MSE News: Legal challenge to PPI deadline launched

dunstonh

Mchambers wrote: »

I agree as long as you agree banks were also committing fraud by deliberately mis-selling PPI.

no-one comes out of the PPI issue smelling of roses. Banks did mis-sell to a relatively high level. The regulator allowed it for over 20 years without any hint of there being any concern. Consumers are trying it on with around half not even having PPI and we are seeing consumers putting in try-it-on complaints to get compensation despite not being mis-sold (insurance section of the board had a poster the other day asking where they should buy their MPPI and CIC from now that the bank have refunded them - they wanted the cover but still went for compo).

Mchambers

dunstonh wrote: »

Consumers are trying it on with around half not even having PPI and we are seeing consumers putting in try-it-on complaints to get compensation despite not being mis-sold (insurance section of the board had a poster the other day asking where they should buy their MPPI and CIC from now that the bank have refunded them - they wanted the cover but still went for compo).

That is a consequence of the bank's incompetence. If they had not mis-sold, they would not be in this position. They deserve no sympathy.

The bank's should start to give automatic upholds for ALL mis-sold PPI; rather than waiting for a customer to complain before giving an uphold. A complaint is not needed. If PPI was mis-sold, the bank needs to be pro-active to give upholds for ALL customers,

I hope the FOS (or whatever they are called now) insist on this before they stop PPI complaints.

Nasqueron

Mchambers wrote: »

I agree as long as you agree banks were also committing fraud by deliberately mis-selling PPI.

Banks have already been found guilty and are paying massive amounts of redress to people regardless of merit of complaint in many cases (thanks to the auto-pay limits) which harms those of us savvy enough to refuse any form of nonsense insurance through lower share prices (affecting pensions), less free stuff from the bank etc.

The public can sit there and write to a bank alleging 101 things about how they were forced to take PPI, how it was unfair etc when they didn't even have it and are not even made to pay for the wasted time of bank employees looking up records, let alone taken to court for lying.

dunstonh

The bank's should start to give automatic upholds for ALL mis-sold PPI

How would they know if it was missold or not?

I hope the FOS (or whatever they are called now) insist on this before they stop PPI complaints.

The FOS is not a regulator and they are still called the FOS.

Mchambers

dunstonh wrote: »

How would they know if it was missold or not?

Simple answer....For Barclays, they will give automatic upholds for any core B/card PPI sold before 2005 and M/Stanley PPI sold before 2008,

dunstonh wrote: »

The FOS is not a regulator and they are still called the FOS.

Fine !

dunstonh

Simple answer....For Barclays, they will give automatic upholds for any core B/card PPI sold before 2005 and M/Stanley PPI sold before 2008,

Lots of banks and firms have a floor limit they auto payout on. That is just commercial reality. But you cannot pick and choose who you apply it to.

Are you suggesting that all PPI polices should be voided and refunded? So, what about all the valid polices out there that are not mis-sold?

Mchambers

dunstonh wrote: »

Lots of banks and firms have a floor limit they auto payout on. That is just commercial reality. But you cannot pick and choose who you apply it to.

Very simple....get the banks to give automatic upholds to ALL customers that they know that they have mis-sold PPI.

For Barclays. they have a no decision;ing threshold for less than £200-00. Anything above £200 will require a decision but for any core B/card PPI sold before 2005 and any M/Stanley PPI sold before 2005, ALL customers will get an an uphold decision.

dunstonh wrote: »

Are you suggesting that all PPI polices should be voided and refunded? So, what about all the valid polices out there that are not mis-sold?

Simple...no refund needed if the policy was not mis-sold.

dunstonh

Very simple....get the banks to give automatic upholds to ALL customers that they know that they have mis-sold PPI.

It is not simple. How would they know?

Simple...no refund needed if the policy was not mis-sold.

But they need information from the consumer to decide that.

Ganga

What about the people who have claimed that they had a product that was "mis-sold" but have claimed on it when required!
Also the people who have a fantastic memory " i remember that i was told i could not have the credit card/loan etc unless i took ppi " but cannot remember which product they had.

Insider101

Brilliant. Turkeys in legal challenge to Christmas.