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

Devils_Avocado

I'm claiming £7000+ from HSBC. The ombudsman approved my refund but HSBC appealed, so it's back to the waiting game.

I'm hopeful that Lloyds decision to pay out will weaken the case of any bank that appeals against the decision of the High Court last week.

I think they've only got 3 weeks to appeal.

Maybe they won't bother now.

kirklean

Black Horse customer service staff are saying that although holds are effectively off, no decisions are being made to past sales at present, because the Lloyds Group are working with the FOS to determine what is and isn't a fair settlement for Lloyds Banking Group customers.
This is yet a further delay to what should be a relatively simple process. How long before our claims are answered? Probably about the same as a length of a piece of string.
I think the whole communication process has been severly lacking despite receiving a letter saying that 'ANY FURTHER INFORMATION' would be communicated to all those effected without delay.

CornishWander

kev1111 wrote: »

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.

So you walked into taking so many loans and each had PPI that yoiu did not need, tell me another. In posts give clear reasons why you believe you have a right to cliam with amounts of loan, purpose and dates, then members can really see where things are going. All my comments to date stand for this exact reason.

mrs-stressed

CornishWander wrote: »

HPI ands PPI are not the same thing.

I am aware that the above are not the same. I was sold PPI when got the ccard. I vaguely (as it was a fairly long time ago) remember the guy saying 'you will need this insurance incase of ill health and are out of work and cant meet your payments'. I didnt know at that time I should ever need it. I have house insurance but I never claim on it as I dont NEED to (fingers crossed). Thats what insurance is all about isnt it. SO, when it came to me actually needing the money it wasnt forthcoming because of some obscure reason (like happening to have a nil balance on the DAY that I claimed). The day before in debt, the day clear and then the day after in debt again. Literally.

The FOS has found in my favour but Lloyds have refuted this decision - the real reason has been obscured by waffle and all the goings on in the last couple of years, Now, I do believe that 'justice' - for want of a better word - has been served. Whether or not I ACTUALLY get my money back is another thing.

So, in short, I am not chancing it at all and to be fair I have only one claim - unlike someone having 6 loans with 'missold' PPI's. I seriously think that poster was EXTREMELY fortunate in getting his/her money back in that case. Likewise for alot of other people too. If I had that amount of loans I would just combust with stress!!!!!

I am done with being all stampy foot and spitting the dummy out of the pram, but the fact that LBank have come to this point is nothing short of a banking Uturn. Therefore I shall continue with my claim without hesitation..

mrs s

mrs-stressed

src007 wrote: »

who are just trying to get by as well!

I am sorry but I dont think Lloyds is 'just trying to get by'. This isnt some little workshop business relying heavily on people paying their bills every ninety days to 'get by'.

mrs-stressed

2sides2everystory wrote: »

still barely a quarter mill in my pensions fund

I am very 'pleased' for you. I can only assume that you are 'young' and have plenty of years left in your working life. Dont moan. Just get on with it and try not to rub our noses in it by informing us of the state of your finances - you sound infinitely better off than alot of people on this forum so count yourself lucky .........

dunstonh

mrs-stressed wrote: »

I am sorry but I dont think Lloyds is 'just trying to get by'. This isnt some little workshop business relying heavily on people paying their bills every ninety days to 'get by'.

src was talking about the knock on effect to those putting it complaints to smaller firms that are more like to have done things correctly. It was put of a discussion going over multiple posts

marshallka

So the time is right then for them to do the right thing.

They will still be quids in.

If someone gave you a few million quid that you KNEW you would most probably have to pay back in a few years time with 8% statutory interest per annum and you were a top business person would you be able to make a few quid over those few years? I bet they have still made loads from selling dodgy PPI policies and are laughing all the way (to the bank!!). Even those that have had fines also have still made millions. The FSA give a rebate for making the fine payments early (early settlement rebate) and yet when we repaid our loans early we got penalised with rule 78 going back a few years. It can make you wonder if they were all in together. Splitting the profits so to speak.

CornishWander

:jI wonder if the HMRC will tax claimwnts against any payments made especially as interest at 8%. I seem to remember they did do this some time on a very similar issue but cannot exactly recall the subject and the HMRC won the right to do this. I see Barclays giving up the chase as well. Here come fees on all bank accounts as the banks will want to recover the monies. In most other countries such as Australia, RSA and the like all accounts are fee paying even when they pay no interest.

di3004

Hi

Some info in the Telegraph via Barclays.....

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8500401/Barclays-follows-Lloyds-in-dropping-PPI-legal-fight.html

Barclays follows Lloyds in dropping PPI legal fight

Barclays Bank is set to abandon the legal fight against personal protection insurance (PPI) mis-selling in a move which is likely to sound the death knell in the judicial battle that has caused controversy across the political spectrum.