Warning over PPI dispute delays!!

[ro284]

Found the following this morning,A record number of disputes regarding the mis-selling of payment protection insurance (PPI) will need to be resolved over the next year, as banks and insurers have subjected customers to "delays and inconvenience", a finance watchdog has warned

 

.Despite a legal challenge to PPI complaints being dropped last year, the Financial Ombudsman Service (FOS) said it was "disappointing" that a significant number of consumers are still waiting for businesses to clear up their cases.

 

The ombudsman expects to settle 130,000 PPI cases in the financial year 2012/13 and warned that many of these disputes are likely to be "more entrenched".

 

This figure is up from 109,500 this financial year and more than double the 60,000 PPI cases resolved in 2010/11.The FOS said it will need to gear up on an "unprecedented" scale to tackle complaints, with PPI cases expected to make up half of its workload.It is consulting on plans on how to cope, including proposing businesses pay an additional fee of £350 for PPI cases on top of the £500 standard case fee, saying it would not be fair for those not involved in mass PPI claims to cover the costs.Tony Boorman, principal ombudsman, said:

 

"A year after the High Court ruling gave us legal finality on the approach that financial businesses should take on PPI complaints, it's disappointing that there's little finality for significant numbers of consumers who are still waiting for their bank or insurer to deal with their complaint.Apologies if this is in the wrong place, Unfortunately i am still unable to persue all my own miss-sold PPI,s ( S/E ) due to ill health caused by them,Regards Ro

Edited January 6, 2012 by citizenB
formatted for easier reading

[citizenB]

Thanks for this, have relocated you to the Payment Protection Insurance forums.

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?332184-Has-your-PPI-claim-been-upheld-But-LTSB-delaying-in-sending-payment&p=3667607#post3667607

 

Have also copied your post to the thread above as LTSB appear to be rather reluctant to pay out refunds once a claim has been upheld

[citizenB]

Ro, do you have the link to the article, please

[BankFodder]

And why on earth don't people simply start a legal action under BCOBS/COBS for unfair treatment, beats me.

 

Read about unfair treatment and about BCOBS/COBS here.

You can take this to court and get a rapid victory which will shock the industry and the regulators.

It will only take a handful of actions, a handful of judgments and a handful of FSA fines to get the whole nasty dishonest industry to re-prioritise their PPI payments and start paying out quickly.

 

Have you thought about why PPI payments are so delayed?

 

• First, in order to keep costs of repayment down, the resources allocated to PPI claims and refunds is very poor. Not enough manpower and systems = cost savings but delayed payment
  
• Second, while your refund is delayed, the cash is there to be invested and lent out at very high rates of interest - well over 15% and often over 20% (compound). When the money is finally refunded it is paid out to you with 8% interest (simple) so that every extra day of delay is a nice little earner for your bank/lender/insurer.
  

 

The finance industry has treated PPI customers as mugs for years and years - and they continue to do so.

 

The Mugs simply don't get it and they just let it keep on happening.

 

Why don't you all stop being a mug and go and sue your bank?

[ro284]

Thanks for reply Bankfodder, I am a mug, I was told by several banking organisations I had to have PPI! Being self employed. I had to take their word for it, however their policy seems to have been, rip off anyone they can, to make as much money as possible from their customers by falsely stating they had to have PPI, or they would not advance any funds!

 

And now we know this, however possibly still being a mug I fail to understand why the FSA, or law courts, continue to treat us all as mugs, by allowing these once respected institutions to get away with keeping their customers money, unlawfully, that they have either stolen, or fraudulently obtained.

 

Or by stealth., How is it we the victims have to fight to get justice? And our own money returned?

 

These institutions know they have our money, it’s in their records! Yet even if you win a case against them, they will still try and dictate how you spend it! I-e pay them first! Are these institutions guilty of criminal behaviour or not? If not criminal I don’t know what is!

 

Should not profits criminally obtained by fraud, or stolen money obtained, be repaid? Without the onus being on the victim to try and get their money back? the result is we are all being treated as mugs!

 

Personally this has made me ill, I cannot cope with fighting anymore as a result! I could lose my home, yet I am supposed to be in a fit state to fight for what has been stolen from me! I have not worked all these years for me, it has been for banks! That is not only a definition of a mug, but a victim of crime, why is it not Law for stolen money, plus interest,plus fines, to be returned to the victims?

 

Regards, mug Ro

Edited January 8, 2012 by ro284

[Dougal16T]

Evening all,

 

It seems that not everyone shares Bankfodder's viewpoint, I picked the attached up off of another site.

 

 

Attached: "BCOBs only applies to the deposit taking activities of banks. "

 

''BCOBS applies to firms with respect to the activity of accepting deposits from banking customers, carried on from an establishment in the UK''.

"FAQs:

It is the OFT who regulate credit and therefore overdrafts."

 

"Using BCOB's to take bank charges claims to court - as JudgeFodder suggests - is about as much use as tits on a bull.

 

The idiot is even recommending using BCOBs to litigate delays in PPI refunds and calling people ''mugs'' for not doing so.

 

Warning over PPI dispute delays!!

 

He is disturbingly unhinged."

 

 

 

I do not share this rather radical view, I believe that BCOB does apply.

 

Kind regards to all,

 

Dougal

[Smoothound]

And why on earth don't people simply start a legal action under BCOBS/COBS for unfair treatment, beats me.

 

Read about unfair treatment and about BCOBS/COBS here.

You can take this to court and get a rapid victory which will shock the industry and the regulators.

It will only take a handful of actions, a handful of judgments and a handful of FSA fines to get the whole nasty dishonest industry to re-prioritise their PPI payments and start paying out quickly.

 

Have you thought about why PPI payments are so delayed?

 

• First, in order to keep costs of repayment down, the resources allocated to PPI claims and refunds is very poor. Not enough manpower and systems = cost savings but delayed payment
  
• Second, while your refund is delayed, the cash is there to be invested and lent out at very high rates of interest - well over 15% and often over 20% (compound). When the money is finally refunded it is paid out to you with 8% interest (simple) so that every extra day of delay is a nice little earner for your bank/lender/insurer.
  

 

The finance industry has treated PPI customers as mugs for years and years - and they continue to do so.

 

The Mugs simply don't get it and they just let it keep on happening.

 

Why don't you all stop being a mug and go and sue your bank?

 

 

 

Starting to wish I had the time, nohow and guts to have done this As each time I speak to the FOS they annoy me more and more!