PPI news thread

di3004

Ravikrishna97 wrote: »

Hi.. I don't know whether somebody could guide us.
My bro-in-law took a loan in Lloydtsb in August 2007 and he was forced to take a PPI. His English language knowledge is limited, hence he could not fully argue or understand what he is entering into. Well ! Even English natives could not understand the Bank/Insurance companies lingo and other terms and condtions.
So when we came to know that he is being ripped off in the form of PPI, we deceided to cancel the PPI. With our limited knowledge, we approached Lloydstsb in the same way as any common man would do, i.e. by going to the very same branch where it was sold. We have been driven from pillar to post in so many ways and finally (After two long months!) finally we managed to lodge a complaint.
As usual the complaint was rejected with no valid reasons. They wrote in so many words about how they practice the correct procedures etc., which we could hardly understand. However, on the final paragraph they wrote,saying that in view of the good will gesture, they are ready to offer 60% of the PPI premium paid so far.

But they added insult to the injury by producing a document which my brother-in-law, alledged to have seen and signed during the time of taking the loan. Unfortunately, this document happens to be a forged or created later , when we complained.

The reason for saying this is, this alledged document has the present address of my bro-in-law, where as when he took the loan and PPI, he was living in a different address in a different county. And on top of that it does not carry my bro-in-law's signature any where in the document.

The Loan and PPI was taken in Aug-2007, when he was living in a different address. He moved into a new address in July 2008 only. So, how come lloydstsb is producing a document which suppose to have been seen by my bro-in-law with the new address in 2007 itself? (I hope I have made my point clear!!).

So when we wrote to them about this, Lloydstsb Insurance, refuse to acknowledge our communication. When we contacted them yesterday (19-05-2010), the person on the phone, reiterated that they stand by the final decision and they refuse to discuss further.

Now, we know that we can go further and start complaining to FOS, which I have already started.
Other than this, what else we can do?
How come a such huge banking and Insurance institution can create/produce/forge a false document to suppliment their claim and decision?
Is it not a criminal offence?
If a common man does the same, will he/she not be punished?
This whole episode has brought in huge stress and mental agony on my bro-in-laws family.
Incidently, his wife took a loan of £5000 in 2008 and she was also sold a PPI. The ppi premium was almost 50% of the loan if it ran the full course. When she complained, not only her complaint was upheld, she was awarded a full refund along with appropriate interest on those payments,as Mr. Martin Lewis mentioned.

In the above scenerio, what shall we do?

Hi there

I have posted some info/advice in the other thread where you posted, good luck.;)

marshallka

FSA to be scrapped.

http://www.washingtonpost.com/wp-dyn/content/article/2010/06/16/AR2010061605367.html


Britain's FSA scrapped in major regulatory overhaul
Thursday, June 17, 2010

[FONT=Arial,Helvetica]REGULATION
[/FONT]

[FONT=Arial,Helvetica]Britain plans revamp of financial oversight
[/FONT]
British finance minister George Osborne announced a sweeping overhaul of the country's regulatory system, saying he will abolish the Financial Services Authority and place most of its regulatory power in the central bank.
The FSA, which oversees Britain's financial services industry, will be wound down and replaced by three bodies over the next two years, Osborne said. Under the plan, the Bank of England will establish a new subsidiary dedicated to regulation, as well as a financial policy committee and an agency for consumer protection and the markets.
The FSA's chief executive will assume new roles on the planned agencies, becoming a deputy governor of the central bank.

marshallka

http://www.telegraph.co.uk/finance/financetopics/budget/7834024/Budget-2010-FSAs-Hector-Sants-stays-on-to-deliver-financial-shake-up.html

di3004

Ombudsman swamped by PPI complaints

Jul 7th 2010 - 12.01pm
Text SizeA[URL="javascript:void(0)"]A[/URL][URL="javascript:void(0)"]A[/URL]

http://money-news.dailyfinance.co.uk/article/2010/07/07/ombudsman_swamped_by_ppi_complaints

More than 1,000 people a week are pursuing mis-selling claims about payment protection insurance after having their complaints rejected by the banks, it has been revealed.

The Financial Ombudsman Service said it was currently receiving more than 1,000 cases each week relating to the insurance cover from people who were unhappy with the way their provider had dealt with their compliant.

It had expected to receive around 46,000 complaints about PPI this year, but figures for the first part of the year suggest the total will be far higher than this.

The ombudsman has repeatedly criticised the banks and other PPI providers for the way they are handling complaints, claiming many of them are failing to investigate them properly.
The service is currently upholding between eight and nine out of every 10 complaints it receives about PPI, which is the single most complained-about product.

It is also typically calling on firms to pay consumers compensation in the low-thousands of pounds, although in some case the figure has been as high as £25,000.

But it is thought that tens of thousands of people who could be entitled to compensation may be missing out because they fail to pursue their claim through the Financial Ombudsman Service.

Figures from City watchdog the Financial Services Authority show that firms received around 260,000 complaints from consumers relating to PPI during 2009, but only 41,000 of these were referred to the ombudsman.

PPI covers debt repayments if the policyholder is unable to work due to an accident, illness or if they lose their job.

But the product has come in for heavy criticism after research found it had been mis-sold to many consumers who would never be able to claim on it, while others felt pressurised into taking it out alongside a loan or credit card.

marshallka

09 July 2010
The Financial Services Authority (FSA) has today fined David Head, director of Essex based mortgage and insurance broker network FT Compliance Services Limited (FTCS), £10,500 for failing to properly supervise insurance brokers who he knew had close links with a firm and individual previously disciplined by the FSA for Payment Protection Insurance (PPI) failings.
http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/117.shtml

marshallka

http://www.google.com/hostednews/ukpress/article/ALeqM5gm8RsJn5qOz_nT0eH660pSVFqoYg

di3004

Found a link to PPI news.....


(Don't think there is anything in this link (unless missed) to advertise anything)......:o, please feel free to get rid otherwise please, cheers.

http://www.ppinews.org.uk/

maxdp

Lloyds in news again for Treating Customers Fairly!

http://www.dailymail.co.uk/news/article-1306245/Lloyds-deluged-2-000-complaints-day-rejects-90.html

marshallka

maxdp wrote: »

Lloyds in news again for Treating Customers Fairly!

http://www.dailymail.co.uk/news/article-1306245/Lloyds-deluged-2-000-complaints-day-rejects-90.html

Yeah right....:rotfl:

marshallka

ANd Lloyds again

http://www.moneysavingexpert.com/news/banking/2010/08/beat-the-lloyds-rejection-spiral