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

marshallka

Blimey, this is for a 2006 loan then? What were your reasons for misselling and do you know why they upheld the decision ? They usually say in a letter as to their reasons. This has thrown it out of the window then about loans after regulations being paid out as even these are now being held back. What are they playing at?

ankerbankers

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?

Its already happening, believe me, cases already gone to solicitors!
The banks will spend more time and money now.

madmac7hk

marshallka wrote: »

Blimey, this is for a 2006 loan then? What were your reasons for misselling and do you know why they upheld the decision ? They usually say in a letter as to their reasons. This has thrown it out of the window then about loans after regulations being paid out as even these are now being held back. What are they playing at?

So the mis-sale was a joint loan with PPI for both signatories, however when my other half was being made redundant we called the customer care team to claim and they stated that only the first named person i.e. me was covered. I therefore raised a complaint on this basis as we had asked this question during the setup of the loan and we were told we were both covered. The complaint was upheld due to this not being made clear in the T&C's and they agreed the refund ~£5k/
Having acknowledged the receipt of the form, in my view they are committed to 28 days per their letter so come 4th Nov I should have my payment. Now looking at legal options around this as I don't suffer idiots.....

marshallka

singlep wrote: »

FSA and FOS have around 3 weeks at this stage to respond.

OR consumers can wait for the FSA to announce something and not be at risk of hefty fees like happened before on here with "other" claims that solicitors were supposedly handling but more often than not failed to!!!

What would happen IF the FSA ordered the banks to redress people regardless... would that be the work of the solicitors then? Would they still charge people when they have not had to do any work to help people their money back?

thorpe100

di3004 wrote: »

Chase them up, to what I am aware of, anything they have upheld they should still continue to pay out.
Good luck.;)

Lot of lenders have back logs and under the FSA ruling they have 12 weeks to pay any refund back to consumer. I know Lloyds are taking approx 8 weeks to pay out due to the back logs. keep pushing them!!

marshallka

thorpe100 wrote: »

Lot of lenders have back logs and under the FSA ruling they have 12 weeks to pay any refund back to consumer. I know Lloyds are taking approx 8 weeks to pay out due to the back logs. keep pushing them!!

Not according to madmac7hk (post above!!)??

madmac7hk

thorpe100 wrote: »

Lot of lenders have back logs and under the FSA ruling they have 12 weeks to pay any refund back to consumer. I know Lloyds are taking approx 8 weeks to pay out due to the back logs. keep pushing them!!

Lloyds this morning stated on the phone that all claims are suspended until JR is held and closed, so could be months.....

marshallka

madmac7hk wrote: »

Lloyds this morning stated on the phone that all claims are suspended until JR is held and closed, so could be months.....

unless the FSA file an injunction? (although not sure how that one would work?)

madmac7hk

marshallka wrote: »

unless the FSA file an injunction? (although not sure how that one would work?)

If FSA were going to file against this they would have done so already to get things moving again. That could have happened rather quickly, it would almost seem the FSA has sat back a little here.

Interesting though that Santander is not getting involved with the BBA on this and looks to be backing the consumer. Not sure if this is moral objection or good marketing.....

Jalapee

I received my payment last Tuesday/Wednesday time for my small loan, after waiting over 8 weeks. But I am still awaiting for another loan from Lloyds, chased up this morning and I was told as it was before this whole ‘BBA’ thing I will be receiving my refund within the next 21 days! This was about at 10:45AM this morning.