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    • dunstonh
    • By dunstonh 28th Feb 14, 9:36 AM
    • 90,441 Posts
    • 57,228 Thanks
    dunstonh
    • #2
    • 28th Feb 14, 9:36 AM
    • #2
    • 28th Feb 14, 9:36 AM
    Hi can anyone tell me what is the maximum offer of PPI compensation from one organisation
    I dont believe that any such figure has been published. However, we have seen posts from people with figures ranging from zero (not all successful complaints result in a payout) through to tens of thousands.

    I have been offered a settlement but not sure if it is reasonable
    The redress method is defined by the FCA. A refund of premiums paid, minus any amount paid out on claims or previously refunded/rebated plus interest. It shouldnt be a case of what is reasonable but what is right.

    Also If i complain to the FCA do i lose this offer..
    The FCA do not handle personal complaints. So, you cannot complain to them. You can refer your complaint to the FOS if you disagree. However, if the offer is a goodwill payment rather than an verified wrongdoing then the goodwill offer can be withdrawn if you go to the FOS. Sometimes, when the amount is low (upto a few thousand) it is cheaper for the lender to settle the complaint and pay out under a goodwill offer rather than pay the FOS fees and costs of dealing with a 2 year complaint.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 28th Feb 14, 10:58 AM
    • 19,146 Posts
    • 10,312 Thanks
    Moneyineptitude
    • #3
    • 28th Feb 14, 10:58 AM
    • #3
    • 28th Feb 14, 10:58 AM
    Hi can anyone tell me what is the maximum offer of PPI compensation from one organisation
    Originally posted by andyroo1st
    The maximum anyone can receive is the amount they actually paid in PPI plus attendant interest, plus 8% simple interest. This is a defined process, it is not somehow negotiable.

    If you have proof that you paid more than the Bank are refunding then you should certainly challenge this.

    If, on the other hand, you just feel that the offer is not "reasonable" but you have no evidence to that effect then there is little you can do other than accept the offer.

    You can refer your complaint to the Ombudsman (FOS, not FCA) but you'll only ever receive a refund of the amount you actually paid (plus interest as above).
    • MsLaw
    • By MsLaw 5th Jan 18, 1:37 PM
    • 1 Posts
    • 0 Thanks
    MsLaw
    • #4
    • 5th Jan 18, 1:37 PM
    • #4
    • 5th Jan 18, 1:37 PM
    Hi can anyone help with a Capital One PPI offer?
    I received a redress offer from capital one citing Previn case and just wondering if I can appeal the amount. It was a small credit limit £200 but I had the card for 9 years 12/03 - 02/12. My offer is £160.10 and the letter states:

    'This consists of £62.37 unfair commission included in ppi premiums £0.00 of charges, £57.61 of associated interest and £50.15,of 8% interest. We have deducted 10.03 from the 8% interest as we are required to do by HMRC '

    Unfortunately l do not have any old statements but feel that with 9 years of PPI that this would be more. Is there a calculation I could do?

    Also can anyone de-mystify this sentence:

    'If you believe that the account would've been managed differently to the assumptions we've made, for example the same value of payments would've been made regardless of the balance on the account, or the account would deliberately have been paid into credit, then please let us know as this may change the way the redress is calculated'

    Thanks in advance
    • societys child
    • By societys child 6th Jan 18, 7:48 PM
    • 4,954 Posts
    • 5,429 Thanks
    societys child
    • #5
    • 6th Jan 18, 7:48 PM
    • #5
    • 6th Jan 18, 7:48 PM
    Having the card for 9 years is irrelevant.
    If the unfair commission amounted to £62.37, no appeal can change that.

    • Nearlyold
    • By Nearlyold 6th Jan 18, 8:55 PM
    • 989 Posts
    • 824 Thanks
    Nearlyold
    • #6
    • 6th Jan 18, 8:55 PM
    • #6
    • 6th Jan 18, 8:55 PM
    I received a redress offer from capital one citing Previn case and just wondering if I can appeal the amount. It was a small credit limit £200 but I had the card for 9 years 12/03 - 02/12. My offer is £160.10 and the letter states:

    'This consists of £62.37 unfair commission included in ppi premiums £0.00 of charges, £57.61 of associated interest and £50.15,of 8% interest. We have deducted 10.03 from the 8% interest as we are required to do by HMRC '
    A typical PPI credit card charge was around 1% of the monthly balance. So if we assume you were always maxed out on your card you would have paid £2 per month in PPI.

    On a Plevin claim you are only refunded the excess commission (ie anything over 50%) the card provider earned on the PPI premium. I don't know how much commission Capital one received but if we take a typical bank figure of 67% then you would be due a refund of excess commission of 17% of your monthly PPI premium.

    So 17% of £2 PPI per month is 34p.

    Therefore excess commission to be refunded assuming a level £200 balance over 9 years :-
    34p x 12 x 9 = £36.72 plus interest etc

    In your case you have been offered £62.37 plus interest etc which would indicate Capital One were receiving 78.87% of the PPI premium in commission and you have been refunded the excess of 28.87% plus interest.

    Based on the these back of a fag packet calculations your refund sounds about right.
    • jubilee14
    • By jubilee14 8th Jan 18, 2:11 PM
    • 260 Posts
    • 840 Thanks
    jubilee14
    • #7
    • 8th Jan 18, 2:11 PM
    • #7
    • 8th Jan 18, 2:11 PM
    Hi my partner got PPI back on one loan and another CC . He had also applied for 2 cc. After initial 8 week period a holding letter was sent then another just before xmas with a decision to say that they are offering a goodwill of 390. The initial letter says it is because it was less than 50% commission. Then further in the explanation ( appendix) document it shows commission as 79% on 2 cards with approx 3k on each for roughly 11 and 13 years.

    We intend to challenge via FOS but do we let the bank know or just go ahead as this is their final offer based on their assessment.

    thanks
    • dunstonh
    • By dunstonh 8th Jan 18, 2:25 PM
    • 90,441 Posts
    • 57,228 Thanks
    dunstonh
    • #8
    • 8th Jan 18, 2:25 PM
    • #8
    • 8th Jan 18, 2:25 PM
    e intend to challenge via FOS but do we let the bank know or just go ahead as this is their final offer based on their assessment.
    You dont need to tell them and can go straight to the FOS. Just be wary that they can withdraw the goodwill offer if you go to the FOS. It doesnt happen often but they are allowed to do so as many small amount cases only agree to pay something to avoid the FOS fee.

    if you think it is an error in calculation, then go back to the firm and tell them. It is usually quicker that way instead of going to the FOS.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • -taff
    • By -taff 8th Jan 18, 5:26 PM
    • 7,335 Posts
    • 5,391 Thanks
    -taff
    • #9
    • 8th Jan 18, 5:26 PM
    • #9
    • 8th Jan 18, 5:26 PM
    You can't challenge it with the FOS because you are being refunded via Plevin which only applies to rejected complaints.

    You can challenge thier decision to reject your complaint with the FOS, they may not pay a goodwill payment after that though.
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