How FOS Calculate Refunds

di3004

jani99 wrote: »

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 you

Hi there, this can vary.

When you have the final decision from the one you are complaining of, you have 6 months from the final response, so if your not happy with the decision, you can try to the FOS.

Remember to enclose anything you have in copies to enclose with the complaints form to the FOS, any evidence, this may save some time later on.
The FOS will ask the other party for information, they normally give them about 2 maybe 3 weeks to supply the info then take it from there.

The longest part of waiting is mainly just waiting for your complaint to be moved on to the adjudicator, this could take a good while, but if in any financial hardship, and request if they can look at your case through the fast tracking system, they normally consider it.

However, your talking as soon as its with an adjudicator, it everything straight forward, say about 6- 8 weeks, but sometimes if the other party does not agree, your case is then moved on to the ombudsman himself, this again you will be waiting.
One of mine taken about 14 to 15 months, some are unfortunately taking longer.
As they do have an extortionate amount of these complaints to deal with, I believe they are taking on new adjudicators on regular intervals as well, to try to bring the workload down.
But sometimes it can take less than a year, so its difficult to predict really.

Hope yours gets resolved sooner rather than later, good luck.;)

jani99

Di,very kind thanks for your fast reply,i had my final decision from the bank last month and i post my complain to FOS last week because the bank had to make 3 time decision and all of them was prediction to the same.

My problem is that my loan is about to finish sometimes middle of next year and i am not sure if they going to resolve the problem before and if i will lose my case,is it possible still i can claim the money which bank offer me at first time?

Thank you

marshallka

jani99 wrote: »

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 you

I would say with a normal complaint about 12 to 18 months from posts on here. Some have had them fast tracked so much sooner but you have to have extreme financial difficulties. You could always ask if this is the case.

di3004

jani99 wrote: »

Di,very kind thanks for your fast reply,i had my final decision from the bank last month and i post my complain to FOS last week because the bank had to make 3 time decision and all of them was prediction to the same.

My problem is that my loan is about to finish sometimes middle of next year and i am not sure if they going to resolve the problem before and if i will lose my case,is it possible still i can claim the money which bank offer me at first time?

Thank you

Your very welcome.;)

It should be okay, and not to worry, if this is still ongoing with the FOS and you have settled the finance with the bank - it will make no difference at all.;)

tink660_2

Hi all,
A quick question, but one that raises the issue of how the FOS calculate redress. If you have been paying PPI on a credit card - shouldn't the refund calculations include compound contractual interest on each payment at their contractual rate as this ppi payment is added on to the amount due and then compounded interest is applied to the balance. I appreciate that the ppi payment gets paid first before any of the remaining balance but compound interest is added to the whole balance including the ppi payment and if the ppi payment wasnt added in the first instance then the balance would be lower. I have addressed this with the FOS but they havent given an answer as yet, I just wanted to get other peoples views on this. I have a complaint that has been upheld by the FOS with MBNA and they have settled on their calculations which I do not agree with due to the cci issue, therefore I have put the account in dispute until such time as the FOS make their decision - it has apparently been now passed to an Ombudsman to adjudicate. When I was paid back unlawful charges on this credit card account - I asked for and received compounded contractual interest on the refund. Surely if these charges are added to the balance in the same way as ppi, the same should apply to the ppi charged.

maxdp

Hi there quite agree but they just usually refund as simple interest.

tink660_2

I wonder what Martin Lewis himself would think about the issue raised of compound contractual interest as above.

new_to_the_game

hi all,
I have had 2 complaints sent via the FOS. The 1st was via a claims company which I started the process back in July 2009 and have succeeded with the FOS help but should hear something very soon (acceptance sent to Black Horse November 2009) 12 weeks allowed.
Yet my own route with the FOS against Welcome, started in August/Sept after final letter from Welcome sent in October and won in October 2009, yet because of backlog at welcome, is currently 2 months behind, so agin expecting settlement in Feb/March fingers crossed, so keep in there and good luck. Everything comes to he who waits.

Regards Chopper

maxdp

Thanks for that new to the game hope it is settled soon.

hopefulshell07

Hi all I have a quick question I have posted on part 4 of the PPI reclaim thread http://forums.moneysavingexpert.com/showthread.html?t=1460775&page=487

And I realised after reading this thread that the bank have not taken into account the fact that all of my loans were refinanced with them and each loan should be restructured to show the new loan amount without the PPI from the previous loan. I hope I have read this correctly and is that what they should have done?