MSE News: Banks put PPI claims on hold in defiance of regulator

dazed_and_confused_3

marshallka wrote: »

As far as we are aware if you have been offered a redress then it should still stand.

Thanks marshallka.

Just to clarify though, I haven’t accepted their offer. I referred the case to the FOS as the offer contained virtually no interest despite the charges being from as far back as 2003 and the lowest interest rate on my account at any point being 17.9%.

Just to double-check… on the basis that they made an offer but I have not accepted it will the FOS still pursue the case as per before and will Halifax still be obliged to accept the FOS’ ruling? Or will they be able now (for the time being at least) to refuse to pay out what I am due even if the FOS upholds my claim?

marshallka

dazed_and_confused wrote: »

Thanks marshallka.

Just to clarify though, I haven’t accepted their offer. I referred the case to the FOS as the offer contained virtually no interest despite the charges being from as far back as 2003 and the lowest interest rate on my account at any point being 17.9%.

Just to double-check… on the basis that they made an offer but I have not accepted it will the FOS still pursue the case as per before and will Halifax still be obliged to accept the FOS’ ruling? Or will they be able now (for the time being at least) to refuse to pay out what I am due even if the FOS upholds my claim?

With this being from 2003 then I have no idea... seems something was posted about pre 2005 complaints although I am not sure how it is to be read?

Sorry but only FOS/Halifax will be able to answer that one I would think.

debt55

i have ttt the ***urgent banks to appeal ppi*** thread of mine from last month

nobody gave two hoots back then

amershall post is hillarious.

says a lot really.

marshallka

debt55 wrote: »

i have ttt the ***urgent banks to appeal ppi*** thread of mine from last month

nobody gave two hoots back then

amershall post is hillarious.

says a lot really.

But debt55, I really don't think the banks will win on this one. May be wrong but only time will tell. Perhaps Amersall thinks the same too..I have no idea??

debt55

marshallka wrote: »

But debt55, I really don't think the banks will win on this one. May be wrong but only time will tell. Perhaps Amersall thinks the same too..I have no idea??

?

they have won, all cases (more or less) on hold

appeal after appeal

how long will holds be in place for? 6 months? 12 months?

they won, again.

martin, good job.

marshallka

debt55 wrote: »

?

they have won, all cases (more or less) on hold

appeal after appeal

how long will holds be in place for? 6 months? 12 months?

they won, again.

martin, good job.

Send Martin a message then and see what he says!!!

steveh31

Maybe their is another trickery by the banks all the ppi claims companies are not going to make any money if the claims are put on hold and they may go under if this happens the banks could withdraw their challenge and the public will then have to fight by themselves and get letters back making ridiculous offers and most people will not have the patience to keep the challenge going.

Just a thought.

whizzkid001

This today from the Competition Commission - http://www.competition-commission.org.uk/press_rel/2010/oct/pdf/ppi_remittal_press_release.pdf

marshallka

whizzkid001 wrote: »

This today from the Competition Commission - http://www.competition-commission.org.uk/press_rel/2010/oct/pdf/ppi_remittal_press_release.pdf

Just posted the same on the PPI news thread

http://www.businessweek.com/news/2010-10-14/u-k-regulator-bans-banks-from-selling-ppi-during-credit-sales.html

amersall

marshallka wrote: »

But debt55, I really don't think the banks will win on this one. May be wrong but only time will tell. Perhaps Amersall thinks the same too..I have no idea??

Hi marshalka, i hope they dont win this, i think that this is not the same as bank charges in so much as this product was mis sold and there is no getting away from that fact.Bank charges on the other hand were just unfair. Unless the banks have the judge in their pocket, and i say that very lightly :eek: ( many a true word spoken in jest )
Then i cannot see how they will win this tbh, we will just have to wait and see what happens.This must be costing banks a fortune to take this to court and this in my opinion is a waste of their "profits":rotfl:They should just accept that they put greed before customers when selling this ppi. The commission that was made on these policies is staggering, fp took 75% commission for each ppi product they sold. my ppi was £23000 :eek: it does not take a maths expert to work out how lucrative these policies were for the staff selling them
(i know not all ppi was mis sold and there have been people who have tried it on) but the majority were sucked in by sales people who were told to sell, sell, sell,:mad: If the banks win this one then i will know for sure they have "people" in their pockets.That is what i think, and it will be a very sorry day when the governing bodies who are there to protect the consumer fail (in my book) to protect them.