PPI news thread

spyrothedragon_2

Mornin' all. I was wondering if there was any news of the judicial review on PPI claims and tried a web search. Stumbled across this from someone who claims to have been present in court:
http://www.a4uleads.com/showthread.php/3205-*******************UPDATE-PPI-Judicial-Review********************?p=8359
There's a link in there to http://www.which.co.uk/podcasts/money/2011/01/26/ which is worth a listen, as it puts things into simple terms.

I'm no financial/legal expert and have no idea how qualified these guys are to comment on legal proceedings. If anybody in here wants to add anything then please do so.
Whatever happens, whoever loses the court case will immediately lodge an appeal so don't expect an avalanche of payouts any time soon.

Iain1983

Lets hope the outcome is good for us. Am sick of the banks getting all this pi$$ing money.

di3004

Welcome Financial Services -

It have been confirmed by the Financial Compensation Scheme (FSCS) that Welcome Financial Services are in default, for more details check on the FSCS website here.
http://www.fscs.org.uk/your-claim/

You will need to make a claim with the FSCS for mis sold PPI as Welcome are unable to.

For also more on companies in default and help, here.
https://forums.moneysavingexpert.com/discussion/1897143

Iain1983

Welcome Finance in default, what a suprise.

I sent them my complaint last week, will it be ignored now? I sent one to the broker too but they are trading under a different name so can I still get my money back?

di3004

Iain1983 wrote: »

Welcome Finance in default, what a suprise.

I sent them my complaint last week, will it be ignored now? I sent one to the broker too but they are trading under a different name so can I still get my money back?

Hi Iain

Whoever set up your account is the ones you pursue, so if this was Welcome Finance you can contact the FSCS.

If the other, contact them anyway, and if they are unable to deal with your complaint, contact the FOS for advice on where to take this.
Good luck.

Iain1983

di3004 wrote: »

Hi Iain

Whoever set up your account is the ones you pursue, so if this was Welcome Finance you can contact the FSCS.

If the other, contact them anyway, and if they are unable to deal with your complaint, contact the FOS for advice on where to take this.
Good luck.

Thanks Di. After reading the agreement it said in tiny font that the broker passed my loan onto Welcome so I presume its not with Welcome then but the broker? Its a good job I sent them the complaint too!

di3004

Iain1983 wrote: »

Thanks Di. After reading the agreement it said in tiny font that the broker passed my loan onto Welcome so I presume its not with Welcome then but the broker? Its a good job I sent them the complaint too!

At least you've covered both grounds on this.;)
Good one x

tonenjill

Hi guys, i wrote to you about 5 weeks ago telling you about my recent letter from the adjudicator at the f.o.s. the decision is looking good for us and as far as the adjudicator goes he gives us the thumbs up:j so the final decision is now with the ombudsman. You did tell me last time that normally his or her decision does normally go with the adjudicator and with a claim of approx £18000 i certainly hope so. anyway this morning we recieved an update from the f.o.s reading the following....
You may be aware from the press reports that in oct 2010 the BBA on behalf of a number of high street banks filed papers in the high court requesting a judicial review of the financial services and the f.o.s. it goes on to say that this is a legal challenge relating to reclaims of PPI being sold inappropriatly. it also says that it went ahead in court on the 24th january 2011 and is likely to go on for sometime. it says it is continuing with claims at this present time and could go on for a while as they are recieving 2500 claims per week !!!
My question is this, after battling for 7 months could it be all for nothing, is there anything i can do to speed up the payment process, also should i now cancel my policy (which ime still paying) just incase the courts once again go in the banks favour. Ime really worried now, i missed out on my bank charge reclaims and i dont want to miss out on this if i can help it. Once again guys thanks for everything youv'e done, your site is fantastic and what you do for everyone is amazing. keep up
the good work
Thanks in advance:T
Tony

di3004

tonenjill wrote: »

Hi guys, i wrote to you about 5 weeks ago telling you about my recent letter from the adjudicator at the f.o.s. the decision is looking good for us and as far as the adjudicator goes he gives us the thumbs up:j so the final decision is now with the ombudsman. You did tell me last time that normally his or her decision does normally go with the adjudicator and with a claim of approx £18000 i certainly hope so. anyway this morning we recieved an update from the f.o.s reading the following....
You may be aware from the press reports that in oct 2010 the BBA on behalf of a number of high street banks filed papers in the high court requesting a judicial review of the financial services and the f.o.s. it goes on to say that this is a legal challenge relating to reclaims of PPI being sold inappropriatly. it also says that it went ahead in court on the 24th january 2011 and is likely to go on for sometime. it says it is continuing with claims at this present time and could go on for a while as they are recieving 2500 claims per week !!!
My question is this, after battling for 7 months could it be all for nothing, is there anything i can do to speed up the payment process, also should i now cancel my policy (which ime still paying) just incase the courts once again go in the banks favour. Ime really worried now, i missed out on my bank charge reclaims and i dont want to miss out on this if i can help it. Once again guys thanks for everything youv'e done, your site is fantastic and what you do for everyone is amazing. keep up
the good work
Thanks in advance:T
Tony

Hi Tony

Sorry to hear your still waiting.

Have you tried emailing the Chief Executive Officer (CEO) as well?
Not saying it would make much difference but it may do.;)

custard2011

di3004 wrote: »

"Put in context, the proportion of reportable complaints is still very small at 3.5 per thousand products held," she added.

This doesn't stack up with the report I read about PPI stats. I'm a new member so I can't post the link but if you Google PPI statistics there's some alarming articles - I read that 70% of policies are missold, yet only 4% of policyholders claim. Shocking if it's true.