PPI Reclaiming successes and failures

Mrbowie

Hi, I'm wondering what to do? As stated in an early post, I had a payout from Lloyd's in 2013, then in august 2015 I got a call from them redressing the claim, they said they were satisfied with their original decision, but I could challenge it because the payouts were partially upheld in part. So I challenged it in October I got a letter saying they were looking into it, I also had 6 months from Oct if I wanted to contact FOS. Someone on here said I couldn't contact FOS because Lloyd's were still looking into it. In march my 6 months will be up so not sure what to do?
I've rang Lloyd's a few times and they still say its being looked into. Every time I ring its the same spanish sounding people that answer and tell me the same thing,

amersall

Give it a couple more weeks, and if you haven't heard anything then send it to FOS.

kittycashcake

I posted a claim form to Capital One that i downloaded and posted on Monday 25th January and got a letter back last week dated 29th January to say they uphold my complaint and they will send me £219 with 15 days, so hopefully will get this week.

I am guessing they already had a marker on my account (along with 1000's of others) to auto pay out if I claim or the value was so low its not worth a claims handler spending more than an hour on it so just pay it, or they are unbelievably efficient. Either way don't care, I am £219 better off!

[Deleted User]

kittycashcake wrote: »

I am guessing they already had a marker on my account (along with 1000's of others)

There are no such "markers" on anyone's account. Where do these "conspiracy" theories originate?

Banks do tend to roll over easier where small amounts are involved. This is often a business decision, based on it being easier to simply acquiesce than risk having to pay a much larger fee to the Ombudsman.

The banks don't employ anyone to "mark" anyone's account just in case they might complain, though!

Jiffj

Currently about to go through the process of claiming back mis sold PPI with RBS for a loan of £9700 when I was 18 (2008) over 5 years. Worked out I was paying almost £50 a month extra for 60 months on something I was told MUST BE TAKEN OUT or loan would be declined due to my age.

I wanted to ask at the time of taking out the loan I was an apprentice with a weekend job (10 hours) would this also be a case for mis sold PPI? Not sure on how the cover effects apprentices.

My reasons for complaint are
*forced/pushed into taking out PPI to avoid loan refusal.
*very little information given on the policy while visiting branch to sign paper work (not told of PPI prior to loan approval before meeting)
Waiting to see if the apprentice situation is also a grounds for complaint.

kittycashcake

Actually they do. I worked for a store card company and they did a very large project to predict likely future losses to the board. Every account with historical PPI was flagged and monitored, calculated and trended. It's somewhat naive to think these profit oriented organisations wouldn't do something to help manage their profit by attempting to manage their losses. That's where this information comes from, from one of these companies and having worked there and seeing these markers on people's accounts. Sorry if your disappointed.

Nasqueron

kittycashcake wrote: »

Actually they do. I worked for a store card company and they did a very large project to predict likely future losses to the board. Every account with historical PPI was flagged and monitored, calculated and trended. It's somewhat naive to think these profit oriented organisations wouldn't do something to help manage their profit by attempting to manage their losses. That's where this information comes from, from one of these companies and having worked there and seeing these markers on people's accounts. Sorry if your disappointed.

The FOS has a fee of £550 (did hear it was raised to £950) that the company has to pay regardless of merit of complaint when a complaint is referred to the FOS unless they agree to resolve by paying out without the ombudsman looking at it (in some cases).

It is thus logical for any complaint under £550 to result in an auto-pay whether you want to call it a "marker" or just financial sense, I have seen mention on the forum of auto-pay limits being £1000 or even £2000 as it's cheaper than investigating and fighting it especially as the customer will almost certainly send the case to the FOS regardless (as an example, on one of the more recent case studies published by the FOS a man claimed he was forced to take out PPI and rejected by the bank, he referred to the FOS and the bank produced documents showing he had ticked the box and signed to say he wanted PPI in 2 separate places on the application).

Nasqueron

Jiffj wrote: »

Currently about to go through the process of claiming back mis sold PPI with RBS for a loan of £9700 when I was 18 (2008) over 5 years. Worked out I was paying almost £50 a month extra for 60 months on something I was told MUST BE TAKEN OUT or loan would be declined due to my age.

I wanted to ask at the time of taking out the loan I was an apprentice with a weekend job (10 hours) would this also be a case for mis sold PPI? Not sure on how the cover effects apprentices.

My reasons for complaint are
*forced/pushed into taking out PPI to avoid loan refusal.
*very little information given on the policy while visiting branch to sign paper work (not told of PPI prior to loan approval before meeting)
Waiting to see if the apprentice situation is also a grounds for complaint.

1) This is either a business decision by the bank - no insurance = no loan which is perfectly valid, they're not a charity and can impose conditions if they want or no loan OR it was a miss-sale but you can't prove that event happened
2) See 1)

The working thing will depend on whether the PPI covers apprentices - working less than 15 hours a week would be a miss-sale as PPI normally doesn't cover part-time work under that hour limit and thus would not pay out but if that was on top of your apprenticeship (assuming it was paid and involved full time work) and the PPI covered apprentices then it wouldn't be a miss-sale

magpiecottage

Mrbowie wrote: »

Hi, I'm wondering what to do? As stated in an early post, I had a payout from Lloyd's in 2013, then in august 2015 I got a call from them redressing the claim, they said they were satisfied with their original decision, but I could challenge it because the payouts were partially upheld in part. So I challenged it in October I got a letter saying they were looking into it, I also had 6 months from Oct if I wanted to contact FOS. Someone on here said I couldn't contact FOS because Lloyd's were still looking into it. In march my 6 months will be up so not sure what to do?
I've rang Lloyd's a few times and they still say its being looked into. Every time I ring its the same spanish sounding people that answer and tell me the same thing,

Contact FOS now - 0800 023 4567. The call is free.

Explain the situation, giving your details and account details and ask for their view on what you should do.

This should stop the clock for the purposes of the six month limit.

[Deleted User]

kittycashcake wrote: »

I worked for a store card company and they did a very large project to predict likely future losses to the board. Every account with historical PPI was flagged and monitored, calculated and trended.

Of course, that's one isolated anecdotal example which I'm certain involved a lot less customers than any of the big banks would have to contend with. I doubt it would be very cost effective either; given that it's far simpler and cheaper to just have a floor limit, below which redress is awarded without any actual investigation of the complaint.

So, I'm not "disappointed" at all