Lloyds PPI (C&G Mortgage)

Bill_Bixby

Last year I completed and submitted a claim form to C&G for my PPI. The form is pretty self explanatory and easy to complete. Most banks have it on their site or a link to it. Absolutely no need for another party to get involved.

I received a phone call from them a few weeks later and they went through it and a number of other related questions. Eventually I received the knock back letter saying that they believe I required PPI for my situation and rejected my claim

I then promptly forgot all about it until 2 weeks ago.

Got home on Thursday and found a letter from Lloyds that contained a cheque for just over £5k! All the text content said was that it referred to their letter dated in March.

We searched everywhere and could find no trace of the letter. As the cheque was correctly filled out I figure we'll pay it in and deal with the consequences.

Three days later the letter arrives saying that they have reviewed my case and decided to pay out + interest - tax! Happy days.

I'm wondering if the Gov't have set a target amount for banks to repay and because they aren't meeting it they are reviewing submissions in an effort to hit the target?

dunstonh

I'm wondering if the Gov't have set a target amount for banks to repay and because they aren't meeting it they are reviewing submissions in an effort to hit the target?

The Govt have not got involved with PPI. However, the FCA have told a number of banks to look back at a range of complaints due to failings in the complaint process. That said, there have been suggestions for many years that the big firms do often look at the complaints stats and try to be in the average range.

Insider101

Bill_Bixby wrote: »

I'm wondering if the Gov't have set a target amount for banks to repay and because they aren't meeting it they are reviewing submissions in an effort to hit the target?

Way wide of the mark. The government do not get involved in matters such as this and each case is treated on its own merits. Nobody would set anyone any target amount to repay as it might turn out that not that many people have been missold the product. However, LLoyds are one provider who are proactively reviewing rejected complaints at the moment following dialogue with the FCA regarding their assessment criteria. There have been several stories of this nature over the last week. Are you really bothered anyway, get out there and enjoy the £5k. :beer: