In April 2011 the Supreme Court finally put an end to a Judicial Review challenge by banks over the way they were told to assess PPI misselling claims.
Payment Protection Insurance was sold to millions of customers who took out credit cards and loans. Some didn’t know they were being sold it, others felt forced to agree to it.
In October 2010 all banks except Santander decided to lodge a court action against the FSA over the handling of PPI claims. For customers it was another blow as it meant all claims were put on hold. The Financial Ombudsman Service became strained under the pressure of dealing with held up claims.
The Court judgment is welcome relief for customers and the banks chose not to appeal the decision. This has now allowed all existing claims to be assessed. There are still millions who haven’t put in a claim for missold PPI and it is time to lodge a claim.
It is important to remember that simply because the banks have chosen not to appeal does not mean that victory is an automatic one. Each individual PPI claim will need to be assessed and of course banks may try and reject claims.
If you have been mis-sold PPI, you may be entitled to compensation from your bank or lender. We are a fully regulated claims management company and our experience will help get you the money back on your PPI claim.
Call us on 0845 463 3806 to find out more or just download one of our offer packs.
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Many customers will remember with some sorrow the manner in which the bank charges fiasco turned into an ultimately unfortunate defeat for many consumers. The banks halted the stem of complaints by lodging a test case against the Office of Fair Trading and the FSA at the time issued a waiver to allow all bank charges complaints to be kept on hold.
In 2010 following countless assessments and investigations, the FSA issued guidance on the manner in which PPI (payment protection insurance) misselling claims should be investigated. Banks were subject to intense guidance and practice directions this year.
However, in a predictable move the banks issued High Court proceedings against the FSA on the guidance they were being asked to follow. Lloyds TSB started the ball rolling and many banks soon followed in stating that PPI claims would not be investigated until the High Court review is completed. It is expected to be concluded around February 2011.
The FSA is not impressed and thankfully did not issue a waiver for banks to hold off claims. This is a significant move and shows that the FSA will not take matters lightly. It has also guided consumers to refer claims to the Financial Ombudsman Service if a bank issues a ‘hold’ letter indicating it wants to wait for the review to be completed. In essence, the FSA is standing firm and willing to enforce matters if necessary.
The stance taken by the FSA is a relief for all consumers and it has finally demonstrated its willingness to see its strength right to the end.
Many people were sold PPI without realizing it was added onto the loan or on the credit card
Sales advisers would simply put it on after the sale was completed and forms were signed. many people who were just looking forward to getting some credit, didn’t realize they were being led down a pretty rough garden path.
The best way to find out whether you have or had PPI is to first try and see if you can obtain the credit agreement. This will usually tell you.
If you cant then try and find an old bank statement.
The alternative is also to contact the bank you had a loan or credit card with. It may be best not to ask them directly if you took out PPI! The bank will probably not give you ammunition to fire back at them
You could simply ask for the loan agreement number or card number for your own records. We can then lodge the claim and see what you were sold. It is worth having a go because there is nothing to lose and you get back thousands of pounds,