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

CornishWander

Alpine_Star wrote: »

Gosh! Really? Well you best tell Lloyds Banking Group and their legal counsel that they won't be having to shell out three thousand million pounds after all then.

You really believe Lloyds are putting that whole amount just for PPI, they are playing games in order to cover the rot elsewhere but due to the court decision it gives Lloyds an easy get out of explaining other deferments wihtin the group.

PS: Does that mean I can claim back on my large MIG payments from a number of years ago on the basis that I personally did not need it, it was really the lender who needed it (this was raised a few years ago as well). I said there are other areas that could be raised as an issue based on the PPI issue. How about HPI, thats another good one.

dunstonh

CornishWander wrote: »

You really believe Lloyds are putting that whole amount just for PPI, they are playing games in order to cover the rot elsewhere but due to the court decision it gives Lloyds an easy get out of explaining other deferments wihtin the group.

PS: Does that mean I can claim back on my large MIG payments from a number of years ago on the basis that I personally did not need it, it was really the lender who needed it (this was raised a few years ago as well). I said there are other areas that could be raised as an issue based on the PPI issue. How about HPI, thats another good one.

The financial press is suggesting that Lloyds are doing it to buy favour with the FSA and Govt to allow them to not sell as many branches and not have to sell off more assets. Many of those will generate more than the refunded PPI within a relatively short period.

magpiecottage

robbedofmymoney wrote: »

this is fantastic news for everyone

Except the shareholders - which means the government - which means all of us!

Bonnie2009

Actually, that's not the FOS's opinion, Cornish. They said my situation was exactly why they existed.

biondani

My wife phoned BH this evening and they said that they have now started to process the claims that were put on hold in the order in which they were received. Lets hope they get through them quickly.

Ian

peterbaker

This is very good news and if it is true that the new CEO is sweeping as a new broom rather than simply "cutting a deal" with FSA then there is some hope.

The dissenting banks still represented by BBA in this matter are of course far too powerful and will never come round to a similar view because they take their shareholders' thirst for profit performance far too ruthlessly. I say they are not good citizens and they should be dismantled or invited to p^** off to some other country and lose their licences to trade in the UK if they don't like it. We seriously do not need their kind.

Let's start making proper business again rather than kidding ourselves we can all be financial services wallahs or phone salesmen or 'traders' and keep the country afloat. Sure we may have to get even poorer for a bit and may have to start holding our tongue when someone wants air cover for rebels somewhere in the world, but I am sure we'd all be happier for making something rather than flogging dodgy promises on flakey paper.

I would say that perhaps Lloyds Group have today shown that they are better citizens than most of their competitors and are shining a beacon in the right direction.

The UK needs better demonstrated citizenship, even if it costs us a little extra in taxes or charges later to achieve it.

We are all heartily sick of individual citizens working the game at banks and other financial companies who claim success is only about making profit and who have no compunction either to laying claim to half of their half-baked deal proceeds immediately or at the next annual 'divvy-up' purely for their own personal profit as ridiculous bonuses, ridiculous salaries and ridiculous fees and share option arrangements. Many of these people amazingly can't even keep their shirts tucked in properly at lunchtime or their shoes properly shined each morning, and only have one style of tribal haircut so they can look mean on the trading floor or if they meet their contemporaries in the sandwich bar - basically a skinhead cut.

I know they are not the top of the tree but these people are generally rewarded far too much, a law only unto themselves and their bosses, and like proverbial £12000 per month Iraq security guards they in practice surround and protect the real crooks who are busy making off with the billions.

To think they should ever have been entrusted with playing with our wealth is frightening.

Miss_Poohs

Slow on the up take here - does that mean that HBOS, being part of the Lloyds group, are following suit?

jacketshen

post post hoo

Alpine_Star

dunstonh wrote: »

I can only think of one occasion it has been said before.

If I had a relative or close friend that had nothing better to do than hang out on an internet forum day in day out repeating the same mantra about ''fraudulent try-it-on complaints'' ad nauseum I'd have genuine concerns for their well being.

If they then claimed it had only been said on one occasion before, I'd have very serious concerns.

Alpine_Star

Miss_Poohs wrote: »

Slow on the up take here - does that mean that HBOS, being part of the Lloyds group, are following suit?

Yes HBOS are part of the Lloyds banking group and it is a group initiative.