Banks to challenge ppi mis-selling - all claims on hold

debt55

the headlines are wrong, even on this site.... are they bidding to block payouts? or are they just not wanting to review every single case of sold ppi and prefer the current system of claims being brought on by the consumer or a claims comp?

marshallka

debt55 wrote: »

the headlines are wrong, even on this site.... are they bidding to block payouts? or are they just not wanting to review every single case of sold ppi and prefer the current system of claims being brought on by the consumer or a claims comp?

I think when all is said and done they would prefer the current system whereby they get away with telling people they have not been missold (without reviewing files etc and sending out computer generated letters) and hoping that at least half don't take it any further. They then only have the other half to contend with.

With the new rules in place they would have to write to all people (as I understand it) telling them they "may" have been missold.

I honestly think that most (if not all) single premiums were most probably missold as there was always a cheaper option. No-one in their right mind (when already in debt) would actually want more debt.

As regards Credit cards and PPI then I would say that if the boxes were pre ticked then it could be argued as missold OR if they were advised sales and the advisor ticked the box then probably missold also but otherwise very hard to prove misselling.

debt55

marshallka wrote: »

I think when all is said and done they would prefer the current system whereby they get away with telling people they have not been missold (without reviewing files etc and sending out computer generated letters) and hoping that at least half don't take it any further. They then only have the other half to contend with.

With the new rules in place they would have to write to all people (as I understand it) telling them they "may" have been missold.

I honestly think that most (if not all) single premiums were most probably missold as there was always a cheaper option. No-one in their right mind (when already in debt) would actually want more debt.

As regards Credit cards and PPI then I would say that if the boxes were pre ticked then it could be argued as missold OR if they were advised sales and the advisor ticked the box then probably missold also but otherwise very hard to prove misselling.

exactly... so why upset the apple cart FSA? we are getting there ourselves, even claims comps are helping bring about awareness via tv commercials etc

OFT helped them... are the FSA now helping them? hmmm

amersall

debt55 wrote: »

the headlines are wrong, even on this site.... are they bidding to block payouts? or are they just not wanting to review every single case of sold ppi and prefer the current system of claims being brought on by the consumer or a claims comp?

They are going to court as they dont think the new rules that come into force in december are legal, as i read it anyway . Nowhere do the banks, fsa or fos say "all claims are on hold".To be honest i will wait until i hear this announcement from the horses mouth, so to speak.

debt55

amersall wrote: »

They are going to court as they dont think the new rules that come into force in december are legal, as i read it anyway . Nowhere do the banks, fsa or fos say "all claims are on hold".To be honest i will wait until i hear this announcement from the horses mouth, so to speak.

sorry, what has your post got to do with my post?

you are making a habit of writing posts that are unconnected to the discussion.

weird!! :rotfl:

di3004

amersall wrote: »

They are going to court as they dont think the new rules that come into force in december are legal, as i read it anyway . Nowhere do the banks, fsa or fos say "all claims are on hold".To be honest i will wait until i hear this announcement from the horses mouth, so to speak.

Me too.;)X

amersall

trip7dan wrote: »

I know for a fact one has just like the original poster and I'm fairly certain all BBA members will.

Whether the FOS/FSA will stand for it remains to be seen.

Please name this bank, as fos says it is business as usual.Obviously this is two fingers up to the fos by this bank.

swigger

notveryhappi. wrote: »

I will not reveal my source but take it from me that at least one bank will be putting their ppi complaints on hold from now

lloyds WILL NOT be processing ANY new complaint effective 8th October 2010, those that had not been logged by close of business on 7th will getting a letter advising them of this fact.

debt55

amersall wrote: »

Please name this bank, as fos says it is business as usual.Obviously this is two fingers up to the fos by this bank.

FSA say business as usual, and after 8 weeks kick to the FOS.

my guess would be RBS.

debt55

swigger wrote: »

lloyds WILL NOT be processing ANY new complaint effective 8th October 2010, those that had not been logged by close of business on 7th will getting a letter advising them of this fact.

do you work for them?