PPI news thread

di3004

Hiya, and thank you, they have updated them since then.;)

I will try to check the link out, cheers for that.

ppi_2

I am trying to claim back the PPI from Endeavour, the PPI was supplied by Central Capital. The loan was taken out 31/07/2003, central have responded with they have no record of a PPI being taken out in the past six years.
Is the time limit based on the date the loan starts or when it is finished.

The PPI is £8500 and I would love to get this back, I have paid the loan back and this would have been in 2005.

Please can you advise my next actions, I used the standard letter.

marshallka

http://www.thisislondon.co.uk/standard-business/article-23949786-banks-hiking-their-fees-to-pay-for-ppi-compensation.do

Banks were today accused of hiking interest rates and fees on credit cards and personal loans to make up for their huge compensation bills on payment protection insurance.

Here we go!!!!

amersall

Parr for the course, get the customer every time, let the bosses keep the bonus and as long as the shareholders are ok.
It is a question of "i'm alright jack!!

di3004

ppi wrote: »

I am trying to claim back the PPI from Endeavour, the PPI was supplied by Central Capital. The loan was taken out 31/07/2003, central have responded with they have no record of a PPI being taken out in the past six years.
Is the time limit based on the date the loan starts or when it is finished.

The PPI is £8500 and I would love to get this back, I have paid the loan back and this would have been in 2005.

Please can you advise my next actions, I used the standard letter.

Hi there
Did you also post about this on a separate thread?

I'm sure I posted to this one, so take it you've received the post?

di3004

Also here....

http://www.independent.co.uk/money/spend-save/current-account-fees-loom-as-banks-fix-16310bn-ppi-hole-2284167.html

Current account fees loom as banks fix £10bn PPI hole

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It's called 'the waterbed effect' – squeeze profitability in one area and it pops up in another. Julian Knight looks at how the payment protection insurance ruling could hit customers.

di3004

http://www.thisismoney.co.uk/credit-and-loans/ppi-mis-selling/article.html?in_article_id=533825&in_page_id=506&position=moretopstories

Now banks exploit a new PPI loophole.

Tens of thousands of customers who have had complaints about payment protection insurance (PPI) rejected could be denied justice despite banks finally admitting to widespread mis‑selling.

Last week banks dropped their legal fight with City watchdog the Financial Services Authority (FSA) which had ordered them to compensate those who had been mis-sold PPI dating back to the start of 2005. Up to 6.4m customers could be in line to share a payout worth around £9bn. Now it has emerged that some banks are hiding behind rules which state that they don't have to investigate any complaint they have already rejected.

Anyone who has a formal complaint rejected must take their appeal to the Financial Ombudsman Service within six months.
If they don't, then the complaint lapses and they lose all chance to appeal unless there are exceptional circumstances such as long-term illness, being out of the country or if the lender failed to tell them of their right to use the Ombudsman. Some banks routinely fobbed off PPI complaints for years — and around 70% of customers did not take their complaint to the Ombudsman. Even though they may have had a valid case, those customers may now miss out on compensation.

Santander says it will not consider compensating any customers who have already had their complaint rejected.
State-backed RBS and NatWest say they will offer redress 'in line with the standards the FSA now requires' — which does not include complaints already rejected. Lloyds Banking Group, which includes Halifax and Cheltenham & Gloucester, simply says that customers should contact them directly. Barclays and HSBC on the other hand, say that customers who have already been dismissed should get in touch again because the banks are now assessing complaints differently.

marshallka

di3004 wrote: »

http://www.thisismoney.co.uk/credit-and-loans/ppi-mis-selling/article.html?in_article_id=533825&in_page_id=506&position=moretopstories

Now banks exploit a new PPI loophole.

Tens of thousands of customers who have had complaints about payment protection insurance (PPI) rejected could be denied justice despite banks finally admitting to widespread mis‑selling.

Last week banks dropped their legal fight with City watchdog the Financial Services Authority (FSA) which had ordered them to compensate those who had been mis-sold PPI dating back to the start of 2005. Up to 6.4m customers could be in line to share a payout worth around £9bn. Now it has emerged that some banks are hiding behind rules which state that they don't have to investigate any complaint they have already rejected.

Anyone who has a formal complaint rejected must take their appeal to the Financial Ombudsman Service within six months.

If they don't, then the complaint lapses and they lose all chance to appeal unless there are exceptional circumstances such as long-term illness, being out of the country or if the lender failed to tell them of their right to use the Ombudsman. Some banks routinely fobbed off PPI complaints for years — and around 70% of customers did not take their complaint to the Ombudsman. Even though they may have had a valid case, those customers may now miss out on compensation.

Santander says it will not consider compensating any customers who have already had their complaint rejected.

State-backed RBS and NatWest say they will offer redress 'in line with the standards the FSA now requires' — which does not include complaints already rejected. Lloyds Banking Group, which includes Halifax and Cheltenham & Gloucester, simply says that customers should contact them directly. Barclays and HSBC on the other hand, say that customers who have already been dismissed should get in touch again because the banks are now assessing complaints differently.

I "harped" on about this only a couple of days ago.... seems they are still winning.

Even the people they HAVE to pay back will come from interest earned on the previously STOLEN money from people before regulations. Then they will hike loan costs and none will come from their own pockets. Consumers will pay again.

It all looked good on paper too as the profits were "FALSE". If they had not stolen money they would not have shown no where near as much profit. How will the FSA deal with that one? Surely they need to do something there?

marshallka

Thousands of consumers may not receive PPI cash
Refunds may pay off IVA or bankruptcy debt instead


http://www.which.co.uk/news/2011/05/thousands-of-consumers-may-not-receive-ppi-cash-253572


BUT goes on to say

Has mis-sold PPI has caused debt problems?

If you think that the money you've paid out for mis-sold PPI is to blame for your debt problems, write a formal complaint to your lender spelling out your circumstances and asking that they not only refund your mis-sold PPI, but also take into account any resultant expenses, inconvenience and stress.
**********, commented: 'On the surface, it may seem entirely appropriate that PPI claims from debtors are used to repay debts. However, when a creditor who mis-sold PPI can simply offset the refund against a debt in which unnecessary PPI may have been a principal contributor to financial difficulties, these arrangements do not even begin to consider the creditors' duty of care for individual consumers.'

marshallka

Surely what the banks have done about "Profiting" from missold PPI has gained them further and further. To me its no different than floating something on the stock exchange showing how well your business is doing when all along its only doing well cause the money has been robbed from others..... your business then looks like one to invest into....?

Looks like Lloyds Barclays and HSBC are doing the decent thing then perhaps..... time will tell. Perhaps they will just reject them again.