MSE News: Claim PPI now as banks call for deadline

Consumerist

Oh how those cheating, lying banks squirm when being made to face their responsibilities. You always know when they are up to no good when they hide behind the BBA to do their lying and bleating for them.

If bank customers try to run away from their resposibilities, the bank will hound them, or arrange for them to be hounded, without mercy and, metaphorically speaking, without end so I don't see why the banks shouldn't receive a salutary dose of their own medicine.

They should be made to see this scandal, of their own making, through to the end. Time limits are already in force so that should be that.

magpiecottage

angeleyes99 wrote: »

I worked for the NHS, he worked offshore, both jobs carried adequate sickness /redundancy cover.

What do you mean by "adequate"? The NHS pays six months' full pay then six months' half pay so PPI could be suitable for that.

And the NHS does not provide redundancy insurance to its staff. There are certain redundancy benefits but they are not guaranteed.


As far as a time limit is concerned, I do think it is reasonable that a line is drawn in the sand - provided consumers are made aware of that limit.

It is certainly no less immoral than those who try to claim they have been missold PPI when they know full well that they have not and force the matter to go to FOS.

VT82

JustAnOpinion wrote: »

But personally and most imporatanly in my opinon, banks are having to put vast amounts of money aside to deal with these claims that may or my not come to fruition (Some of these banks, as tax payers we have an interest in them being profitable) A deadline would mean that the whole PPI scandal would finally come to an end banks would be in a financially more stable enviroment with less liabilities. This would then allow more capitol to be aviable for lending, and a greater chance of improved interest rates for savers.

I was going to add this to mine but couldn't think how to word it. Like them or not, the country having strong, stable banks helps the economy.

There is so much money being wasted by banks having people sift through PPI claims, having to go through them in great detail, even though a good 50% of them are completely fabricated.

If a line was drawn in the sand, they could get around to putting their resources to more productive use.

Before you ask, no I don't work for a bank. I work for a building society, which has set aside one million pounds plus we can't afford, to administer the influx of PPI complaints, even though we didn't mis-sell PPI and the % success rate of complaints against us is in the single figures.

And yes, I fully expect the bank-haters to pile in, saying how the banks deserve to feel the pain and so on, completely missing the point, and cutting off their nose to spite their face.

foundationsmcr

The most relevant quote out of all of the rhetoric above -

2sides2everystory wrote: »

Never mind a deadline, what happened to the announcements that the banks were going to be tasked to write to all PPI customers so that customers didn't need to write to them? That got quietly forgotten - no less than twice in the last three years I reckon.

People who claim that punters deserve what they got/are looking for a quick buck etc etc, need to consider the copious amounts of legislation and rules goverining sales such as this; Distance Selling Regs, Consumer Credit Act, COnsumer Protection From Unfair Trading, Supply of Goods & Services, Misrepresentations Act, Unfair Terms in Consumer Contracts Regs, Unfair Terms Act to name a few.

Who honestly believes that the average punter (who is applying for a loan, large numbers of which would have been in financial difficulty) are clued up on their rights and what dilligence the Banks were required to carry out at the time under the above Regs and Acts?! It's not about whether or not they were "mugs" for buying the product, it's about the integrity of the people selling the product. If everyone who is claiming back were at some point made unemployed, you can bet there would be a very different attitude towards reclaiming, as we'd have some firm figures on the number of people rejected when they attempted to USE the product as it was intended.

The bad feeling is only being generated by those who are savvy enough not to need claims management firms.

I say let it roll on until the Banks have written to EVERY client they EVER sold PPI to, giving them full account details and giving them the right to complain. If they can demonstrate this to an outside regulator, THEN give the punters 12 months to START a complaint. After that, it just becomes a workflow issue.

angeleyes99

magpiecottage wrote: »

What do you mean by "adequate"? The NHS pays six months' full pay then six months' half pay so PPI could be suitable for that.

And the NHS does not provide redundancy insurance to its staff. There are certain redundancy benefits but they are not guaranteed.


As far as a time limit is concerned, I do think it is reasonable that a line is drawn in the sand - provided consumers are made aware of that limit.

It is certainly no less immoral than those who try to claim they have been missold PPI when they know full well that they have not and force the matter to go to FOS.

Magpie Cottage

I don't really have to explain or justify comments I have made on here to anyone, especially since my 'adequate cover' or lack of it is not the subject matter under discussion, but since you are being pedantic I will explain.

We're talking 22 years ago - yes I had 6 months full pay and six months half pay with the NHS, my husband worked offshore and had 12 months full pay and redundancy cover. Should I be unlucky enough to fall sick for more than six months, his salary was more than adequate to cover our loan payments. And should he be made redundant, those were the days of very generous redundancy packages which would have enabled us to pay the loan off. Ok?

Now....back to the relevant subject....

[Deleted User]

angeleyes99 wrote: »

I don't really have to explain or justify comments I have made on here to anyone

You do if you want a discussion rather than just your own monologue. Do remember this is primarily a forum for exactly that -discussion.

Keep it civil please.

Lisaray

I am so so happy today. I got nearly £2000 cheque today from PPI claim. No one has ever given me £5.00 so I am very happy to get the money

angeleyes99

Moneyineptitude wrote: »

You do if you want a discussion rather than just your own monologue. Do remember this is primarily a forum for exactly that -discussion.

Keep it civil please.

Moneyineptitude

The discussion on this thread is the proposed deadline on PPI Claims. My post was my opinion on the proposed deadline and I am more than happy to discuss that.

My response was perfectly civil, given that, in the paragraph lifted, I was merely explaining why I find myself here. I neither asked for or needed an opinion on whether I had adequate cover or not.:)

[Deleted User]

angeleyes99 wrote: »

I neither asked for or needed an opinion on whether I had adequate cover or not.:)

So simply don't respond to questions you haven't solicited. Thread stays on topic as a result:p

angeleyes99

Moneyineptitude wrote: »

So simply don't respond to questions you haven't solicited. Thread stays on topic as a result:p

Yes SIR!!:D