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

debt55

other forums are stating this action is illegal from the banks and they could now face a raft of action from claims solicitors who will look to reclaim the ppi plus the solictors costs also.

what do people make of this?

marshallka

debt55 wrote: »

other forums are stating this action is illegal from the banks and they could now face a raft of action from claims solicitors who will look to reclaim the ppi plus the solictors costs also.

what do people make of this?

If it is illegal then surely then the FSA should do something about it. I would think they will make a statement soon TBH. There should be no need for any solicitors.

debt55

marshallka wrote: »

If it is illegal then surely then the FSA should do something about it. I would think they will make a statement soon TBH. There should be no need for any solicitors.

quite agree.

all in the hands of the FSA, as they have already stated it's illegal and the banks should continue to follow DSIP handbook rules.

but they have not..

so what are the FSA going to do about it?

that people is the $64,000 question!!!

marshallka

IF all claims against Banks are on hold now what about other type complaints (not against banks but against brokers/insurers) with FOS. Does that mean they will deal with them quicker perhaps? Surely they will not be able to get hold of files for bank complaints as that is how they work. They can request them but if banks are being defiant they will not send them on. Other complaints can be dealt with though so this should quicken them up perhaps.

marshallka

debt55 wrote: »

quite agree.

all in the hands of the FSA, as they have already stated it's illegal and the banks should continue to follow DSIP handbook rules.

but they have not..

so what are the FSA going to do about it?

that people is the $64,000 question!!!

Time will tell and its ticking away!!!

debt55

marshallka wrote: »

Time will tell and its ticking away!!!

either way... banks will have to pay!

marshallka

It's high time the bankers came back to planet Earth



http://www.telegraph.co.uk/finance/personalfinance/comment/paulfarrow/8072385/Its-high-time-the-bankers-came-back-to-planet-Earth.html

marshallka

http://www.thisismoney.co.uk/credit-and-loans/ppi-mis-selling/article.html?in_article_id=516648&in_page_id=506&position=moretopstories

Banks' PPI complaint bar is outrageous bullying

grasshopper1927

It looks as if momentum is building against the banks from a variety of sources on this one.. fingers crossed it continues.

madmac7hk

So, being new to this site I thought I'd share my wonderful experience of Lloyds.....

Having had a Loan from them in 2006, we challenged the PPI sale in September and had a letter back from Lloyds stating that the claim was upheld. So I duly signed the acceptance form and sent it back and received an acknowledgement that it was being processed. Phoned to check the progress and was told it is on hold due to the Judicial Review..

So now very peed off, despite the fact that the letter states "Please note that upon receipt of your acceptance of this offer, it can take up to 28 days to process any payments"

So now told that I should get a letter in 7-10 days telling me that my claim is suspended due to the JD. When I asked the question of "Your letter states 28 days after acceptance, so I expect my payment", I was told "well, the letter is clearly wrong and you will have to wait."

Anybody got any views on where can I go from here? Surely if they commit to doing something in writing with no caveats on the letter or form they cannot walk away from that.