How FOS Calculate Refunds
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Does anyone know if the FOS take into account the interest added by credit card providers to default charges? I have had a reply from Lloyds about default charges on my cc and they say "as you may be aware, 8% is the accepted interest rate when addressing complaints such as this. Because of this we don't feel there are any ground to agree to your request". They have agreed to pay all charges but not the 25.6% interest that they have been adding to them.... are they right or would the FOS also add this to any refund if I put in a claim and won?0
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Hi there
I've just been told by FOS that I have won my claim for being mis-sold home insurance, as they led me to believe that I had protection for employment disputes. Inevitably had such a dispute, then went to use it and told they do not even offer this type of insurance, and ended up resigning as could not afford to take large co to court on my own.
I won my claim with FOS saying the co had mis-sold the insurance to me. But I've only been awarded £100 compensation (and £20 in premiums refunded), as FOS have argued my claim for what I would have won at tribunal is too remote. This is hardly 'putting me in the position I would have been if they had not breached their contract' - I would either have my job or the tribunal award, or at least some acknowledgement of this.
No wonder co's mis-sell if the only come back if this - it would pay to mis-sell employment policies and protection as most people would not be able to take up the employment dispute self-funding with a view to re-claiming it later from the insurance co.
Any ideas if I can get more?0 -
Going_Grey wrote: »Hi there
I've just been told by FOS that I have won my claim for being mis-sold home insurance, as they led me to believe that I had protection for employment disputes. Inevitably had such a dispute, then went to use it and told they do not even offer this type of insurance, and ended up resigning as could not afford to take large co to court on my own.
I won my claim with FOS saying the co had mis-sold the insurance to me. But I've only been awarded £100 compensation (and £20 in premiums refunded), as FOS have argued my claim for what I would have won at tribunal is too remote. This is hardly 'putting me in the position I would have been if they had not breached their contract' - I would either have my job or the tribunal award, or at least some acknowledgement of this.
No wonder co's mis-sell if the only come back if this - it would pay to mis-sell employment policies and protection as most people would not be able to take up the employment dispute self-funding with a view to re-claiming it later from the insurance co.
Any ideas if I can get more?
Hi there and welcome.
Do you know how much you have paid into the PPI?The one and only "Dizzy Di"
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Did you have to sign to accept this redress and were you aware of the amounts? What was the actual wording of the redress? You can alway argue this again with FOS and let it go to another adjudicator or even the Ombudsman if you have reason to believe you have been short changed. You always have this option.Going_Grey wrote: »Hi there
I've just been told by FOS that I have won my claim for being mis-sold home insurance, as they led me to believe that I had protection for employment disputes. Inevitably had such a dispute, then went to use it and told they do not even offer this type of insurance, and ended up resigning as could not afford to take large co to court on my own.
I won my claim with FOS saying the co had mis-sold the insurance to me. But I've only been awarded £100 compensation (and £20 in premiums refunded), as FOS have argued my claim for what I would have won at tribunal is too remote. This is hardly 'putting me in the position I would have been if they had not breached their contract' - I would either have my job or the tribunal award, or at least some acknowledgement of this.
No wonder co's mis-sell if the only come back if this - it would pay to mis-sell employment policies and protection as most people would not be able to take up the employment dispute self-funding with a view to re-claiming it later from the insurance co.
Any ideas if I can get more?0 -
I take it you mean 8% statutory interest which is interest on your redress and what a court would award for deprived of the monies. I can see your point but perhaps you could ask the FOS for advice here.Does anyone know if the FOS take into account the interest added by credit card providers to default charges? I have had a reply from Lloyds about default charges on my cc and they say "as you may be aware, 8% is the accepted interest rate when addressing complaints such as this. Because of this we don't feel there are any ground to agree to your request". They have agreed to pay all charges but not the 25.6% interest that they have been adding to them.... are they right or would the FOS also add this to any refund if I put in a claim and won?0 -
Cheers. I am just shocked that this is the amount given I have a judgment for being mis-sold insurance, and it in no way places me in the position I would have been if they had honoured the contract but this is difficult to place a £ on. I cannot find much information on this in relation to this type of insurance claim.
They have sent through an agreement, with the £100 for 'distress' in full and final payment.0 -
What was written in your terms and conditions for this policy? Did it state about employment disputes? I would still say if you are not happy to go back to the FOS and ask for it to be looked at by another adjudicator or even the Ombudsman.Going_Grey wrote: »Cheers. I am just shocked that this is the amount given I have a judgment for being mis-sold insurance, and it in no way places me in the position I would have been if they had honoured the contract but this is difficult to place a £ on. I cannot find much information on this in relation to this type of insurance claim.
They have sent through an agreement, with the £100 for 'distress' in full and final payment.0 -
HI All,
Could anybody help with the below:
I sent my three letters for PPI mis sold claims on three seperate loans (1998 - 3k, 2004 - 6.5k both payed in full and 2006 -22k one year remaining) with MBNA Loans on 17th September, 2009.
After various letters backwards and forwards, I have recieved the following letter from MBNA referencing all 3 loans.
Thank you for BLAH BLAH BLAH..............................
I regret that we are unable to agree with all your points that you have made in your complaint on this occassion. However, we would like to bring your complaint to resolution in a timely manner. In order to provide you with a satisfactory outcome we have decided to settle your complaint with a refund of overpayments made as a result off the PPC, plus intrest at 8% as a gesture of goodwill.
I can confirm that I have forwarded the details onto the Loans department who will be in contact within the next six weeks to confirm the details of the refund. BLAH BLAH BLAH
BLAH BLAH BLAH
I must inform you that this is our final response on the matter. If you remain dissatisfed with the response, you may refer your complaint to the FOS, within six months of the date of the final response.
BLAH BLAH BLAH BLAH BLAH
Has anybody else had similar letters from MBNA?
Can anybody adivse me on how much I can expect to recieve, I have got a clue. I do know the last loan (taken out in 2006 - 22k over 48 payments) which has 9 repayments remaining. The current intrest rate of 8.9% and my monthly repayments are £688.21/month?
Not sure about the other 2 loans.
Any advise or sums would be greatly recieved. Many Thanks in anticipation.:o:o0 -
Hi There
That is a standard letter from MBNA. Did they put in there that this is a goodwill gesture?
You could always ask them for their working out and post that on the FORUM am sure somebody will be able to have a look to see if it is about right.:mad:0 -
Guys,anyone knows how long does FOS take to make decision if you complain to them against any PPI,if you or even if you don`t win?
Thank you0
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