MSE News: PPI payouts plunge Lloyds deep into the red

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"The giant has become the latest bank to announce a hit to its financial performance due to compensation for mis-sold PPI ..."

Read the full story:
PPI payouts plunge Lloyds deep into the red

tifosi

Well,

it stuns me they have the nerve to claim this at the moment

All the evidence on the "PPI success" forum seems to suggest Lloyds group are one of the worst when it comes to paying out (so far, at least) with very few having been paid amongst the MSE community

Complete contrast to Santander (A+L and Abbey loans) that seem to be getting most cases paid out within 1-3 weeks of first complaint

This issue needs to be highlighted - if one bank can do it, why can they not all be expected to give the same service rather than the current farce sanctioned by FOS/FSA of 16 weeks extended timeline to investigate, then a FURTHER "up to 8 weeks" just to calculate and pay the money - surpised Martin hasnt made more of a deal of these timelines!

tifo

taxpayer owned RBS won't pay my PPI claim, having rejected it from 2007-2010, even at the FOS, and then offering a full refund in 2010 but saying there's nothing to refund for the past 6 years, and now say they are not obliged to open old cases after the JR, even though they know mine's been ongoing since 2007 and there are premiums to refund going back 6 years from the date of my first letter. I've not opened a new complaint.

amersall

tifosi wrote: »

Well,

it stuns me they have the nerve to claim this at the moment

All the evidence on the "PPI success" forum seems to suggest Lloyds group are one of the worst when it comes to paying out (so far, at least) with very few having been paid amongst the MSE community

Complete contrast to Santander (A+L and Abbey loans) that seem to be getting most cases paid out within 1-3 weeks of first complaint

This issue needs to be highlighted - if one bank can do it, why can they not all be expected to give the same service rather than the current farce sanctioned by FOS/FSA of 16 weeks extended timeline to investigate, then a FURTHER "up to 8 weeks" just to calculate and pay the money - surpised Martin hasnt made more of a deal of these timelines!

Regarding Santander,they did not go ahead with the court case,that is why they are quicker with pay outs.
From last october,Santander have been dealing with claims and paying out as they dont have a backlog of claims from the onset of the JR,so it was business as usual for them

tifosi

amersall wrote: »

Regarding Santander,they did not go ahead with the court case,that is why they are quicker with pay outs.
From last october,Santander have been dealing with claims and paying out as they dont have a backlog of claims from the onset of the JR,so it was business as usual for them

Well,

Santander did take part in the court case all the way along, they just backed out as soon as the court ruling went against the banks

The difference is that unlike the rest of the big 5, Santander stated from the beginning that even though they were taking part in the BBA case, they would still process claims - exactly as they all should have

So Santander do the right thing, and then LTSB/RBS/Barclays/HSBC defy the FSA/FOS by placing cases on hold and get rewarded by FOS/FSA with a 16 week extended timeline to get their houses in order -Very fair, I'm sure

They should have been made to keep to the 8 weeks and fined for every 1,000 cases over the time limit (and a substantial fine that made it uneconomical for them to ignore the increased workload)

Insult is added to injury by the fact the cases are quite clearly NOT being worked through in time order - you can have someone that started a claim in April being paid out prior to someone that started their claim early last year - for this, there is NO excuse its just sheer disregard, or incompetence at the very best (worst?)

Disgrace, pure and simple for which the banks being funded by us ought to be given clear and serious penalty

Alpine_Star

tifosi wrote: »

Well,

Santander did take part in the court case all the way along, they just backed out as soon as the court ruling went against the banks

The difference is that unlike the rest of the big 5, Santander stated from the beginning that even though they were taking part in the BBA case, they would still process claims - exactly as they all should have

With respect this is nonsense.

Santander were never part of the case, as the BBA made clear in it's PPI Judicial Review Q&As last October:

Q. Are any banks not taking part ?

A. Yes. Independent sellers and brokers not part of the BBA are still processing complaints. Also, Santander Group is not taking part either which includes Alliance & Leicester and Abbey National brands


Notwithstanding MSE reported it:

A Santander spokesman says: "We are not involved in the legal action being pursued by a number of UK banks with regards to PPI.''

http://www.moneysavingexpert.com/news/reclaim/2010/10/santander-takes-consumer-side-in-ppi-battle