MSE News: PPI compensation rockets

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
6 replies 2.9K views
2.4K Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
This is the discussion thread for the following MSE News Story:

"There was a whopping £239 million paid by banks and other financial firms in August to customers who were mis-sold ..."
Read the full story:

PPI compensation rockets



  • Good to know that people are claiming their own money back, and that he FSA has drawn up new guidelines, but the real scandal is the delays, lack of information, and the time it's taking to get your money AFTER the 12 week settlement period. I've had two claims "settled" one with the Co-op, and one with the Halifax,the two total about £5,500, they've both exceeded their time scales for repayment, they both cannot give me any idea when I might receive payment, and they both operate 0845 numbers to their ppi departments, so they're making more money out of me, while I'm being told nothing. The FSA should do something now, as looking around the forum, most of the banks seem to be doing the same thing. How could payment not be included in settlement? At this rate, it could be this time next year, and I still might not have my money.

    This is my first post, sorry it's a bit of a rant, but seriously, who can you turn to? The FSA can't help, the ombudsman say that it'll be at least a year before any complaint is even looked at, and the media seem to have lost interest. In the meantime, I'm going broke, because I can't get my own money.
  • BASIBASI Forumite
    7 Posts
    I appreciate the rant frugal58, I share the frustration.
    After waiting 16 weeks First Direct turned my claim down.
    Sent off all the correspondence to FSA in September and have yet to get an acknowledgement/receipt - who knows where it is now - probably gathering dust in someone's intray I guess....
  • I put in a claim against Lloyds TSB back in June 2011, 4 loans and 2 credit cards and I'm only 26!! Their extreamly free and easy to comply with the lending process but when it comes to claiming back...??? I received a letter to say they would compensate £3717, 6 weeks ago today but have still received no payment. I've called to be told that interest will be added but will be investigated under a seperate claim, the guy on the phone was litrally...'Don't hold your breath'. Apology after apology we're soooo busy...Tell you what, why not help out some of the young unemployed I work with daily, give them a job helping sort the problems, get everyone their payments on time and help society and the unemployed out while your at it!! Win Win!!
  • edited 6 November 2011 at 2:46PM
    likwaidlikwaid Forumite
    1 Post
    edited 6 November 2011 at 2:46PM
    I sent in a claim with Halifax in June, got a letter dated 28th August stating that my claim had been with held. I signed a slip accepting their offer though I wasnt given any figures. I was told I would get a calculation and cheque thereafter. I called them end of October after not hearing from them for nearly 2 months and was told that my case was with the dept that calculates refunds and I could not speak to them and he could not tell me how long the process would take. He said thay had met their deadline to make an offer within the 8 weeks and they have no time frame in which to send me the details of how much they will repay and when. I still do not know how much I am getting, let alone when. I think this is ridiculous and there should be some recourse.
  • Hi,
    I received an offer letter (:j) dated the 24th of august after i submitted a form in the previous month, its now the 8th of november and i am still yet to hear anything from the bank, ive sent them a second letter asking for an update then followed up with a phone call but i just got told it will be processed. Its coming up to 3 months since the offer letter and im starting to wonder if/how i can speed things up.

    Does anyone know how long the average complaint takes to complete after an offer letter has been received?

  • Hello

    I feel everybodies pain, I sent in my claim to Barclays in May and in September received a response, I was aware of the timescales at this point and patiently waited the first period. Upon receiving my redress figure I also received a new loan agreement (3 or 4 payments left on my loan) to amend the agreement so it no longer included PPI, the payment was £40.00 higher than before and so I questioned and was repeatedly told not to send in the agreement it would all go ahead on its own within 40 Working Days. In October I received a letter with a new agreement again, stating this time that my claim would not be progressed without this, so I spoke to someone who this time advised me to send it in and they would cover any difference for the time being.

    On 31st October 40 working days ran out, I have called almost daily and am being fobbed off, now I am a Premier Customer who pays a hefty monthly fee for my account and the disrespect from the staff they supposedly call 'Customer Relations' is abhorrent, they are untrained and uninformed which led to one announcing to me on friday this little gem (which I guess will apply all around)
    'the 16 week target replies have been pushed back to allow us to deal with the more recently received claims that only have an 8 week turnaround time' not a direct quote so you get the gist. If your claim went in in September you are being prioritised over people who had the foresight to put their claims in as soon as the High Court Ruling was announced.

    The gentleman who was far friendlier than any Barclays rep I have spoken with was very interested to hear about Barclays prioritisation and will be contacting them on my behalf as it is now 10 weeks since they offered my redress figure making it 26 weeks / Six months since I submitted my claim.

    It is making me wonder would it have been better to sacrifice 15% and use an ambulance chaser to do my work for me, my dad did and has been paid by two separate institutions before I have and he put his claims in after me.

    The banks should be more regulated than this, I was told they have no idea how many claims they have and how long it is going to take to sort them today, before I was virtually hung up on.

This discussion has been closed.
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