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MSE News: Banks throw in the towel on PPI

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MSE News: Banks throw in the towel on PPI

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
25 replies 3.7K views
MSE_GuyMSE_Guy MSE Staff
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
This is the discussion thread for the following MSE News Story:

"The banking trade body has admitted defeat in the PPI judicial review which could mean a £9bn boost to consumers ..."

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Replies

  • BookemBookem Forumite
    16 posts
    Fantastic news. Does anyone have any advice on the next step ?

    I had already complained to HFC Bank who put my complaint on hold until the outcome of the judicial review. I have also lodged my complaint with the Ombudsman.

    Should I hold fire and let the Ombudsman deal with it, or should I speak to HFC directly and see if they make me an offer ?
  • biondanibiondani Forumite
    144 posts
    Ninth Anniversary Combo Breaker
    BBA have announced it on their website too: (unable to post links so cut n paste below)

    "In the interest of providing certainty for their customers, the banks and the BBA have decided that they do not intend to appeal.
    "We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities."

    Ian
  • brewerdavebrewerdave Forumite
    6.2K posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    But it won't be a £9 billion boost to consumers - it won't come out of some mythical pot of money in the bank vaults - the banks will be under serious pressure from shareholders to restore balance sheets- just means mortgage/loan rates will go up and savings rates stay lower than they would otherwise be; I haven't got any PPI claims so I will lose out!!!
  • yetty123yetty123 Forumite
    72 posts
    Hi

    I am in the same position as the person below, who should I contact the bank or the ombudsman.

    Thanks :)

    Yetty
    Bookem wrote: »
    Fantastic news. Does anyone have any advice on the next step ?

    I had already complained to HFC Bank who put my complaint on hold until the outcome of the judicial review. I have also lodged my complaint with the Ombudsman.

    Should I hold fire and let the Ombudsman deal with it, or should I speak to HFC directly and see if they make me an offer ?
  • di3004di3004 Forumite
    42.6K posts
    Great news folks.

    If you already have ongoing complaints with the banks and have not gone to the FOS, you do not have to do anything.

    Others if mis sold, get your complaints in anyway as it may be some time before you hear (or they come to you otherwise).

    If your complaints are in with the FOS, they will continue the normal procedures.

    http://www.bbc.co.uk/news/business-13330858

    Banking industry gives up on PPI mis-selling battle.

    The banking industry has abandoned a legal fight over the mis-selling of payment protection insurance (PPI).


    More on the above link.
    The one and only "Dizzy Di" :D
  • gowthamgkgowthamgk Forumite
    2 posts
    brewerdave wrote: »
    But it won't be a £9 billion boost to consumers - it won't come out of some mythical pot of money in the bank vaults - the banks will be under serious pressure from shareholders to restore balance sheets- just means mortgage/loan rates will go up and savings rates stay lower than they would otherwise be; I haven't got any PPI claims so I will lose out!!!

    Sorry to hear your situation. I have some savings too, but I also need to make a PPI claim. If my PPI claim is succesful I'll get more than an interest of 1 year on my savings. I'm sure Banks will be under strain, but there is no way they would have given better interest rates on your savings in the near future even this PPI thing had not floated. This will only make things better in future and loans will be given on strict basis maintaining the financial stabily in the banking sector.
  • MrLeeLeeMrLeeLee Forumite
    163 posts
    Excellent news!!!

    Makes up for the banks getting off the hook with excessive bank charges!
  • ALIBOBSYALIBOBSY Forumite
    4.5K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭✭
    I wonder if this will have any bearing on ppi claims where the bank/finacial company were NOT covered by the fsa. Many got to the complaints stage but had no where left to go other than court. given this new ruling these cases should have more clout as this is a high court ruling.

    ali x
    "Overthinking every little thing
    Acknowledge the bell you cant unring"

    Make up to £10 a day-November £610.22/£750

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  • Iain1983Iain1983 Forumite
    76 posts
    Great news, well, for us. I hope Barclays will pull their finger out now!
  • smuggs2009smuggs2009 Forumite
    33 posts
    I'm with welcome finance (i know for my sins) I can see Barclays and RBS etc have thrown in the towel, but does anyone know who underwrites their loans, i underwrites is the correct word?

    Does anyone know how long this would take for them to pay out as well, just in general?
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