MSE News: Lloyds defeated as it withdraws from PPI legal action

kangaroo100

It's probably too early to tell yet, but does anyone think that this will filter down to the other loan companies?

di3004

kangaroo100 wrote: »

It's probably too early to tell yet, but does anyone think that this will filter down to the other loan companies?

I certainly hope so, think this will lead to lots of pressure on them now.;)

ThunderCat

That's excellent news! I'm currently waiting for a final responce from Lloyds in regards to a claim for mis-sold PPI.

magpiecottage

Obviously, for those with valid cases, this will be good news.

Just bear in mind, though, that Lloyds TSB will not have been paying for staff to sit around waiting just in case they lost the JR.

It will take them a little time to get organised although it is reasonable to suppose they will engaging staff as quickly as possible.

For those who have not yet had a final decision from Lloyds TSB it is probably going to now be quickest NOT to go to FOS.

This is because Lloyds TSB will almost certainly now attempt to clear the backlog that has not yet gone to FOS as quickly as possible and will not have to deal with those FOS is addressing until such time as FOS gets round to them.

This does NOT apply if a complaint has been rejected and you have been told you have six months to complain to FOS, though.

CornishWander

All this is great news but what if people feel comfortable, reclaim and then made redundant, no doubt they will claim all unfair again whilst they had some sort of cover during the period. If the policy was taken years ago to take a new one will cost more as age comes into it and the court decision will raise premiums by default. It seems to me that people generally do not think or get decent advice beofre sigining up but now believe, well we can always make a claim for a refund Does walkiing into a car show give you all the facts that you will in most cases loose money, the salesman will not tell you that. Financial institutions will recover this money one way or the other, either from fees on bank accounts or through increasing insurance on businesses, in the end they will make it back, so the victory is hollow. I do not work for any of these institutions and thus hold no link or favourtism to them.

Alpine_Star

CornishWander wrote: »

All this is great news but what if people feel comfortable, reclaim and then made redundant, no doubt they will claim all unfair again whilst they had some sort of cover during the period.

As many claimants are complaining that the exclusions in the policies means that it's no good to them, it doesn't apply.

src007

Lloyds deserve every penny of this bill. Whilst most of the banks were talking up the product and pushing it, Lloyds were out and out lying to get sales.

Whilst some of the other banks at least made token efforts to meet eligabilty criteria, Lloyds seem to have made no attempt at all. They were selling it to retired, self-employed, unemployed people and those with pre-existing conditions.

They then used every trick in the book, to block PPI complaints.

Their loan company Eisis were rejecting (as far as I could see) 100% of PPI complaints. At the same time the FOS were upholding 100% against them.

They would often get a complaint and simply post it back to the sender without lodging (if there was a typo with the loan number, even if the credit agreement was included).

They would trick customers out of deserved refunds by offering 'enhanced rebates', a fraction of the due compensation.

When the FOS uphold against them, they would often ignore the decision for months on end (not appeal, just forget about).

From what I've seen at least, they were the worst of the major banks where PPI is concerned. Its good to see that that they're left with the biggest bill after the extensive legal challenge, which was another attempt (again!) to scupper refunds.

Lets hope this marks an end to their piracy, but I wouldn't count on it. :rotfl:

jools35

For those wondering about Black Horse - i've just read their website and it states the same as Lloyds - excellent news :j

Not able to post links yet, but if you google black horse ppi and look for their website you'll find it

blackhorse.co.uk/Motor/ComplaintsFAQ.html

dunstonh

All this is great news but what if people feel comfortable, reclaim and then made redundant, no doubt they will claim all unfair again whilst they had some sort of cover during the period.

Serves them right for making a fraudulent try-it-on complaint in that case. You cant have your cake and eat it.

You only have to go through the many posts in this section to see that many people incorrectly think that having PPI (or any insurance in some cases) means they were mis-sold. It is the way it was sold and the way it was set up that matters. Not the product itself.

Alpine_Star

dunstonh wrote: »

Serves them right for making a fraudulent try-it-on complaint in that case. You cant have your cake and eat it.

Don't you ever tire of repeating this? You say it at every opportunity and more. You must have said it a thousand times.

Surely you have something better to do in your life.

It's obsessional.

Get over it.