PPI Reclaiming Discussion part 4

tiggrae

nunnygirl wrote: »

Thanks for this, I think my OH has already asked Coop for the figures but they couldn't give us them and I wasn't sure if it was right or not that they haven't done this



OH had 5 loans with the Coop so we can't work out what they owe us, as none of our figures add up. There seems to be money missing for rebates and things.

no I agree they are a nightmare - all I can suggest is you write to the co-op to include within their settlement figures a full breakdown so you can at least look to see if they are reasonable

lynn_rogerson

Thanks for your opinions chaps. That isnt the whole amount of the loan, it was about three times that. I just wonder if that was the refund amount that I was entitled to before I accepted their offer of £800. Does anyone know the legalities of this situation?

pinknico

as Tiggrae said did you sign anything?

May be worth ringing the FOS and seeing where you stand even if you did sign something and see what they say.

Can I ask why you went for a lesser amount?

marshallka

tiggrae wrote: »

interesting - I wonder if a company challenged this where it would stand in law - on the one side the law of tort (contract) or an advisory from a Regulator, from my knowledge of Central Trust these are the biggest set of bleeping bleep bleep's I've come across

It states on the new proposals
We do not consider it would be proportionate or necessary to look to unwind
cases settled with the consumer on a full and final basis. However, we would
consider it of doubtful fairness and integrity on the part of a firm were it to
routinely offer standard or arbitrary figures for the settlement of PPI complaints
in the period before the proposed guidance comes into force, and we would be
likely to investigate such behaviour where it came to our attention.

I see that as if they do not sort of pay a consumer back redress that they are entitled to then the FSA will be on their backs. Don't know and don't hold me to this but reads something like that. Also how is a "goodwill" payments recorded on records. Does it show up as a missell? I don't think it does so how does someone stand that has had just that "a goodwill" payment without admitting anything. If cases are reopened then will they have to show the FSA they dealt with it already??? It may come back on them.

marshallka

lynn_rogerson wrote: »

Thanks for your opinions chaps. That isnt the whole amount of the loan, it was about three times that. I just wonder if that was the refund amount that I was entitled to before I accepted their offer of £800. Does anyone know the legalities of this situation?

Where you say this was not the whole amount of the loan do you mean accepted offer of £800?? I was meaning as to whether the £800 was actually a goodwill gesture or the actual amount of PPI you would be due back if missold to you.

Did you actually sign anything in acceptance and did this mention a payment of £800 then? Was there any consideration period in accepting the offer?

tiggrae

marshallka wrote: »

It states on the new proposals
We do not consider it would be proportionate or necessary to look to unwind
cases settled with the consumer on a full and final basis. However, we would
consider it of doubtful fairness and integrity on the part of a firm were it to
routinely offer standard or arbitrary figures for the settlement of PPI complaints
in the period before the proposed guidance comes into force, and we would be
likely to investigate such behaviour where it came to our attention.

I see that as if they do not sort of pay a consumer back redress that they are entitled to then the FSA will be on their backs. Don't know and don't hold me to this but reads something like that. Also how is a "goodwill" payments recorded on records. Does it show up as a missell? I don't think it does so how does someone stand that has had just that "a goodwill" payment without admitting anything. If cases are reopened then will they have to show the FSA they dealt with it already??? It may come back on them.

what I think it means is that new guildlines are coming into force (they usually take an number of months) in the meantime they expect firms to start operating now to that new guidance - but they say they do not expect to unwind those already settled on a full & final basis - so if you've already settled you can't expect them to relook at it

marshallka

tiggrae wrote: »

what I think it means is that new guildlines are coming into force (they usually take an number of months) in the meantime they expect firms to start operating now to that new guidance - but they say they do not expect to unwind those already settled on a full & final basis - so if you've already settled you can't expect them to relook at it

But whats your take on this bit


However, we would consider it of doubtful fairness and integrity on the part of a firm were it to
routinely offer standard or arbitrary figures for the settlement of PPI complaints
in the period before the proposed guidance comes into force, and we would be
likely to investigate such behaviour where it came to our attention

DrRusty

nunnygirl wrote: »

The letter reads as follows;

'You will be pleased to hear that following our intervention, The Cooperative Bank has told me that although it maintains it's original view, it has agreed to settle your complaint on what it describes as a "goodwill basis" '



The FOS has said it may take 8 weeks, The Coop have said roughly a month.

All I want to know if there is anyway I can find out how much we are getting, as we have had no figures at all yet

ASI have been waiting 12 weeks now for payment from MBNA I feel the "goodwill" offers are not entered into with the same goodwill on both sides. I do hope for you that the CO-OP do pay up quickly as chasing the FOS is getting to be a real pain of losts of emails but no answers!!

tiggrae

marshallka wrote: »

But whats your take on this bit


However, we would consider it of doubtful fairness and integrity on the part of a firm were it to
routinely offer standard or arbitrary figures for the settlement of PPI complaints
in the period before the proposed guidance comes into force, and we would be
likely to investigate such behaviour where it came to our attention

ahhhh I see what you mean - they are talking about now and when the guildlines come into force, If anyone is offered a lesser figure they can complain - so it really comes down to timing - when did the draft guildlines come out as to when an offer was made and accepted - some offers are taking upto 3 months before paid - if an offer was accepted before the draft was published it's doubtful anyone could get it overturned.

tiggrae

DrRusty wrote: »

ASI have been waiting 12 weeks now for payment from MBNA I feel the "goodwill" offers are not entered into with the same goodwill on both sides. I do hope for you that the CO-OP do pay up quickly as chasing the FOS is getting to be a real pain of losts of emails but no answers!!

I spoke with the financial ombudsman service yesterday, apparently mbna have claimed they've lots of claims to settle (they shouldn't have 'sold' so many ppi policies then !!!) so have requested a 12 week settlement period which the FOS have accepted