MSE News: Anger at Lloyds PPI compensation delays

di3004

rosencrantz wrote: »

Can anyone at MSE bring some clarity to this? Where do we stand? Can Lloyds delay repayments indefinitely and what happens if Lloyds TSB goes bust? Are we still covered by the government on this? Be great to get someone at Lloyds TSB on the record about this - I will donate my filmmaking skills for free if you can set up an interview...

Hi there

Banks are covered by the Financial Compensation Scheme (FSCS).

Disgustified

di3004 wrote: »

Hi there

Banks are covered by the Financial Compensation Scheme (FSCS).

I would be careful with this one, the investor is covered by the FSCS, an amount owed in compensation is not technically an investment with the bank. Also the FSCS has limits to what cover is provided (quite large ones but it does not cover all amounts).

Plus Lloyds are in for some £3.3Bn of PPI compensation, I think a payout of this magnitude would cripple the FSCS.

But not wanting to induce any undue fears I will also say that it is highly unlikely that Lloyds will be allowed to fail. In fact based on what I have seen and heard, failing is the only thing Lloyds aren't allowed to do, they get away with whatever else they like.

rlc70

I have had problems with RBS/Natwest. Followed instructions from this website to close down PPI and to make a claim - thanks for that. They replied to say they'd closed PPI down and I got an offer and accepted it. They paid out. Fine. You might think. But a year later when I got my annual loan statement with a breakdown, it stated that they were still taking PPI charges from me! I was fuming as I had it in writing that it had been cancelled. After a lot of 'phone calls and promises to cancel it and reimburse me for the charges they had been making, I then got a letter to say that they couldn't do anything due to the appeal they had at the courts for PPI. They said I was eligible to go to the Ombudsman with my case, even though I'd already (I THOUGHT) been paid out and they had said they'd cancelled PPI but just had not. Well, it seems their little trick was to pay out on an old loan that had closed down 5 years before and they couldn't cancel the PPI as there was no longer any PPI charges on it, of course. Watch out for this. So the case had to be taken on for the actual live loan I had. A year after waiting to hear, the Ombudsman finally got in touch with me on 10 August to say that RBS / Natwest had agreed to pay out (by the way, I had to cancel the PPI myself by going into the branch and getting a bit wound up and stating that the case was with the Ombudsman as nobody wanted to cancel it for me - watch out for that too, at Natwest they all claim that someone else has to cancel it for you and pass you from pillar to post). So, long story etc, but the Ombudsman said that Natwest say it takes up to 8 weeks to calculate and propose the settlement. I'm still waiting. I got a letter to say it could take another 4 weeks. I still don't know what the offer is. And yet the Ombudsman is asking me for feedback - how can I feed back when I have not heard what the offer is and I have not received settlement? It's very annoying...

Super_Slimmer

77 days waiting for me! I called the Halifax last night and I was assured that I 'hadnt been forgotten' but there is a big back log and that my payment being processed hasnt moved on from when I called two weeks ago.
I have decieded to call every 2 weeks now and I'm oing to demand that they put it on my records - crazy behaviour.

ccb

23 weeks since I sent my complaint in, 10 weeks since the letter stating my claim had been upheld, 8 weeks since the 'confirmed' date they received my letter accepting the redress.

Like many others here, I'm still waiting to receive any calculations, let alone getting a payment out of them! :mad::mad:



In comparison, when I made a complaint to Egg last year, I received my money back within a month of sending the letter to them.

daztrueblue

A few people have stated that lloyds are supposedly sending out letters for this week stating that we will get 4 weeks extra interest for waiting past the date that the amount was worked out until (October 13th), has anyone received this letter yet with details of what they actually said? And whether we have a date for payment!!!

Nikkib79

I submitted my claim to Lloyds in October 2010, I received a letter dated 9th August 2011 offering me 6.8k, I was advised it would take approx 21 working days, many phone calls later all of which I might add were taken by very unhelpful members of the specifically employed Lloyds PPI team and I was no further forward :mad: until yesterday......................................................

Lloyds advised me yesterday they were sending me a new offer out in the post which will include extra interest as they have ran over the time period in which my original offer had been calculated to and once I receive the letter my cheque should be issued within the next few days, do I believe them? Not really but I'll wait and see and they might just suprise me

eddieps

Well it sounds like I am in same boat as everyone else.
Got a letter from RBS on 14th Spetember stating they are making an offer of £6,805 as a 'Goodwill gesture'???
I accepted the offer and was expecting cheque for just over £2k as I had around £4.5k still on the card....Two weeks later another payment taken from card, then letter on 17th October stating due to high volume they are experiencing delays of up to 4 weeks...so cancelled DD for card and 8 weeks down the line still no payment bu now plenty of letters stating I am in arrears with the card and penalties will be levied?

Oh and the freephone number is waste of time, have been calling it for almost 4 days, it rings for between 10 and 15 mins then cuts off, how the hell can they just treat people with such contempt

Ellieb

ccb wrote: »

23 weeks since I sent my complaint in, 10 weeks since the letter stating my claim had been upheld, 8 weeks since the 'confirmed' date they received my letter accepting the redress.

Like many others here, I'm still waiting to receive any calculations, let alone getting a payment out of them! :mad::mad:



In comparison, when I made a complaint to Egg last year, I received my money back within a month of sending the letter to them.

I submitted my claim on 10th June to Halifax - got a letter saying that they were refunding my premiums (that they have been taking from me for 16 and a half years!) on 3rd September, faxed the acceptance on 5th and posted hard copy same day. Depsite repeated calls and faxes, keep getting the standard reply "we can't give you a timescale as we have a backlog".
Got so fed up last week I sent an email to the CEO of Lloyds - got a letter back from an "experienced complaint handler" stating that they could not give me any more information - I called and she told me that the letters saying that I was getting a refund should not have been sent without giving actual figures - basically they were sending them out so they could hit the 16 week timescales! Have been calling weekly and am now really fed up - all I (and every other person in this situation) want is what is ours!

bigwelsh

daztrueblue wrote: »

A few people have stated that lloyds are supposedly sending out letters for this week stating that we will get 4 weeks extra interest for waiting past the date that the amount was worked out until (October 13th), has anyone received this letter yet with details of what they actually said? And whether we have a date for payment!!!

Hi..... received my letter yesterday and my calculated interest went from 11,062.00 to 11,131.00. and still they haven't put a date on when getting the cheque!!!!