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

dunstonh

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 I had a relative earning over £250k a year and posting on the internet during their break I would say well done.

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

I would say that it is good that they can read they posts correctly rather than twist and misrepresent the comments.

2sides2everystory

Are you saying dunstonh that you earn £250,000 a year yet still find time to post as often as you do on MSE?

If you are making that £250K as an IFA I think we might now really wonder for the first time if you are somehow making a living from your MSE PM box.

Unless you are some kind of superman who can touch type 100wpm whilst on the phone and simultaneously watching the markets on another couple of screens then you must surely appreciate how I arrive at my conclusion and my unease?

If I am right then I don't think your signature/status disclosure here quite hacks it in conflict of interest terms.

You have recently said that there are only 3 IFA's active on MSE. Magpiecottage who can be found on many of the same threads sometimes hand in hand with you is we understand qualified as an IFA but practices as a consultant to other IFAs in how to handle complaints against them.

Are you counting magpiecottage as 1 of your 3? If not who is the second please?

And the third?

I don't mean to spoil a good thing as you obviously know your stuff and many people value much of what you post in the course of a typical day (and it is a lot!).

But Alpine Star is right - even though you post a lot of useful stuff one strong theme in the last year perhaps which has become even stronger in the last few months and one that everyone now associates with your username is that you feel you must always bang the drum on any thread which feeds the inertia that will inevitably swamp the industry (so it should) and bleat on about the cost the poor old IFAs have to endure in handling "fraudulent complaints" against them.

£250,000 pa is a stupendous living of the sort most people on MSE could ever dream of. When I started work I thought that at my current age I would be looking forward to my retirement in a few years. Thanks largely to your industry's considerable ills, I don't think I have even got £250,000 after 35 years in my pension funds let alone an amount like that coming in every year as a living. And I daresay that the majority of MSE'ers might even say that what I term as a meagre £250,000 in my pension funds was some kind of minor miracle and I should be so lucky as they only have scraps for theirs.

Quite a revelation that last post of yours, on this consumer forum that has been your second home for so many years.

It may be easier for a camel to pass through the eye of a needle and all that ...

Are you with the common man or just making a living from him?

mrs-stressed

This is really for di3004! Over the years I have posted about my PPI claim and you (Di) have always been very supportive of my claim which has been dragging on for over three years (could be four now). In the light of the very welcome news I contacted the firm who are handling (I know I know, I shouldnt have done but given the treatment of the way Lloyds dealt with my overdraft charges I thought this would be a better way to get my money back) my claim and they said that the Ombudsman was now referring my case to a HIGHER OMBUDSMAN!! FHS. I though the Ombudsman was the highest - I didnt know know there was an even higher one!!!!!! So another fob off. I am writing again to see if the HIGHEST Of the HIGH has now decreed to Lloyds bank to pull their digits out and pay me back my money as per their own declarations of settling this ridiculous affair.

I am soo sick of this whole thing and di thanks for all your support. BUT having said all this - the proof is in the pudding. Has anyone out there actually been refunded their claim since the announcement?? I am not holding my breath frankly..

mrs s

dunstonh

If you are making that £250K as an IFA I think we might now really wonder for the first time if you are somehow making a living from your MSE PM box.

You honestly think you could earn that off an internet board? I doubt you could earn 1% of that if you tried.

Are you saying dunstonh that you earn £250,000 a year yet still find time to post as often as you do on MSE?

One of the advantages of owning a company. You earn more from others than you do yourself. However, its not easy as you have to work hard and study hard to get to that stage. Nowadays, I spend most of my time doing research, writing reports and sorting issues out. Hence why i am able to post to the board between those. Also remember that these forums have become a lot like a chat board in recent years. You can churn out 10-20 posts in 15 minutes. Its not like the board of 5 years ago which you checked once a day and threads were basic question and answer. Its more chat and discussion now.

But Alpine Star is right - even though you post a lot of useful stuff one strong theme in the last year perhaps which has become even stronger in the last few months and one that everyone now associates with your username is that you feel you must always bang the drum on any thread which feeds the inertia that will inevitably swamp the industry (so it should) and bleat on about the cost the poor old IFAs have to endure in handling "fraudulent complaints" against them.

The problem with being a voice of an opposite point of view in a forum that is swamped with people looking at ways of getting their money back is that can become a target. However, in this particular case, Alpine star was wrong as the subject was about someone attempting to make a claim on the policy after they had it voided and redress paid. That is not a subject that has appeared much at all.

It is very easy to pick out my comments about try-it-on complaints. However, I post as many comments telling people to complain or where the issues they should complain are or what to look out for.

mrs-stressed

CornishWander wrote: »

surely you knew what you were doing as PPI on credit cards is very optional.

I certainly did know what I was doing. I didnt know at that time though that I would ACTUALLY need that insurance. After I had fallen very ill I claimed and then was told they would not uphold my claim as I had a clear balance on the day that I claimed - never mind the three years before that having a debit balance and paying the full premium every month.

I think it is outrageous to suggest that some of the posters are - by intonation - thick, illiterate or even dare I say it stupid. Most of us have been genuinely 'conned' by this bank and now they have acknowledged that the road they were on has now closed - for whatever reason - beit political or otherwise. It certainly by the way is not an altruistic 'gesture'. It is a hard and fast business move....

mrs s

src007

dunstonh wrote: »

The problem with being a voice of an opposite point of view in a forum that is swamped with people looking at ways of getting their money back is that can become a target.

I think its useful to have more than one point of view on a forum and most of the information, I've seen dunstohn post is accurate.

Complaints can harm businesses, who are just trying to get by as well!

Although putting someone off from making a valid complaint can also be harmful - who knows what financial situation someone is in and how close they are to financial hardship?

Alan_T_2

mrs-stressed wrote: »

IMost of us have been genuinely 'conned' by this bank and now they have acknowledged that the road they were on has now closed - for whatever reason - beit political or otherwise. It certainly by the way is not an altruistic 'gesture'. It is a hard and fast business move....

mrs s

I actually think that this move is motiviated by customer service, and the perceptions it creates, as much as by cold hard cash and favour with the regulator.

The new CEO has looked at the situation, acknowledging that the cash would be paid at some point anyway, and has stripped away the delays and uncertainty for customers. Yes this has benefits for the bank, garners favour with regulators, puts other banks in a negative spotlight, gets the bad financial news out of the road ... but it sets out a very important message that he will do things for customers and I hope this continues.

I was really surprised by this action given his background in the oh so customer focussed Santander, but it does show that he is cleaning house at LBG.

kev1111

Same goes for me. DI has been an awesome help with all 6 of my claims.

I spoke to Lloyds directly this morning and after 18 months of waiting to hear from them and a trip to the final stage with FOS, they have now agreed to refund the PPI on my Lloyds credit card from when the card was took out until the account was closed, including a £200 compensation and 8% interest for the last 6 years.

I was overjoyed and its all down to the help and support this forum has gave me.

So awaiting the figures of exactly what I am owe'd, but hang in there guys it is coming.

And they will also refund it directly into my bank or send me a cheque.

2sides2everystory

dunstonh wrote: »

You honestly think you could earn that off an internet board?

... an internet board? Ehm hello :money:

This is moneysavingexpert.com, are you receiving ? Testing testing ... tap tap tap

What's that? Something of a phenomenum in these parts ? Employing how many now at MSE ... ? Reaching how many daily ? Hello ? tap tap

I doubt you could earn 1% of that if you tried.

You know me too well. I once owned a company and tried. Got up to 20% responses to some of my mailshots though, but in the end I failed to consistently make £25K a year for myself out of it so re-joined the salaried and pensioned commuters trekking across London Bridge morning and evening supposedly being handsomely rewarded more. A few redundancies later, still barely a quarter mill in my pensions funds to show for it - strange that or sadly quite typical for people who thought they were once doing ok?

However, I post as many comments telling people to complain or where the issues they should complain are or what to look out for

Those are the good bits we all like to see - you don't need to bang that other drum - really you don't. There's plenty of others who can do that for you

CornishWander

mrs-stressed wrote: »

I certainly did know what I was doing. I didnt know at that time though that I would ACTUALLY need that insurance. After I had fallen very ill I claimed and then was told they would not uphold my claim as I had a clear balance on the day that I claimed - never mind the three years before that having a debit balance and paying the full premium every month.

I think it is outrageous to suggest that some of the posters are - by intonation - thick, illiterate or even dare I say it stupid. Most of us have been genuinely 'conned' by this bank and now they have acknowledged that the road they were on has now closed - for whatever reason - beit political or otherwise. It certainly by the way is not an altruistic 'gesture'. It is a hard and fast business move....

mrs s

From what is said it just seems that you were caught out, thats life and at the end of the day you did call on the policy, but are you now looking to claim just because of one event or period when you did not seem to need it but would have in all other times.

I do note thatb HPI ands PPI are not the same thing. If you were in credit then you did a good job to recover. It is a case of making judgements at the time by both the seller and the buyer.

You could expand this into pensions, house purchases, life insurance and at the end of the day buyer makes the final decision and signature. Just consider the point of LHA making claims against assests to pay for care, we are all told to save for ou retirement but it seems that this is one of the worst decsions of all to make. So all I am pointing out is that nothing is perfect and yes people are going down the 'it was not my fault' erc.