PPI Insurance Offer made to me.

yesmar

I was missold a policy on medical grounds (heart attack)
The decision made was that in the details of the policy were confirmed in the policy document.The optional nature of the insurance and full details of the elegibility conditions,main benifits and exclusions and cost involved were provided before you decided to apply for the policy You therfore made a fully informed decision to proceed with the insurance.
Above is ther remarks not mine.
However,The bank have made me a goodwill gesture as follows;
I have been made an offer of say £3500.00 on premiums payed of £18000 .
the offer is a goodwill gesture accepting no liabilities.
Should I accept or renegotiate the offer.
Thanks

di3004

yesmar wrote: »

I was missold a policy on medical grounds (heart attack)
The decision made was that in the details of the policy were confirmed in the policy document.The optional nature of the insurance and full details of the elegibility conditions,main benifits and exclusions and cost involved were provided before you decided to apply for the policy You therfore made a fully informed decision to proceed with the insurance.
Above is ther remarks not mine.
However,The bank have made me a goodwill gesture as follows;
I have been made an offer of say £3500.00 on premiums payed of £18000 .
the offer is a goodwill gesture accepting no liabilities.
Should I accept or renegotiate the offer.
Thanks

Hi there and welcome.;)

I am so sorry to hear of the heart attack and hope you've recovered well from this.;)

Blimey so the actual PPI premiums was that of £18K and they are offering you the amount of £3500.00 with not accepting any liabilities.

Personally if this was me I would not accept this amount as its a huge difference, as they have obviously mis sold this to you due to your reason where I take it you had the heart attack before taking this loan out, am I correct?

If this is the case then "yes" they do have liabilities here and should really admit this.
Were they made aware of this when you had taken this out?
Or did they just add this without even going through it with you etc?

In the reclaiming discussion thread over a week ago, I added a link about the media that had stated that these finance companies are doing this to customers which is not fair as the customers are actually losing out on all the money they should be entitled to.

I would be enclined to ring the finanical ombudsman service on this first before making any definate decisions and maybe ask them what you should do because in my opinion they mis sold this to you full stop.
Good luck and please let us know how you get on.

Someone else may also post with their opinions on this.;)
http://www.financial-ombudsman.org.uk/contact/index.html

yesmar

In answer to some of your questions
The heart attack came first.
They were never aware of my medical condition as it was never brought up.
No mention of health from day one of negotiating the mortgage or top up loans I have taken out with the bank and ppi's to go with them.
Told to take it out and cancel ppi in the first month.Said by the representative in our conversations .
I took them out as I was led to believe the loans/mortgage would be easier to get.
But my main concern now was my health then if I had a claim it would not be met.
I still have heart problems but it is controlled by medication.
All the ppi premiums payed add up to the amount mentioned and various offers made to me for each one add up to the totals mentioned.
Thanks

di3004

yesmar wrote: »

In answer to some of your questions
The heart attack came first.
They were never aware of my medical condition as it was never brought up.
No mention of health from day one of negotiating the mortgage or top up loans I have taken out with the bank and ppi's to go with them.
Told to take it out and cancel ppi in the first month.Said by the representative in our conversations .
I took them out as I was led to believe the loans/mortgage would be easier to get.
But my main concern now was my health then if I had a claim it would not be met.
I still have heart problems but it is controlled by medication.
All the ppi premiums payed add up to the amount mentioned and various offers made to me for each one add up to the totals mentioned.
Thanks

Hi there

Well in my opinion you do have a good case here and its a huge difference in the amounts compared to what they have offered to you.

But like I also said, contact the FOS and see what they say about this as well.
You have obviously been mis sold and how they cannot accept liability in this case I do not know.

You can also check the threads out on the success thread or maybe post your case on there to see what others say about this, in case they have had similar cases.

Everything crossed.;)