PPI

[charitynjw]

308 5corpio
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Re: Latest Headline News (Media)

Banking industry gives up on PPI mis-selling battle

The banking industry has abandoned a legal fight over the mis-selling of payment protection insurance (PPI).

The British Bankers' Association, which fought the case, said it would not appeal after losing a court challenge against new rules on mis-selling.
Separately, Barclays Bank said it had set aside £1bn to pay PPI compensation, and RBS said it would not contest the court ruling.

Last week, Lloyds Banking Group made a £3.2bn provision for possible claims.
PPI policies are supposed to cover loan repayments if someone falls ill, has an accident or loses their job.

But the policies were mis-sold, many to self-employed or unemployed people who would not have been able to claim, and to consumers who did not realise they were taking out a.........Read more HERE

HSBC Next in Line

Banks: Something a Miss, or Something that they know will leak more about themselves

[charitynjw]

Re: PPI

Sod it!!

Bang goes the CCA advice workshop at the Duck & Pullet - no more free pints, lol

Ah well, there's always the 9 trillion £ pension shortfall that the banks can have a go at! - they're bound to mess that up!

Come on, Ms Knight (if you're still there, that is!!)

[oscar]

Re: PPI

This is probably going to sound daft (but then when dont I)

From what I can see, theere is no time limit on this (ie 6 years) but what happens if you dont know IF you had an account??!! For example, I am fairly sure I had a loan with LLoyds about 8 years ago - but dont have any info whatsoever. Are these companies likely to try a wool pulling trick in that if the customer does not or has not complained (especially with those products over 6 years old) that they will attempt to ignore them?!

[charitynjw]

Re: PPI

This is probably going to sound daft (but then when dont I)

From what I can see, theere is no time limit on this (ie 6 years) but what happens if you dont know IF you had an account??!! For example, I am fairly sure I had a loan with LLoyds about 8 years ago - but dont have any info whatsoever. Are these companies likely to try a wool pulling trick in that if the customer does not or has not complained (especially with those products over 6 years old) that they will attempt to ignore them?!

You could always try a Subject Access Request under the Data Protection Act (it will probably cost you a tenner, lol).

The bank will probably tell you that their records only go back 6 years, but I remember reading somewhere that is billhooks - they archive details for much longer (though I suspect their paper shredders are red hot about now!).

I'm in a similar position, but I owed some money, which is, of course, now statute barred.
But if I dig up the past & claim PPI, will I be shooting myself in the foot by making it 'current' again?

Any advice, folks?

[Never-In-Doubt]

Re: PPI

HMRC state companies retain documents for 12 years so yea, to send a SAR means they'd only "have" to go back 6yrs. So anything older could only be demanded IF court action occurred.

This is why for older stuff you need to use the cca route and then work from that. If they send a recon or cannot find one then without proof of an old product there isn't much you can do.

I don't think the banks will play silly buggers saying they can't find agreements, just to avoid a payout. The fine they'd get if they got found out would be 10 times worse and not worth the risk.

So, to reiterate. Upto 6yrs you do an Advanced SAR. Over 6 years do CCA Request initially.

Then we take it from there, dependant on what the outcome is, from the above actions.

[Never-In-Doubt]

Re: PPI

Regards to your question about a SB debt. Do not try a reclaim as any refund would still go towards the statute balance as a right of set off. Although yes, it's statute barred unlike Scotland, in England it does not become extinguished. It still exists but legally the creditor should not be chasing a SB debt.

Don't reclaim any SB debts is what I'm saying. Not unless you KNOW for a fact that the ppi reclaim would outweigh the default balance. So if you only had a grand left that was defaulted, but you paid £5k on ppi then yea, reclaim.

Make sense?

[charitynjw]

Re: PPI

You could always try a Subject Access Request under the Data Protection Act (it will probably cost you a tenner, lol).

The bank will probably tell you that their records only go back 6 years, but I remember reading somewhere that is billhooks - they archive details for much longer (though I suspect their paper shredders are red hot about now!).

I'm in a similar position, but I owed some money, which is, of course, now statute barred.
But if I dig up the past & claim PPI, will I be shooting myself in the foot by making it 'current' again?

Any advice, folks?

How about the SB bit, Niddy?

[Never-In-Doubt]

Re: PPI

How about the SB bit, Niddy?

Too slow - look up!!

[charitynjw]

Re: PPI

Psychic, or what!! lol

(Who said psychiatric?!! lol)

[Never-In-Doubt]

Re: PPI

Oh you can't make it current again either. It's now legally dead.

If you volunteer and pay into it, fine! But the creditor cannot ask for funds. Likewise, requesting a ppi claim would not change the status (statute) but it's a silly game to play. Just leave it unless you know you'll be better off. Also, we can fight the right of set off if necessary so a full refund is paid out but like I say it's one of those things that you're better to walk away from really.

[charitynjw]

Re: PPI

Psychic, or what!! lol

(Who said psychiatric?!! lol)

Bet it was that di!!, pmsl

[Never-In-Doubt]

Re: PPI

This is probably going to sound daft (but then when dont I)

From what I can see, theere is no time limit on this (ie 6 years) but what happens if you dont know IF you had an account??!! For example, I am fairly sure I had a loan with LLoyds about 8 years ago - but dont have any info whatsoever. Are these companies likely to try a wool pulling trick in that if the customer does not or has not complained (especially with those products over 6 years old) that they will attempt to ignore them?!

If they try this mate then you would look at going to the ICO and the FOS. Last resort would be court action to include full disclosure. However, as I said above it's sometimes best to leave older things alone - unless you settled the account in which case reclaim as normal by requesting SAR and specifically state that you need all historical data, not the usual (and acceptable) 6 years.

[di30]

Re: PPI

Great news folks.

If any of you have any reclaims and have not started them yet, now get them in, it may be some time otherwise before they come down to contacting customers themselves.

If you've complained to the FOS, then they will continue in a normal manner, and will be in touch in due course.

http://www.bba.org.uk/media/article/...judical-review


BBA statement regarding Judicial Review

The BBA said:

"The BBA on behalf of its members judicially reviewed the FSA and the FOS regarding the retrospective elements in the proposed FSA rules for handling PPI complaints. The judgement was handed down on 20 April 2011 and found in favour of FSA and the FOS. The BBA was given until 10 May 2011 to appeal.
"In the interest of providing certainty for their customers, the banks and the BBA have decided that they do not intend to appeal.
"We continue to believe that there are matters of important principle which we will be taking forward in other ways with the authorities."
Notes to Editors

Complaints handling guidance

If you feel you have grounds for complaint you should contact your bank directly. There is no need to use a complaints management company.

[5corpio]

Re: PPI

Don't know if you want this in this thread post:? If Not - move/delete Di

Todays News about PPi:

Payment Protection Insurance (PPI) complaints solution launched by Usefulfeedback!
Forum News Link: allaboutFORUMS - View Single Post - Latest Headline News (Media)

Ombudsman slams CMCs (Consumers are facing increased detriment from claims management companies (CMCs) seeking to exploit the fallout of the High Court ruling on Payment Protection Insurance (PPI), the chief executive of the Financial Ombudsman has warned.
Forum News Link: allaboutFORUMS - View Single Post - Latest Headline News (Media)

[di30]

Re: PPI

Hi 5corpio

Interesting.

Well this is where I have been posting. Cheers for this.