PPI news thread

zuluimpi

I hope this is the correct thread for the following observation - I have followed the many threads in the forum and feel positive that someone has either had a similiar experience or can hopefully advise me on how I can break the no-progress cycle. I submitted a claim to CB in May 2011 for mis sold PPI on a loan. Since the 23rd of June, I have received, every four week cycle, without fail, a letter stating the following: "We will keep you updted with the progress of your complaint as soon as we can but certainly during the next four weeks". I received the latest letter with exactly this sentence on 13 September. By resending the letter every four weeks, CB are conveniently deferring a decision on the claim -nd this could extend indefinitely with a letter every four weeks that meets their FSA obligation. To add further incredulation - they have suggested that I contact the FOS if they cannot resolve the "matter to your satisfaction". How can I contact the FOS if CB does not provide me with their resolution? PLEEEZ help:eek:

pooleymm

Hi,
In Nov 2005 i remortgaged to the Bank Of Ireland to carry out home improvements and used a company called Mortgage Advice Services. The advisor encouraged me to take out PPI even though i would receive 6 months full pay and 6 months half pay if i was off sick from work and unless i was dismissed it was highly unlikely i would lose my job. The premium was included with the mortgage in to one payment which i think disguised it somewhat. The PPI was with a company called Commitments Protection Ltd so is this the company i address my claim to?

di3004

zuluimpi wrote: »

I hope this is the correct thread for the following observation - I have followed the many threads in the forum and feel positive that someone has either had a similiar experience or can hopefully advise me on how I can break the no-progress cycle. I submitted a claim to CB in May 2011 for mis sold PPI on a loan. Since the 23rd of June, I have received, every four week cycle, without fail, a letter stating the following: "We will keep you updted with the progress of your complaint as soon as we can but certainly during the next four weeks". I received the latest letter with exactly this sentence on 13 September. By resending the letter every four weeks, CB are conveniently deferring a decision on the claim -nd this could extend indefinitely with a letter every four weeks that meets their FSA obligation. To add further incredulation - they have suggested that I contact the FOS if they cannot resolve the "matter to your satisfaction". How can I contact the FOS if CB does not provide me with their resolution? PLEEEZ help:eek:

Hi and welcome

Once your case has been complained to the FOS, they will not any longer deal with the complaint with the consumer, the FOS make them aware they are dealing with the complaint.

Have you tried contacting the CEO of the business?

Good luck and keep at them.

di3004

pooleymm wrote: »

Hi,
In Nov 2005 i remortgaged to the Bank Of Ireland to carry out home improvements and used a company called Mortgage Advice Services. The advisor encouraged me to take out PPI even though i would receive 6 months full pay and 6 months half pay if i was off sick from work and unless i was dismissed it was highly unlikely i would lose my job. The premium was included with the mortgage in to one payment which i think disguised it somewhat. The PPI was with a company called Commitments Protection Ltd so is this the company i address my claim to?

Hi and welcome

Please post on a new thread below, for the appropriate advice on this, dunstonh or magpiecottage should be able to help on this one with it being mortgage insurance, its still within the ppi reclaim threads, so no worries and title the subject line Mortgage PPI help, so it won't get missed, good luck.
http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=169

hookes789

Hi, I took out a loan with tescon finance in Feb 2004, the details as follows:-

Main loan - £10,500.00
Ins loan - £1430.00
Tot int chg - £1905.34
Total amount payable- £13,835.34

54 repayments of £256.21 comprising of :-
Main loan - £225.49
Ins loan - £30.72

I settled this loan in July 2006 £6553.98

This is the refund tesco have calculated

Refund premiums - £829.44
Rebate shortfall - £494.31
8% interest - £620.60
Total redress -£1944.35

Does this figure seem correct??

Thanks

hypnodoc33

di3004 wrote: »

Please feel free to post up any news updates in regards of Payment Protection Insurance (PPI) in this thread, if any updates, such as from the Media, Financial Ombudsman Service (FOS), FSA and so on, where sometimes they have updates on their own websites.

Thank you.

I have tried to claim PPI back on my mortgage but Nationwide refused. They sent me a very long winded explanation and were really calling me a liar. I did not even know I had PPI.
I have complained to the financial ombudsman and am waiting to see how my claim fares.

zuluimpi

di3004 wrote: »

Hi and welcome

Once your case has been complained to the FOS, they will not any longer deal with the complaint with the consumer, the FOS make them aware they are dealing with the complaint.

Have you tried contacting the CEO of the business?

Good luck and keep at them.

Thanks for your prompt reply - so good to have some support. My case has not been complained to the FOS yet, they merely suggest that if I am unhappy with the manner in which they are dealing with the complaint, that I have recourse with the FOS. It seems almost as if they want me to contact the FOS so that it releases them from dealing with my complaint because as you say once a case is complained to the FOS the bank no longer deals with the consumer.

dilus

Not sure if I am allowed to post links to news story's, so to be safe I won't but there is a good one about Claims Management Companies and breaches of rules on WHICH at the moment.
Worth a read if you have been involved with them
And our own Martin Lewis is quoted in the article, good man

dilus

Sorry didn't realise MSE Guy has already posted a thread on page two with the link

di3004

http://www.walletpop.co.uk/2011/09/05/banking-complaints-take-two-years-to-resolve/

Banking complaints take two years to resolve.

It takes a lot for us to complain. We can endure years of terrible service, and suffer horrible financial penalties before we finally decide to fight for our rights. The trouble is that at this point, the long wait for redress has only just begun.

It can take two years to have a complaint resolved by the Financial Ombudsman Service. So what's going wrong?

The backlog
The problem is largely one of workload. The FOS has been swamped by a deluge of claims in the past few years relating to the sale of payment protection insurance (PPI) which was so widely mis-sold that it became the basis of a whole claims trend of its own. The subsequent ruling on PPI means those individual claims no longer have to be pursued as everyone will be investigated by the financial company concerned.

However, the backlog by this stage is enormous, and the cases keep coming. The workload has doubled in the last five years and there has been a 26% increase in the number of cases.

It doesn't help that the financial institutions are fighting their corner more vehemently than ever. This means that more and more cases have to be referred up to an ombudsman for a final decision, which is more time consuming and leads to longer delays.

Very urgent cases, involving real financial hardship, are pushed to the top of the list. Everyone else must wait anything up to two years before their complaint is ruled on.

So how did it all go so wrong?
You can blame the service. You could argue that the extra staff brought on during the PPI scandal were too few and too late - although it argues it couldn't bring anyone on faster because they couldn't be trained up any quicker without cutting corners.

However to blame the FOS would be to miss the bigger picture. It is brought in when two things have already gone horribly awry. It's the fact that the financial institutions are incapable of meeting two of their most important obligations that has brought us to this horrible situation in the first place.

The banking failures
The first is that the financial company has let the customer down The products are not up to scratch, the salespeople flogging it at the firm in question have done a bad job, the product fails to work as it is supposed to, and promises have been broken. None of these things are anything to be proud of. Each of them demonstrates that the sole purpose of a financial company is to make money, and customers are simply the way they achieve their goal. If the customer suffers in the process, then so be it.

The second factor is that once something goes wrong, the company in question fails to fairly and sensibly address the issue - or it does so with so little respect for the customer that they feel they need to turn to someone else for redress. This is a very sorry state of affairs. Clearly financial companies have lost touch with the fact that they are dealing with real people. They have forgotten that the dots on a graph are real individuals with serious questions about what the business has been up to with their money. They deserve respect and attention, and for someone to take them seriously.

It was the fact that financial institutions forgot they were dealing with real people and real money that got us into the financial crisis in the first place. The game took over and making money became the one and only aim.

If these figures are anything to go by, then they have learned nothing from the process. The number of complaints is a sign that all is still rotten among the banks, and the sooner something is done to shake them up from their relentless, callous, money grabbing the better.