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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 5th May 11, 9:21 AM
    • 2,324Posts
    • 971Thanks
    Former MSE Helen
    MSE News: Lloyds defeated as it withdraws from PPI legal action
    • #1
    • 5th May 11, 9:21 AM
    MSE News: Lloyds defeated as it withdraws from PPI legal action 5th May 11 at 9:21 AM
    This is the discussion thread for the following MSE News Story:

    "The UK's largest bank has set aside £3.2bn in its interim results today to pay claims, admitting redress is appropriate ..."

    Last edited by Former MSE Helen; 05-05-2011 at 9:32 AM.
Page 1
    • di3004
    • By di3004 5th May 11, 10:13 AM
    • 42,528 Posts
    • 56,679 Thanks
    di3004
    • #2
    • 5th May 11, 10:13 AM
    • #2
    • 5th May 11, 10:13 AM
    Excellent news MSE Helen.

    Hopefully the other banks will do the decent thing and do the same.
    The one and only "Dizzy Di"
  • MrLeeLee
    • #3
    • 5th May 11, 10:21 AM
    • #3
    • 5th May 11, 10:21 AM
    Haha, I love seeing the banks take a pounding!

    Enjoy spending your money people, you all deserve it after the years of fighting to get YOUR money back!!

    £3.2bn... hahahaha!
    • Yummymummy69
    • By Yummymummy69 5th May 11, 10:30 AM
    • 23 Posts
    • 14 Thanks
    Yummymummy69
    • #4
    • 5th May 11, 10:30 AM
    • #4
    • 5th May 11, 10:30 AM
    Hope Royal Bank of Scotland follows suit and that I won't have to wait much longer for my money back!! Fingers crossed!
    • glossyhair
    • By glossyhair 5th May 11, 10:32 AM
    • 133 Posts
    • 143 Thanks
    glossyhair
    • #5
    • 5th May 11, 10:32 AM
    • #5
    • 5th May 11, 10:32 AM
    Finally, a bank doing the right thing! Good news
    mmmm, still seeking something witty to be my auto-signature . . . so this will have to suffice for now
    • di3004
    • By di3004 5th May 11, 10:36 AM
    • 42,528 Posts
    • 56,679 Thanks
    di3004
    • #6
    • 5th May 11, 10:36 AM
    • #6
    • 5th May 11, 10:36 AM
    Down to the new CEO as well I believe.
    The one and only "Dizzy Di"
    • di3004
    • By di3004 5th May 11, 11:08 AM
    • 42,528 Posts
    • 56,679 Thanks
    di3004
    • #7
    • 5th May 11, 11:08 AM
    • #7
    • 5th May 11, 11:08 AM
    As on lloyds banking website.....

    http://www.lloydstsb.com/payment_protection_insurance_complaints.asp

    What does the Judicial Review mean for my PPI Complaint?
    We are no longer participating in the Judicial Review or are part of how the British Bankersí Association intends to respond to the High Courtís recent judgment.

    We are now reassessing the complaints that we have already received and dealing with them in a swift and timely manner.

    Those customers who have not complained but have concerns about their PPI policy should contact us directly using the details above.
    The one and only "Dizzy Di"
  • biondani
    • #8
    • 5th May 11, 11:21 AM
    • #8
    • 5th May 11, 11:21 AM
    I wonder if Black Horse will start processing PPI complaints as well now seeing as they are part of the Lloyds Group but tend to work as though they are independant.

    Ian
    • di3004
    • By di3004 5th May 11, 11:40 AM
    • 42,528 Posts
    • 56,679 Thanks
    di3004
    • #9
    • 5th May 11, 11:40 AM
    • #9
    • 5th May 11, 11:40 AM
    I wonder if Black Horse will start processing PPI complaints as well now seeing as they are part of the Lloyds Group but tend to work as though they are independant.

    Ian
    Originally posted by biondani

    Hi Ian

    I have not got round to checking, but I assume it may be the same, if you get the chance check BH website for updates, good luck.
    The one and only "Dizzy Di"
  • biondani
    The website for BH is useless. I don't think it has been updated since January. In fact it doesn't even mention the JR on the website.

    Ian
    • di3004
    • By di3004 5th May 11, 11:49 AM
    • 42,528 Posts
    • 56,679 Thanks
    di3004
    The website for BH is useless. I don't think it has been updated since January. In fact it doesn't even mention the JR on the website.

    Ian
    Originally posted by biondani

    Arh right, just actually posted a web link on the other thread.
    Hope they get moving soon Ian, this should be a lesson learnt to all banks by now, they all need to do a decent thing and do the same.
    The one and only "Dizzy Di"
    • kangaroo100
    • By kangaroo100 5th May 11, 12:18 PM
    • 24 Posts
    • 15 Thanks
    kangaroo100
    It's probably too early to tell yet, but does anyone think that this will filter down to the other loan companies?
    • di3004
    • By di3004 5th May 11, 12:23 PM
    • 42,528 Posts
    • 56,679 Thanks
    di3004
    It's probably too early to tell yet, but does anyone think that this will filter down to the other loan companies?
    Originally posted by kangaroo100

    I certainly hope so, think this will lead to lots of pressure on them now.
    The one and only "Dizzy Di"
    • ThunderCat
    • By ThunderCat 5th May 11, 2:30 PM
    • 740 Posts
    • 6,710 Thanks
    ThunderCat
    That's excellent news! I'm currently waiting for a final responce from Lloyds in regards to a claim for mis-sold PPI.
    2018 wins: Hong Kong holiday
    • magpiecottage
    • By magpiecottage 5th May 11, 3:18 PM
    • 9,114 Posts
    • 5,584 Thanks
    magpiecottage
    Obviously, for those with valid cases, this will be good news.

    Just bear in mind, though, that Lloyds TSB will not have been paying for staff to sit around waiting just in case they lost the JR.

    It will take them a little time to get organised although it is reasonable to suppose they will engaging staff as quickly as possible.

    For those who have not yet had a final decision from Lloyds TSB it is probably going to now be quickest NOT to go to FOS.

    This is because Lloyds TSB will almost certainly now attempt to clear the backlog that has not yet gone to FOS as quickly as possible and will not have to deal with those FOS is addressing until such time as FOS gets round to them.

    This does NOT apply if a complaint has been rejected and you have been told you have six months to complain to FOS, though.
  • CornishWander
    All this is great news but what if people feel comfortable, reclaim and then made redundant, no doubt they will claim all unfair again whilst they had some sort of cover during the period. If the policy was taken years ago to take a new one will cost more as age comes into it and the court decision will raise premiums by default. It seems to me that people generally do not think or get decent advice beofre sigining up but now believe, well we can always make a claim for a refund Does walkiing into a car show give you all the facts that you will in most cases loose money, the salesman will not tell you that. Financial institutions will recover this money one way or the other, either from fees on bank accounts or through increasing insurance on businesses, in the end they will make it back, so the victory is hollow. I do not work for any of these institutions and thus hold no link or favourtism to them.
    • Alpine Star
    • By Alpine Star 5th May 11, 4:38 PM
    • 1,259 Posts
    • 611 Thanks
    Alpine Star
    All this is great news but what if people feel comfortable, reclaim and then made redundant, no doubt they will claim all unfair again whilst they had some sort of cover during the period.
    Originally posted by CornishWander
    As many claimants are complaining that the exclusions in the policies means that it's no good to them, it doesn't apply.
  • src007
    Lloyds deserve every penny of this bill. Whilst most of the banks were talking up the product and pushing it, Lloyds were out and out lying to get sales.

    Whilst some of the other banks at least made token efforts to meet eligabilty criteria, Lloyds seem to have made no attempt at all. They were selling it to retired, self-employed, unemployed people and those with pre-existing conditions.

    They then used every trick in the book, to block PPI complaints.

    Their loan company Eisis were rejecting (as far as I could see) 100% of PPI complaints. At the same time the FOS were upholding 100% against them.

    They would often get a complaint and simply post it back to the sender without lodging (if there was a typo with the loan number, even if the credit agreement was included).

    They would trick customers out of deserved refunds by offering 'enhanced rebates', a fraction of the due compensation.

    When the FOS uphold against them, they would often ignore the decision for months on end (not appeal, just forget about).

    From what I've seen at least, they were the worst of the major banks where PPI is concerned. Its good to see that that they're left with the biggest bill after the extensive legal challenge, which was another attempt (again!) to scupper refunds.

    Lets hope this marks an end to their piracy, but I wouldn't count on it.
    Last edited by src007; 05-05-2011 at 5:27 PM.
  • jools35
    For those wondering about Black Horse - i've just read their website and it states the same as Lloyds - excellent news

    Not able to post links yet, but if you google black horse ppi and look for their website you'll find it

    blackhorse.co.uk/Motor/ComplaintsFAQ.html
    • dunstonh
    • By dunstonh 5th May 11, 4:44 PM
    • 98,597 Posts
    • 66,999 Thanks
    dunstonh
    All this is great news but what if people feel comfortable, reclaim and then made redundant, no doubt they will claim all unfair again whilst they had some sort of cover during the period.
    Serves them right for making a fraudulent try-it-on complaint in that case. You cant have your cake and eat it.

    You only have to go through the many posts in this section to see that many people incorrectly think that having PPI (or any insurance in some cases) means they were mis-sold. It is the way it was sold and the way it was set up that matters. Not the product itself.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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