MSE News: More than £215m in PPI claims already paid this year

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Former_MSE_Guy
Former_MSE_Guy Posts: 1,650 Forumite
I've been Money Tipped! Newshound! Chutzpah Haggler
edited 30 August 2011 at 4:02PM in Reclaim PPI & other insurance
This is the discussion thread for the following MSE News Story:

"Compensation paid to victims of PPI mis-selling has soared since banks admitted defeat in their bid to block payouts ..."

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  • J_i_m
    J_i_m Posts: 1,342 Forumite
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    None of it has come my way yet :( :P
    :www: Progress Report :www:
    Offer accepted: £107'000
    Deposit: £23'000
    Mortgage approved for: £84'000
    Exchanged: 2/3/16
    :T ... complete on 9/3/16 ... :T
  • DrSqueeze
    DrSqueeze Posts: 914 Forumite
    First Anniversary First Post Combo Breaker
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    J_i_m wrote: »
    None of it has come my way yet :( :P
    Hang on in there, and keep pestering them.
  • 2sides2everystory
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    Margaret Cole, interim managing director of the FSA's conduct business unit, says: "The treatment of PPI complainants has left an indelible stain on the financial industry's record.
    Evocative words. Gone are the days when you got mugged outside the bank.
  • SCOTTY58
    SCOTTY58 Posts: 19 Forumite
    edited 31 August 2011 at 11:10AM
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    Taken me since 2008,when I first started pursuing this on my own against Lloyds/TSB.No joy there so went to the FOS. Lo and behold,after numerous letters,delays and the infamous court ruling,things started looking on the up. Well Lloyds were one of the first to say the wouldn't appeal so things should be hurried along. They were going to employ extra staff to sort everything out post haste and they even had millions set aside for the likes of us mere mortals who were not asking for their money but our own money back.
    August 5 2011. Received letter from Lloyds. They wanted to make me an offer of £6811.45 (including £200 for stress etc). Yipee!! I'm getting it soon methinks. Wrong!!! Although this letter stated that they were making arrangements to send the money to my account asap,there was no mention of timescale. Soon found that out when I e mailed customer service. It's 21 days and I was assured that I would receive it within that timescale. That eventually passed so contacted customer service again to be told that it's 21 working days from date of letter (no mention of that in the letter or e-mail); and not only that it's now delayed a further week due to a backlog.
    It's ironic don't you think,that when the bank wants to tell you about you being overdrawn with them,you soon get told about it (charges to account etc) usually the next day. However,when they are late in paying back our money,they don't have to do anything about it. You just have to keep waiting.
    Still waiting now....... Think I'll be moving banks when it's sorted out. Does anyone know if there are any decent ones left???
  • Goldie30
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    I stupidly went with one of those companies to get my PPI back - paid up front LAST NOVEMBER still waiting for some money and getting in touch with them is a nightmare. I was told (by them) that the banks had until 31st August to sort out their claims and come back with a settlement. I am going to be phoning tomorrow to find out where I stand to which I am sure I will be fobbed off again!! I do get terribly cross with them when they do that too. I am slightly peturbed as well becuase the "average" claim value is less than half of each claim i have been quoted and obviously having paid a % for the large sums of money they have suggested prior and knowing that I am going to have to fight and fight to get my money back out of them as well makes this whole situation seem pointless. I think i would have rather struggled to pay off my debts, all I seem to have done so far is made them to the tune of nearly 10k worse!!!
  • Goldie30
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    Oh to Scotty58 if you want a nice bank First Direct is a good one - never had a problem or missold PPI with them and I have been with them 15 years.
  • J_i_m
    J_i_m Posts: 1,342 Forumite
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    For general customer service First Direct are rated higher than any other bank, and it's true they are very very good. But they also have mis sold PPI... I speak from personal experience.
    :www: Progress Report :www:
    Offer accepted: £107'000
    Deposit: £23'000
    Mortgage approved for: £84'000
    Exchanged: 2/3/16
    :T ... complete on 9/3/16 ... :T
  • SCOTTY58
    SCOTTY58 Posts: 19 Forumite
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    I did all the initial groundwork myself and then went direct to FOS when the bank turned me down. Couldn't see the point in paying someone else a big whack of what I might get. Glad I did it that way. Having spoken to customer services at Lloyds (pardon the pun on "customer") they say that contrary to the glossy TV adverts,these companies can not get your money back any quicker than doing it yourself;in most cases it takes even longer. All I can do is wait and enjoy it when it comes. I will keep you posted. It is just frustrating that they treat us like imbeciles. They have a lot to learn.
  • SCOTTY58
    SCOTTY58 Posts: 19 Forumite
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    Thanks for the advice. Will contact First Direct when this is all done and dusted. Lloyds will not get another penny from me. Loyalty over 34 years to this bank means nothing now.
This discussion has been closed.
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