Member Info for Phill_M

Unless they find a way to plug the unchaalanged outflow then they are in trouble.

Let's hope the CEO is the man who is prepared to work with the FOS/FCA. Simply paying every claim and FOS upholding almost every unpaid claim is unsustainable.

Let's hope the CEO shares his plans soon.

The FOS figures lead me to believe that there are very few circumstances where they side with the industry against the customer...particularly in the sub prime lending market.

Not sure how the board can be more robust with claimants when they simply go to FOS, via CMC, and it cost £650 for the privilege of FOS upholding 90+% of claims.

FOS and unclear guidelines are the cause which are now lenders problem.

Thanks Jimmy for your time/knowledge. Much appreciated.

More questions than answers at the moment.

Is there a limit to how far back a claimant goes?

Why are very few contested?

Who determines to uphold...FOS?

Is there an appeal process in place for lenders?

The percentage of upheld cases is pretty alarming.

Again, it would be useful if the company kept a running commentary on the average cost of upheld cases - that way we (the company owners) would have a clearer insight into the costs and potential damage that the complaints are doing.

At the moment all we have is a huge sum of money set aside for such damages.

Clearly there is some useful knowledge on this thread.

I am interested to know if the FOS are also upholding complaints where individuals have repaid the loan?

I assume that the compaints are centred on an individual's ability to repay the loan amount and the amount of interest.

Clearly where an individual has repaid the loan that they have found the funds to cover both.

My interest is whether there is a possibility for the floodgates to open for retrospective complaints/claims for repaid loans.

TIA.

By the way I have been an investor for a while but I am usually over on ADVFN but the boards have been poisoned lately.

In the 6 months Jul-Dec the uphold rate in favour of the customer was 94%.

Not sure what the individuals will receive back as payment but sure not the loaned capital. It would be better if we had a clear understanding of what they company is required to pay customers on cases upheld by the FOS - all interest paid by the customer plus additional interest? I cannot believe it is possible to take a loan(even one which is upheld by the FOS as having been one which should not have been made) and then the FOS saying.......don't worry about paying it back...and here...have some interest for your stress!!!!!