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

marshallka

Lloyds - funded by the taxpayer.

The FSA - overspent and had to have a loan from HSBC and Lloyds to the total of 200 million -
the FSA are supposed to regulate the banks.... this means the FSA has had their loan money (ultimately funded from the taxpayer!!) to provide a service and regulate banks with rules, one which as yet they are unable to provide cause the banks make their own rules and they are allowed..... no wonder they are on about getting rid of the FSA IF this is how it ends up.... there will be an uproar..

maxdp

Jalapee wrote: »

i spoke to lloyds and they are still dealing with PPI complaints which have been upheld... hopefully i will still get my refund :D

Hi Thanks for letting us know that. Have two waiting for settlement after being upheld through FOS three weeks ago.

I just hope this gets resolved quickly there are lots of people in dire financial positions sometimes compounded by mis selling of this insurance.

Think Lloyds are throwing their dummy out of the pram.

NIGELK_3

Regarding due payout, this is what my claims company has said today "
I've just had a discussion with my colleagues, as far as we are concerned it is business as usual with Lloyds claims. We are still continuing to process claims as normal. Lloyds categorically do not have the right to simply put complaints on hold as they see fit. If they are doing this reaction will likely be swift from the FSA but as yet we've had no communication from Lloyds advising that this is their intention.

Previously Lloyds did put complaints on hold for the bank charges investigations but this action was sanctioned by the FSA and the FOS. They are not allowed to do the same for claims at this stage so we will carry on with business as usual for Lloyds claims. In any event they have definitely confirmed that there will be no delay to any agreed payouts so your money should be with you shortly.
SO FINGERS CROSS YOU WILL GET THE PAYOUT - THE CLAIMS COMPANIES AT THE VERY LEAST WILL STILL BE PRESSING!

Jalapee

from what i remember of the telephone convo, they guy said that all new claims will be lodged but will not be actioned as of yet, all claims which have been upheld will be going through as normal though (apparently)

Jalapee

also he was very open and did say that they didnt really know much about what was happening, basically they would tell the customer's what ever their linemanager has told them to say

mrs_skint

CMC's are another bunch imo and tbh they know nothing more than anyone else on this forum. Sorry, I really do hope you get your payout Nigelk, I'm ranting about CMC's in general x

maxdp

NIGELK wrote: »

Regarding due payout, this is what my claims company has said today "
I've just had a discussion with my colleagues, as far as we are concerned it is business as usual with Lloyds claims. We are still continuing to process claims as normal. Lloyds categorically do not have the right to simply put complaints on hold as they see fit. If they are doing this reaction will likely be swift from the FSA but as yet we've had no communication from Lloyds advising that this is their intention.

Previously Lloyds did put complaints on hold for the bank charges investigations but this action was sanctioned by the FSA and the FOS. They are not allowed to do the same for claims at this stage so we will carry on with business as usual for Lloyds claims. In any event they have definitely confirmed that there will be no delay to any agreed payouts so your money should be with you shortly.
SO FINGERS CROSS YOU WILL GET THE PAYOUT - THE CLAIMS COMPANIES AT THE VERY LEAST WILL STILL BE PRESSING!

Thanks for posting this.

On the other side of the coin Claims Companies will surely continue to reassure customers and potential customers that all is OK otherwise they will all be out of business. So by making this statement they will continue to get people to part with £300.00 up front and then IF Lloyds decision means it is on hold you will be further out of pocket with no hope of claims for PPI being resolved in the near future.

mrs_skint

you too jalapee - keep us posted!

marshallka

NIGELK wrote: »

Regarding due payout, this is what my claims company has said today "
I've just had a discussion with my colleagues, as far as we are concerned it is business as usual with Lloyds claims. We are still continuing to process claims as normal. Lloyds categorically do not have the right to simply put complaints on hold as they see fit. If they are doing this reaction will likely be swift from the FSA but as yet we've had no communication from Lloyds advising that this is their intention.

Previously Lloyds did put complaints on hold for the bank charges investigations but this action was sanctioned by the FSA and the FOS. They are not allowed to do the same for claims at this stage so we will carry on with business as usual for Lloyds claims. In any event they have definitely confirmed that there will be no delay to any agreed payouts so your money should be with you shortly.
SO FINGERS CROSS YOU WILL GET THE PAYOUT - THE CLAIMS COMPANIES AT THE VERY LEAST WILL STILL BE PRESSING!

No offence meant to you here NIGELK but claims companies would put complaints in regardless of anything TBH.... they are out to make money and most are not your friend fighting for you. They are figthing for themselves, they are out to make money and they are just doing a job....

marshallka

maxdp wrote: »

Thanks for posting this.

On the other side of the coin Claims Companies will surely continue to reassure customers and potential customers that all is OK otherwise they will all be out of business. So by making this statement they will continue to get people to part with £300.00 up front and then IF Lloyds decision means it is on hold you will be further out of pocket with no hope of claims for PPI being resolved in the near future.

Great minds ey maxdp....lol