MSE News: Banks bid to block PPI compensation

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Comments

  • Incrredible. They rake in billions from the public by mis-selling PPI, the public bail them out with billion, the country is virtually bancrupt, the public will suffer due to cuts, higher VAT etc and these banks just carry on as they have done before.

    They are beyond contempt.

    I had PPI that I was told I had to have. I was made redundant this year but could I claim on the PPI? No. I was ineligible and always had been. £7,000 in PPI to this one firm. I asked them to remove by letters, phone calls and by filling out a form and they continued to charge it EIGHT months after askig them to remove it.

    You wouldn't expect less from a back alley loan shark. Fortunately my redundancy enabled me to clear the card but not before they racked up the interest rate.

    I have made a complaint but now it is 'on hold'. This is my money that they have taken. Why aren't the SFO called in?

    The trouble is in this country we let them get away with it and the banks know it.
  • But it is Ok to give out 6.8bn in bonuses, but are quacking in there boots at the thought of having to refund an extra 2.7bn

    Why is your complaint on hold? is this on hold at the bank? how long have the bank been dealing with it?

    PF
  • The bank told me today that it is now 'on hold'. I told them that I was closing my current account and saving account which I will do tomorrow.

    I read that the banks are worried that they will have to pay billions in 'compensation' but it isn't 'compensation' it is monthy they wrongly took.

    Imagine a bogus salesman duping and old lady out of £7,000 and complaining when the law caught up with him that 'this is going to cost me £7,000'. It wasn't his in the first place.

    It is OUR money in more wyas than one anyway. Firstly, they wrongly took it be scurrious methods and secondly the banks have no money of their own but OUR tax money.

    I have had it with being endlessly fleeced by this lot.
  • Does no-one realise that the Banks constantly monitor this website and have a full handle on the tactics and advice openly discussed on here. I'll be upfront ( unlike others who I can spot a mile off ) -- and say right now that I work for a PPI Complaints Department, which will wind people up as we are seen as 'scumbags' to quote an earlier poster.

    There was an excellent point made on another thread where the point was made that if the 30% of bandwagon jumpers who have never been any PPI in their life had never bothered to complain fraudulently, then everyone with genuine complaint points would have their concerns handled much quicker. Yet that post was shot down in flames -- typical short sightedness I'm afraid, all in the name of giving the Banks another kicking. Believe me -- staff are doing their very best to deal with the flood of complaints pouring into postrooms but people have to realise that the sheer weight of numbers is an issue.

    Finally, to offer some hope --our Department has not frozen complaint handling and will welcome new concerns as well as deal with existing claims.

    And no.... no way will I divulge which one!
  • staff are doing their very best to deal with the flood of complaints pouring into postrooms but people have to realise that the sheer weight of numbers is an issue.

    Shame the Financial I Industry did not think of that 20 or so years ago when they started fleecing the consumer out of millions of pounds.

    I have no doubts that PPI could of been a good product if the powers that be had of got it right in respect of the terms and conditions of the product.

    Oh and tell me if the banks do not have enough staff to deal with the complaints why are they making good employees redundant?

    seems that the banks want the cake and to eat it.

    PF
  • I have had my complaint for the mis-selling of PPI by Lloyds dealt with by an adjudicator at the FOS. The complaint was found in my favour, so much so that it was recommended that the PPI plus interest and an ex-gratia payment of £300 be paid to me. This was largely because when the credit card was applied for, PPI was not applied for and not charged. However, about 2 years later, PPI had been applied.

    The adjudication was notified to me and forwarded to LloydsTSB about 5 months ago. To this date I have received no communication whatsoever from LloydsTSB.

    The case is very simple, why don't they just pay up.
  • Rectoryclose,
    The case is very simple, why don't they just pay up.

    Have you been back in touch with the FOS and asked them to find out why they are taking so long to finalise.

    PF
  • Thanks Pompeyfaith

    They say that it has been forwarded to the Ombudsman.
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