PPI Reclaiming Discussion part 4

marshallka

tiggrae wrote: »

ahhhh I see what you mean - they are talking about now and when the guildlines come into force, If anyone is offered a lesser figure they can complain - so it really comes down to timing - when did the draft guildlines come out as to when an offer was made and accepted - some offers are taking upto 3 months before paid - if an offer was accepted before the draft was published it's doubtful anyone could get it overturned.

The new proposals come about in Jan 2010 but seems like some firms have had briefings now and going back over some too. Its just the poor sods that have accepted these £750 goodwill payments that some companies have been making and signed full and final. I think the FSA will "expect" the firms (not anything legal here) to redress correctly regardless. Maybe I am wrong but I think they will. Only time will tell ey!! Firms are having to go back over complaints rejected from 2007.

tiggrae

marshallka wrote: »

The new proposals come about in Jan 2010 but seems like some firms have had briefings now and going back over some too. Its just the poor sods that have accepted these £750 goodwill payments that some companies have been making and signed full and final. I think the FSA will "expect" the firms (not anything legal here) to redress correctly regardless. Maybe I am wrong but I think they will. Only time will tell ey!!

you'll always get those companies that will push their luck - unforutnately to the detriment of anyone that doesn't know any better (if you're desparate for money £750 can look like too good to turn down ) or how to complain !!! That's business for you -- and people wonder why we're in recession

stereo_mike

marshallka wrote: »

The new proposals come about in Jan 2010 but seems like some firms have had briefings now and going back over some too. Its just the poor sods that have accepted these £750 goodwill payments that some companies have been making and signed full and final. I think the FSA will "expect" the firms (not anything legal here) to redress correctly regardless. Maybe I am wrong but I think they will. Only time will tell ey!! Firms are having to go back over complaints rejected from 2007.

Firms are having to go back further than that. They have to review all complaints received after 14th January 2005, which fall under the FSA's rules. Although this will only apply to unsecured loans at the moment, credit cards and secured loans (2nd charges) are to be reviewed later

marshallka

stereo_mike wrote: »

Firms are having to go back further than that. They have to review all complaints received after 14th January 2005, which fall under the FSA's rules. Although this will only apply to unsecured loans at the moment, credit cards and secured loans (2nd charges) are to be reviewed later

But I take it only complaints that come under FOS jurisdiction because of FSA rule and will it not include GISC rules? What about "goodwill" complaints too?

Thanks again for that one stereo mike

I really thought it was 2007 that were opening up complaints. That is how it read in the papers

They have agreed to review past sales of these made since 1 July 2007. If material detriment is found, firms will review all such sales made since January 2005. The FSA has agreed the format and key messages of the communication to be sent to customers in this exercise, namely:

• The FSA has identified specific market problems with the selling of PPI;
• on reviewing these problems as described in the letter, if the customer thinks they may be affected they should contact the firm;
• depending on what is found, the customer may be entitled to redress; and
• responding to the letter will not have a negative impact on the customers’ loan or their ability to obtain a loan in the future

stereo_mike

marshallka wrote: »

But I take it only complaints that come under FOS jurisdiction because of FSA rule and will it not include GISC rules? What about "goodwill" complaints too?

Thanks again for that one stereo mike

I really thought it was 2007 that were opening up complaints. That is how it read in the papers

They have agreed to review past sales of these made since 1 July 2007. If material detriment is found, firms will review all such sales made since January 2005. The FSA has agreed the format and key messages of the communication to be sent to customers in this exercise, namely:

• The FSA has identified specific market problems with the selling of PPI;
• on reviewing these problems as described in the letter, if the customer thinks they may be affected they should contact the firm;
• depending on what is found, the customer may be entitled to redress; and
• responding to the letter will not have a negative impact on the customers’ loan or their ability to obtain a loan in the future

You need to delve deeper into the proposals and the suggested additions to the DISP rules set out by the FSA.

The main points that cover this are 1.14 & 1.15 in the consultation paper 09/23 from the FSA together with the proposed changes to the Disp handbook section 1.4.7R(2).

If the firm was covered by GISC the complaint has to still be reviewed, as long as the complaint was received after 14th Jan 2005, the complaint is not time barred, and has not been referred to the FOS

People that have signed agreements with lenders/brokers/banks in full and final settlement do not have to have their cases reviewed, or cases that have been referred to the FOS. Most brokers/lenders/banks, will put in the authority that clients sign that this is in full and final settlement. So reading between the lines goodwill gestures that complainants have accepted will not have to be reviewed.

The thing i'm most worried about is ambulance chasers jumping on the back of this and trying to sign people up who have had their claims declined previoulsy. The FSA reckon that 55% - 70% of reviwed cases will be upheld, and using an ambulance chaser will not increase this percenatge at all, especially given that the client will get FOS rights again as well following the review.

I take it Martin will be updating the PPI section soon to cover these changes??

marshallka

stereo_mike wrote: »

You need to delve deeper into the proposals and the suggested additions to the DISP rules set out by the FSA.

The main points that cover this are 1.14 & 1.15 in the consultation paper 09/23 from the FSA together with the proposed changes to the Disp handbook section 1.4.7R(2).

If the firm was covered by GISC the complaint has to still be reviewed, as long as the complaint was received after 14th Jan 2005, the complaint is not time barred, and has not been referred to the FOS

People that have signed agreements with lenders/brokers/banks in full and final settlement do not have to have their cases reviewed, or cases that have been referred to the FOS. Most brokers/lenders/banks, will put in the authority that clients sign that this is in full and final settlement. So reading between the lines goodwill gestures that complainants have accepted will not have to be reviewed.

The thing i'm most worried about is ambulance chasers jumping on the back of this and trying to sign people up who have had their claims declined previoulsy. The FSA reckon that 55% - 70% of reviwed cases will be upheld, and using an ambulance chaser will not increase this percenatge at all, especially given that the client will get FOS rights again as well following the review.

I take it Martin will be updating the PPI section soon to cover these changes??

I don't understand the last bit about ambulance chasers... sorry to be a little stupid here. Who can "sign" anyone up to anything unless you mean CMC's.

Also what about complaints already in with the FOS who have been waiting for ages. Will they get their complaints upheld before the need for adjudication do you think??

stereo_mike

marshallka wrote: »

I don't understand the last bit about ambulance chasers... sorry to be a little stupid here. Who can "sign" anyone up to anything unless you mean CMC's.

Also what about complaints already in with the FOS who have been waiting for ages. Will they get their complaints upheld before the need for adjudication do you think??

As you may be aware I have a massive vendetta against Ambulance Chasers (or as some people call them CMC's - Claim Management Company's), and they will be on to this ruling like a rash once it goes into force next year, taking for guaranteed people that don't know that their complaint will be reviewed for free!! Also I reckon cases that ambulance chasers have had declined and the contract with the client has duly ended, they will try and re-instate.

Cases with the FOS will not have to be reviewed. People will have to sit and wait patiently until it has run its course with the FOS. Although as there should not be as many cases going to the FOS, cases should be looked at quicker, but I wouldn't hold your breath.

marshallka

stereo_mike wrote: »

As you may be aware I have a massive vendetta against Ambulance Chasers (or as some people call them CMC's - Claim Management Company's), and they will be on to this ruling like a rash once it goes into force next year, taking for guaranteed people that don't know that their complaint will be reviewed for free!! Also I reckon cases that ambulance chasers have had declined and the contract with the client has duly ended, they will try and re-instate.

Cases with the FOS will not have to be reviewed. People will have to sit and wait patiently until it has run its course with the FOS. Although as there should not be as many cases going to the FOS, cases should be looked at quicker, but I wouldn't hold your breath.

Point taken stereo mike. We always tell people on here to do their own claims. Glad I am not an ambulance chaser but I see what you mean. They will most probably take the credit for claims that would otherwise be looked at anyway.

Surely again though its better for the firm to redress already with FOS complaints without the need for adjudication as it will cost them in the end. They may score some brownie points too.

stereo_mike

marshallka wrote: »

Point taken stereo mike. We always tell people on here to do their own claims. Glad I am not an ambulance chaser but I see what you mean. They will most probably take the credit for claims that would otherwise be looked at anyway.

Surely again though its better for the firm to redress already with FOS complaints without the need for adjudication as it will cost them in the end. They may score some brownie points too.

Once a case has been accepted by the FOS the company will get stung for the £500 case fee no matter if they settle it early or not. I'm sure some company's will look at reviewing cases with the FOS, but it is not a requirement, and also a resolved comlpaint will still go down as an uphold decision against the company, so there are not really any incentives for the company's to review them.

marshallka

stereo_mike wrote: »

Once a case has been accepted by the FOS the company will get stung for the £500 case fee no matter if they settle it early or not. I'm sure some company's will look at reviewing cases with the FOS, but it is not a requirement, and also a resolved comlpaint will still go down as an uphold decision against the company, so there are not really any incentives for the company's to review them.

Thanks again stereo mike.