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

elle66

Just had a letter from rbs stating my claim for ppi charges on my natwest credit card is on hold (Original complaint sent nov). Just wondering if with whats being said is it worth me going straight to stage 3 as martin advisies.:eek:

di3004

elle66 wrote: »

Just had a letter from rbs stating my claim for ppi charges on my natwest credit card is on hold (Original complaint sent nov). Just wondering if with whats being said is it worth me going straight to stage 3 as martin advisies.:eek:

Hi there

Don't worry, lots are in the same position as yourself here, but hopefully a decision will be made soon in regards of the latest Judicial Review where many banks have put these complaints on hold.

You can sit it out a little longer if you want to, or complain to the Financial ombudsman service (FOS), I assume they did mention the FOS on your letter?

So either way you do what you feel is best.

Good luck on your reclaiming, and hope its resolved soon.;)

EdHorny

Hiya, I too made a PPI claim in Nov 2010 on my Natwest Credit Card. It was mis-sold as I never accept PPI on anything I take out as I see it as a waste. I put my claim in and then had a letter in December stating that my case was on hold whilst this review was taking place. But what is bugging me is that at the moment I am paying interest on the PPI I have already paid. In these financial times when petrol costs a bomb... we are out of pocket whilst banks can just put our claims on hold whilst they complain and get a review. If it's a review surely they should still be working to the rules in place untill the outcome and changes take place. I have tried contacting the PPI department about my case and they kept passing my from different people untill after 45 minutes I finally got through to the person handling the complaint, the person I asked to speak to originally. I told them that the 8 week period was up and that I would be contacting FOS. The reply was that I probably wouldn't be successful and that the FOS advise and can't necessarily take action in the matter.

I feel as though the banks which we have been bailing out for the past couple of years and pay massive bonusses to their staff are sill doing what they like and it's at our expense still.

I have sent everything to the FOS and am currently waiting for any communication from both parties.

ED

di3004

EdHorny wrote: »

Hiya, I too made a PPI claim in Nov 2010 on my Natwest Credit Card. It was mis-sold as I never accept PPI on anything I take out as I see it as a waste. I put my claim in and then had a letter in December stating that my case was on hold whilst this review was taking place. But what is bugging me is that at the moment I am paying interest on the PPI I have already paid. In these financial times when petrol costs a bomb... we are out of pocket whilst banks can just put our claims on hold whilst they complain and get a review. If it's a review surely they should still be working to the rules in place untill the outcome and changes take place. I have tried contacting the PPI department about my case and they kept passing my from different people untill after 45 minutes I finally got through to the person handling the complaint, the person I asked to speak to originally. I told them that the 8 week period was up and that I would be contacting FOS. The reply was that I probably wouldn't be successful and that the FOS advise and can't necessarily take action in the matter.

I feel as though the banks which we have been bailing out for the past couple of years and pay massive bonusses to their staff are sill doing what they like and it's at our expense still.

I have sent everything to the FOS and am currently waiting for any communication from both parties.

ED

Good luck ED.

Your entitled to make the complaint to the FOS in your case, and they will deal with it but yes it may still take some time.

I have left mine sitting with the bank and not quite moved on to the FOS quite yet, going to see if any updates of the JR will come up over the next month or so.

But lots are in the same position as us, but hopefully things will move on very soon, please keep us posted, good luck.;)

klflosser

Alpine_Star wrote: »

The FSA have written to the BBA and other trade organisations who's members are handling PPI complaints, warning them that refusing to process complaints pending the Judicial Review that clearly don't touch on issues that are being disputed in the Judicial Review, will face tough enforcement action.

The FSA have indicted the types of complaint which they expect to be fully processed. This will be useful to claimants who have been told that their complaint has been put on hold.

http://www.fsa.gov.uk/pages/consumerinformation/product_news/insurance/pdf/fsa_ppi_letter.pdf

I have a number of my PPI complaints on hold and my reasons for mis-selling are self employment and existing medical conditions. Trying to understand the FSA letter and reasons for JR.
Some of my PPI taken out pre-dates 2005, which seems to be when the new regs were applied.

Can I write to the ones on hold saying they should still process my compaints for mis-selling as JR not relevant to my case?

Not always simple english and easy to understand for non financial people.

Alpine_Star

klflosser wrote: »

Can I write to the ones on hold saying they should still process my compaints for mis-selling as JR not relevant to my case?

You could do but to be honest it probably won't make any difference as the banks are simply using the JR as an excuse to hold claims regardless of their relevance to it.

EdHorny

Update:
I contacted Natwest PPI claims unit (or whatever they are called) and they told me that the JR had finished on 28th. February. I asked them the status of my claim and they said that they hadn't been given any guidelines on how to proceed with claims. I was told to ring back in 2 weeks. I rang back in 3 and got told exactly the same. I have read that they lost the JR and that they have to contact customers and pay back what they owe at a cost of some £3.2 billion. Is my next step to contact the FOS now as I have surely shown enough patients over 4 months with this matter. I want my money back as I am paying interest on it and it affects me each month financially.
Any idea's on how to proceed please as I think they are fobbing us off with the same excuse.

ED

Iain1983

EdHorny wrote: »

Update:
I contacted Natwest PPI claims unit (or whatever they are called) and they told me that the JR had finished on 28th. February. I asked them the status of my claim and they said that they hadn't been given any guidelines on how to proceed with claims. I was told to ring back in 2 weeks. I rang back in 3 and got told exactly the same. I have read that they lost the JR and that they have to contact customers and pay back what they owe at a cost of some £3.2 billion. Is my next step to contact the FOS now as I have surely shown enough patients over 4 months with this matter. I want my money back as I am paying interest on it and it affects me each month financially.
Any idea's on how to proceed please as I think they are fobbing us off with the same excuse.

ED

I really hope thats true.

EdHorny

It's just what I read and a friend who is an accountant told me that it was likely it was going to happen. He looked at my claim and told me it was mis-sold. I have since lost contact with him as he moved abroad, so don't have his support in the matter. Isn't it funny how banks are quick to rip us off and lose our money then in turn pay themselves rediculous bonuses but won't give us back what wasn't theirs in the first place.

ED

di3004

Hiya

I could be wrong, but even though the JR issue may not actually be resolved for some time, which is why it seems that recently many have received letters from the FOS it could yet take another year, but there may be an update of somesort coming up over the next few weeks, so we shall soon see.