority to ‘name and shame’ lenders that fail to investigate complaints properly.

The FOS predicts that by the end of its financial year next week it will have received 30,000 PPI complaints from consumers who were unable to get their mis-selling charges resolved. For the first nine months of the tax year, the FOS says 500 cases were coming in on a weekly basis, but after Christmas this soared to over 800 a week, which in its opinion is unacceptably high.

Such is the FOS’s concern over the number of complaints that should have been dealt with ‘in-house’ by lenders that its Board approached the regulator towards the end of last year advising FSA members were breaking Treating Customers Fairly guidelines and suggesting their actions were causing wider consumer detriment.

The FOS would like to see the leading banks and building societies, who account for more than 80% of policies sold, adopt more robust complaint- handling procedures, learn from the complaints they’re receiving and apply root-cause analysis to avoid further complaints of a similar nature occurring.

Sara-Ann comments: “At least 90% of PPI complaints, and in the case of one lender, 100% of complaints, are upheld by the Ombudsman. Rather than try and put things right for their customers, lenders are happy to resort to delaying tactics, knowing if they issue a complaint rejection letter, over half of the recipients will accept the findings at face value and not bother to pursue further via the FOS. Those who do have the resolve to take their complaint further find they were invariably right to do so.
“This means the real figure of those who have been mis-sold PPI could be far higher. It’s a double whammy – underhand tactics are used to mis-sell the cover in the first place and now those same tactics are employed to avoid recompensing people. Why isn’t the FSA reigning in its members more? Firms are legally required to update their processes to meet the regulator’s requirements and yet the FSA’s turning a blind eye to those who aren’t. Widespread consumer detriment cannot be allowed to continue – the regulator needs to name and shame the perpetrators and ensure they clean up their act.”

The FOS believes its 30,000 case load has now peaked and predicts cases will be around 20 – 25,000 for the next financial year. However, Sara-Ann counters that with the recent launch of the Which? online PPI complaints tool, thousands more will now find it easier to seek redress over the mis-selling of policies and suspects the 30,000 peak is the tip of the iceberg.

“This tool gives consumers greater confidence in making their initial complaint and once they realise their lenders’ complaints rejection is the norm and purely a staling tactic, it opens the floodgates for more cases to go to the FOS.”

Visitors to the Which? PPI website select a provider from a drop down menu, compete their contact and PPI details and explain why they believe their policy was mis-sold. The tool then creates an email which is sent directly to the provider, or a letter can be printed off and posted.

Sara-Ann concludes: “This tool will undoubtedly increase the number of complaints, so we need urgent action now to ensure lenders address their mis-selling issues and handle complaints responsibly at the outset. The onus should not be on the FOS to investigate thousands of PPI cases - credit providers must stop dragging their feet and abdicating their responsibility over complaints.”

di3004

And here...............

http://www.glitec.co.uk/2009/04/banks-could-be-named-and-shamed-over-ppi-complaints/

Banks could be named and shamed over PPI complaints

Apr 28th, 2009 | By admin | Category: Loan News


Later this year the Financial Ombudsman Service is set to announce individual figures for banks and financial institutions with regards to the level of complaints each ash received about PPI or Payment Protection Insurance.

It is thought that a number of major High Street banks, including some of those that have been bailed out using taxpayer’s money, will find themselves towards the top of this list of financial institutions, and this includes Lloyds TSB, Northern Rock, and Barclays.

According to a recent report these banks are amongst those that have been found to have rejected customer complaints in relation to this type of insurance cover unfairly, and with the FOS having cracked down on PPI it is thought that these banks will be found to be in breach of regulations relating to PPI complaints.

The FOS is calling for customers to be treated fairly with regards to such complaints, which is something that these banks are failing to do. This will be the first time that the FOS will have named and shamed

di3004

For all the newbies and anyone who has been offered goodwill payments, you should find this interesting:
(been posted a few times here, but pages have gone by since the last post)

http://www.guardian.co.uk/money/2009/feb/22/ppi-banks-mis-selling

Banks fobbing off PPI mis-selling complaints with 'goodwill' payments

Watchdog issues alert to customers over low settlement offers.
Sunday 22 February 2009 .

Customers who reclaim mis-sold loan insurance from banks and other lenders are being warned not to accept "gesture" payments worth a fraction of their potential payout.

Nine out of 10 payment protection insurance (PPI) mis-selling claims rejected by lenders are now being upheld by consumer watchdog the Financial Ombudsman Service, up from a historical level of 40%. It says this is because borrowers have been "fobbed off" with less than they are entitled to.

The problem has become so acute officials at the FOS and City regulator the Financial Services Authority (FSA) are working together to resolve it.
The FOS estimates that, by the end of next month, it will have received a record 25,000 complaints about the mis-selling of PPI. These controversial policies, often expensive and designed to pay out to cover personal loans or credit card payments if you fall ill, suffer an accident or lose your job, have been dragged into the spotlight after customers found they did not qualify for a claim or did not realise they had been mis-sold the policies.
How to resolve the issue is becoming a major problem for the watchdog and regulator since the banking industry, largely responsible for the millions of sold policies, is repeatedly failing to appropriately process the complaints, a spokesman for the FOS says.

"Our concern is that lenders across the board simply aren't learning and are making the same mistakes," he says. "The real worry is that those individuals mis-sold policies who don't realise they can use the FOS will be easily fobbed off with the lower sum. "

Claims company Brunel Franklin says it has noticed an emerging pattern of "goodwill" payments to complainants by RBS, the bank part-owned by the government and bailed out by taxpayers' cash, designed to throw customers off the scent of a bigger payout. Each RBS payment is set at £750, often much less than the amount owed, says Sally Bowyer, managing director of BrunelFranklin.com.

"The customer often seems to be fobbed off with around £750 as a gesture of goodwill, when the average PPI claim we handle is around £2,200. If RBS is trying to minimise claims to around £750, it may be in a planned effort to reduce its projected compensation payouts by up to two-thirds."

A NatWest/RBS spokeswoman said: "We are satisfied that our complaints-handling procedures are fair, that every case is considered on its own individual merits, and that the decisions reached are reasonable, based on the evidence available. There is no obligation for our customers to accept our settlement offer. Any customer whose complaint is rejected by RBS or NatWest is always notified of their right to refer the case to the Financial Ombudsman Service." FSA rules on complaint handling suggest lenders should effectively learn from the type of complaints heading their way, understand their nature and origin, and sort them.

Issuing a routine goodwill gesture seems to go against this ethos.
Plenty of lenders have been penalised for poor handling of PPI sales. Last October, Alliance & Leicester was fined £7m by the FSA for serious failings in its sales procedures. Others including Liverpool Victoria Banking services, GE Capital Bank and HFC Bank have also been forced to pay compensation.

The Competition Commission last month announced the sale of PPI alongside loans and credit cards would be banned in 2010 - lenders will have to wait seven days before they can get in touch with a customer to subsequently offer them the insurance.

showergirl

Hi everyone

Have checked my bank account this morning and still no refund from Tesco. I have rang my case worker who is going to get in touch with Tesco and ask them if the money will be paid tomorrow and if not why?

Will keep you posted if I hear anything.

No wonder Tesco's profits are high Robbing B*******'s

amersall

di3004 wrote: »

And here...............

http://www.glitec.co.uk/2009/04/banks-could-be-named-and-shamed-over-ppi-complaints/

Banks could be named and shamed over PPI complaints

Apr 28th, 2009 | By admin | Category: Loan News


Later this year the Financial Ombudsman Service is set to announce individual figures for banks and financial institutions with regards to the level of complaints each ash received about PPI or Payment Protection Insurance.

It is thought that a number of major High Street banks, including some of those that have been bailed out using taxpayer’s money, will find themselves towards the top of this list of financial institutions, and this includes Lloyds TSB, Northern Rock, and Barclays.

According to a recent report these banks are amongst those that have been found to have rejected customer complaints in relation to this type of insurance cover unfairly, and with the FOS having cracked down on PPI it is thought that these banks will be found to be in breach of regulations relating to PPI complaints.

The FOS is calling for customers to be treated fairly with regards to such complaints, which is something that these banks are failing to do. This will be the first time that the FOS will have named and shamed

knew barclays would be there!! they should start fining these banks now and put a large fee on for every complaint sent to fos , not just the 450 they do now, it should be 1000 !! that will make them sit up and take notice.

di3004

showergirl wrote: »

Hi everyone

Have checked my bank account this morning and still no refund from Tesco. I have rang my case worker who is going to get in touch with Tesco and ask them if the money will be paid tomorrow and if not why?

Will keep you posted if I hear anything.

No wonder Tesco's profits are high Robbing B*******'s

Hi Showergirl

Sorry to hear this, its so fruststrating isn't it ?:mad:, hope they sort this out for you right now, good luck with this.;)

jennywtchy

Turboman wrote: »

Here you go

Thank you for your help - much appreciated.