PPI Reclaiming Discussion part 4

amersall

phill570 wrote: »

Hi,

Natwest/RBS have recently sent me an offer of a goodwill gesture of £550.35 from a credit card i had with them for approx 6 years. At the height the balance was over £3000.

Should i accept this or am i selling myself short and whats this about 8% interest?

Cheers Phill

do not accept a goodwill gesture from these they are hoping you will accept and go away, write back to them and let them know you will not be accepting this and if they dont improve on this you will go to fos, that should make them shift,someone on here said they are paying up just so fos dont fine them , so go for it you have nothing to lose and more to gain . you will be very surprised as these two banks are settling claims at the moment good luck

scoodies

Good evening all....hope you are all well?!

Just wanted to ask a question if I may? I'm in the process of trying to claim back from Cap One for mis-selling of PPI, BUT I'm still paying it at the moment??!! Should I contact them to cancel?

This is probably a really dumb question....It just didn't even cross my mind re cancelling lol :rolleyes:

amersall

livylegs wrote: »

awww thanks hun but you are right FP are shocking :mad: :mad:

but I am so grateful you fab ppl are here cos I dont have a clue lol:rotfl:

:eek:i dont really i only know about fp as that is what i am doing and if i can point someone in the right direction i am only too happy to help xx ( its got nothing to do with getting my own back on fp though you understand lol:rolleyes: )

amersall

scoodies wrote: »

Good evening all....hope you are all well?!

Just wanted to ask a question if I may? I'm in the process of trying to claim back from Cap One for mis-selling of PPI, BUT I'm still paying it at the moment??!! Should I contact them to cancel?

This is probably a really dumb question....It just didn't even cross my mind re cancelling lol :rolleyes:

hi there yes i am fine ta, i am not too sure about this but i know some lovely people on here who will be, it wont be too long before someone points you in the right direction

di3004

scoodies wrote: »

Good evening all....hope you are all well?!

Just wanted to ask a question if I may? I'm in the process of trying to claim back from Cap One for mis-selling of PPI, BUT I'm still paying it at the moment??!! Should I contact them to cancel?

This is probably a really dumb question....It just didn't even cross my mind re cancelling lol :rolleyes:

Hi hun
Was this a credit card ppi?

If so and its worthless to you then you could tell them to cancel, however maybe someone else who had dealings with these could confirm the best action with this company as every company vary in how this is recalculated on cancellation - especially if its a loan.

But also remember if successful they must repay every penny you made on ppi, and interest etc.
Hopefully you will receive a good successful outcome, good luck.;)

Di
X

di3004

This is interesting here:

http://www.plebble.com/article960/90-of-rejected-ppi-misselling-claims-are-upheld-by-ombudsman/

In the News - PPI

90% of rejected PPI-misselling claims are upheld by Ombudsman


A record 9 out of 10 customers whose complaints about being mis-sold payment protection insurance (PPI) were rejected by their lender, have had their complaints upheld after taking them to the Financial Ombudsman. The Financial Ombudsman warns customers not to be fobbed off by their lenders if they believe they have been mis-sold PPI.

What to do about the mis-selling of PPI is an ongoing saga for finanical regulators (last reported in 'In the News' on 30 Jan 09).

(Sources: Guardian.co.uk)

If you need more information about the mis-selling of PPI and how to go about making a complaint, take a look at Plebble's AdviceCentre.

Rate these businesses/organisations:

• Financial Ombudsman Service (-3.25)
• Banks & Other Financial Institutions on Plebble.com

di3004

This has also been posted a few times before as well, but for the newbies or for anyone who missed this:

http://www.guardian.co.uk/money/2009/feb/22/ppi-banks-mis-selling


Banks fobbing off PPI mis-selling complaints with 'goodwill' payments

Watchdog issues alert to customers over low settlement offers.

• Sam Dunn
• The Observer, Sunday 22 February 2009
• Article history

Customers who reclaim mis-sold loan insurance from banks and other lenders are being warned not to accept "gesture" payments worth a fraction of their potential payout.

Nine out of 10 payment protection insurance (PPI) mis-selling claims rejected by lenders are now being upheld by consumer watchdog the Financial Ombudsman Service, up from a historical level of 40%. It says this is because borrowers have been "fobbed off" with less than they are entitled to.

The problem has become so acute officials at the FOS and City regulator the Financial Services Authority (FSA) are working together to resolve it.

The FOS estimates that, by the end of next month, it will have received a record 25,000 complaints about the mis-selling of PPI. These controversial policies, often expensive and designed to pay out to cover personal loans or credit card payments if you fall ill, suffer an accident or lose your job, have been dragged into the spotlight after customers found they did not qualify for a claim or did not realise they had been mis-sold the policies.

How to resolve the issue is becoming a major problem for the watchdog and regulator since the banking industry, largely responsible for the millions of sold policies, is repeatedly failing to appropriately process the complaints, a spokesman for the FOS says.

"Our concern is that lenders across the board simply aren't learning and are making the same mistakes," he says. "The real worry is that those individuals mis-sold policies who don't realise they can use the FOS will be easily fobbed off with the lower sum. "

Claims company Brunel Franklin says it has noticed an emerging pattern of "goodwill" payments to complainants by RBS, the bank part-owned by the government and bailed out by taxpayers' cash, designed to throw customers off the scent of a bigger payout. Each RBS payment is set at £750, often much less than the amount owed, says Sally Bowyer, managing director of BrunelFranklin.com.

"The customer often seems to be fobbed off with around £750 as a gesture of goodwill, when the average PPI claim we handle is around £2,200. If RBS is trying to minimise claims to around £750, it may be in a planned effort to reduce its projected compensation payouts by up to two-thirds."

A NatWest/RBS spokeswoman said: "We are satisfied that our complaints-handling procedures are fair, that every case is considered on its own individual merits, and that the decisions reached are reasonable, based on the evidence available. There is no obligation for our customers to accept our settlement offer. Any customer whose complaint is rejected by RBS or NatWest is always notified of their right to refer the case to the Financial Ombudsman Service." FSA rules on complaint handling suggest lenders should effectively learn from the type of complaints heading their way, understand their nature and origin, and sort them.

Issuing a routine goodwill gesture seems to go against this ethos.
Plenty of lenders have been penalised for poor handling of PPI sales. Last October, Alliance & Leicester was fined £7m by the FSA for serious failings in its sales procedures. Others including Liverpool Victoria Banking services, GE Capital Bank and HFC Bank have also been forced to pay compensation.

The Competition Commission last month announced the sale of PPI alongside loans and credit cards would be banned in 2010 - lenders will have to wait seven days before they can get in touch with a customer to subsequently offer them the insurance.

Heather091284

Can anyone tell me if Marketing & Management Services LTD (MMS, Pudsey, West Yorkshire) have previously been fined for misselling PPI? I have just recently realised my partner has been paying for it for over 4 years now and says he had no clue, although he has documents he received through the post at the point of sale stating an application was made to them by Arnold Clark. The PPI is to cover car finance through GE Capital, but the documents state that MMS manage PPI on behalf of Arnold Clark. Could this mean that Arnold Clark have suggested he would not be eligible for finance if he did not take the PPI? Does anyone know if he can claim this back?

Sorry for all the questions!

di3004

Heather091284 wrote: »

Can anyone tell me if Marketing & Management Services LTD (MMS, Pudsey, West Yorkshire) have previously been fined for misselling PPI? I have just recently realised my partner has been paying for it for over 4 years now and says he had no clue, although he has documents he received through the post at the point of sale stating an application was made to them by Arnold Clark. The PPI is to cover car finance through GE Capital, but the documents state that MMS manage PPI on behalf of Arnold Clark. Could this mean that Arnold Clark have suggested he would not be eligible for finance if he did not take the PPI? Does anyone know if he can claim this back?

Sorry for all the questions!

Hiya hun

I'm really not sure on that one, I'm sure someone will post up and let you know otherwise.

However, I would still try to reclaim on this if mis sold.

I take it this was sold by those of Arnold Clark then?

If they stated he should have this to be eligible for the finance then yes he has a case of being mis sold.

Do you require any help in regards of a template reclaim letter etc?

I would also check this link out here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find some useful info and a template letter, they have 8 weeks to respond in full, write your own reasons in the letter and keep on at them until the final response is received if not resolved, they should then let you know in the final letter how to take this further for example the Financial ombudsman service (FOS) a free service also.

Post by recorded delivery.

Have your partner all the paperwork for this or at least the agreement?

Good luck and post if you require any help.;)

helnag

Hi,

I'm trying to re-claim ppi from welcome for 2 accs, I just checked my credit file (i do this monthly) and one of my Welcome balance is £900 lighter than it should be, I'm still waiting to be allocated an adjudicator so I don't know why this is plus the amount doesn't really add up to me. Has anyone else had this?? Would anybody know if the updates to credit reference agencies is done manually and whether it could be an error? I just don't trust Welcome.