Lenders to repay £149m after paperwork blunders discovered

dunstonh

maggy50 wrote: »

Will look forward to an end if you are so sure ?

The FCA and providers have agreed a process to allow them to activate the 3 year time bar. This is why all these CCLs are being sent out. That activates the time bar clock.

[Deleted User]

maggy50 wrote: »

Will look forward to an end if you are so sure ?

Financial institutions are ensuring an end in the near future by sending out CCL letters to people who had PPI to ensure a time bar can be put in place against future complaints.
The peak re-claiming period has already been and gone...

mummybear35

I know this Consumers getting lucky on a loophole I generally don't attract such luck always miss out, still will be interesting to see how quick lenders rectify. Surely not as quick as they order consumers to rectify I think! I too will be glad to see an end to these errors am keen to see a particular bank perform having foolishly invested a tidy sum in their shares, when each bad news story for banks end another is lurking round the corner, it seems.

ALIBOBSY

maggy50 wrote: »

I do hope so :j

The banks will argue once its 6 years after the test case that people should and would have been aware of charges issues (it was well reported) so those kinds of charges still claimable will end in 2015, I suspect they will argue that 6 years after the judicial review regarding PPI (again widely reported) that the PPI claims will be out of date in 2016.

The banks have tried to ask the ombudsman for a specific cut off date, but so far they have resisted a specific across the board cut off, but I think the banks will be pushing for things to end. TBH most of the people who are going to claim, likely already have anyway.

This is in an effect a "loophole", but it is the banks serious error and given how ALL the banks and in fact all big companies are the first to take advantage of any loopholes or "grey areas" to reduce what tax they pay, or maximise any profits even if immoral, I think whats good for the goose is good for the gander.

I know some people moan about the banks having to repay PPI, but the reality is the banks took advantage and made billions off the PPI AND the extra cash it provided them to invest and make further profit. The repayments they have made are dwarfed by the huge profits they made for many years, this is just more of the banks miss behaving and is a relatively small amount to repay in the grand scheme of things.

Ali x

ALIBOBSY

dunstonh wrote: »

The FCA and providers have agreed a process to allow them to activate the 3 year time bar. This is why all these CCLs are being sent out. That activates the time bar clock.

I knew the banks had asked for this, but wasn't sure it had been agreed?

I wonder if they will push the 6 years after the judicial review or the 3years from the letters. Either way its looking like 2016/2017 for it all to be finished.

Ali x

[Deleted User]

ALIBOBSY wrote: »

I knew the banks had asked for this, but wasn't sure it had been agreed?

It was agreed when the letters started going out last year.

dunstonh

July 2012 was the FSA final document on it.
http://www.fsa.gov.uk/static/pubs/guidance/fg12-17.pdf

CCLs have been going out for over a year now. The wording seems to be fairly consistent across the board and leaves little doubt to the person reading it that they should complain if they feel they have reason to. It even goes as far to give examples.

ALIBOBSY

So either way it seems 2016/2017 will bring things to a close.


Ali x

tp_wigwam

Fermi posted a link (2nd comment in this threat ) to the press release from the OFT in which i saw the following statement: Since October 2008, under Section 77A of the consumer credit act 1974 , lenders have been obliged to send periodic statements to customers. These must contain specific information and wording. A creditor failing to provide the periodic statement as required is not entitled to enforce the agreement, and the debtor is not liable to pay interest or default sums, during the period of the creditor's non-compliance.

Many years ago (approx. 10) I had an egg credit card which I ran into difficulty paying back. I contacted them and moved the outstanding amount into a personal loan with fixed payments over a period of time (8 years!).
My loan was managed via my egg account online system and the loan details also stored there. Monthly payments were agreed. Any I had any paperwork I had I must have lost.

However, my egg loan was sold off to Moorgate finance approx. 4 years ago, and this lost any traceability for me of the amount still to be paid off and the end term date. Moorgate failed to provide me with any financial statements from the date they took it over I contacted Moorgate about 4/5 months before the end of the loan (which finished in Jan 2014) and they finally started sending monthly statements.

Were Moorgate therefore in breach of Section 77A of the consumer credit act 1974 (CCA), by not sending me regular statements? Moorgate did no offer me any online facility to query my payment plan or outstanding loan amount.

Thanks in advance for any advice / info offered.

maestromad

I have recently had a cheque for just under £1000 from Natwest for a vehicle lease I have with them. This particular account has never been in arrears but as they failed to send my yearly statement they've had to pay me back all the interest I was charged.
I'm just hoping for letters from my credit card/loan companys now who i have been in arrears with lol!
Good luck to everyone