can anyone help?

rach101225

Hi
I am writing to ask advice on a matter regarding an old credit agreement with Yorkshire Bank and how they sold me payment protection insurance, I went for a mortgage for 17,000 in 2000, however the bank stated that they could not offer me a mortgage but they could offer me a personal loan for the said amount, so i took the loan and it was also stated that i could not obtain the loan without having payment protection insurance, throughout me paying the loan back and the payment protection insuance, i took out approx 3 small loans for home improvements throughout a number of years, and all was told i could not obtain if i didnt get the payment protection insurance for each of them.

in 2009 when Martin gave advice and information on banks miss selling insurance to customers, i took the matter further, the bank after a week of consideration offered me a good will gesture of £360.00, and that i must sign to state that i would not take the matter any further, i just want some advice to wheather i should take the good will gesture or take the matter further? and if they did nothing wrong, why would they offer me any money back?, please could you email me to just state if it would be a wise move to take the offer, or if i should consider taking the matter further? can anyone offer me any advice or if they have had a similar thing happen to them?

maxdp

rach101225 wrote: »

Hi
I am writing to ask advice on a matter regarding an old credit agreement with Yorkshire Bank and how they sold me payment protection insurance, I went for a mortgage for 17,000 in 2000, however the bank stated that they could not offer me a mortgage but they could offer me a personal loan for the said amount, so i took the loan and it was also stated that i could not obtain the loan without having payment protection insurance, throughout me paying the loan back and the payment protection insuance, i took out approx 3 small loans for home improvements throughout a number of years, and all was told i could not obtain if i didnt get the payment protection insurance for each of them.

in 2009 when Martin gave advice and information on banks miss selling insurance to customers, i took the matter further, the bank after a week of consideration offered me a good will gesture of £360.00, and that i must sign to state that i would not take the matter any further, i just want some advice to wheather i should take the good will gesture or take the matter further? and if they did nothing wrong, why would they offer me any money back?, please could you email me to just state if it would be a wise move to take the offer, or if i should consider taking the matter further? can anyone offer me any advice or if they have had a similar thing happen to them?

Hi There

I would say that if they are offering that as a goodwill gesture then it is not worth taking. You have probably paid an awful lot more than that especially if the loans were refinanced etc.

Saying that if you are desperate for the money then it will be worth taking that offer.

These were probably front loaded PPI Loans which is in itself now frowned upon rather than stand alone policies.

If you want to take it further then it would be worth getting copies of the agreements, if you do not have them. If you wish to take this further then let us know on here and somebody will guide you through.

dunstonh

The fee to the firm for going to the FOS is now £550. So, for companies its often worth dumping complaints with a goodwill gesture of less than that to save time and hassle. Especially as complaints to the FOS can take 18-24 months at the moment.

It is normal for them to ask you to sign a waiver to prevent further action as this stops you effectively trying to get redress twice. Its logical and a normal business transaction.

You need to balance up whether taking £360 now is better than waiting 18-24 months for the FOS to rule on your case and if the ruling means that more than £360 would be payable or not. You have the figures so should be able to decide if its worth it or not.

amersall

rach101225 wrote: »

Hi
I am writing to ask advice on a matter regarding an old credit agreement with Yorkshire Bank and how they sold me payment protection insurance, I went for a mortgage for 17,000 in 2000, however the bank stated that they could not offer me a mortgage but they could offer me a personal loan for the said amount, so i took the loan and it was also stated that i could not obtain the loan without having payment protection insurance, throughout me paying the loan back and the payment protection insuance, i took out approx 3 small loans for home improvements throughout a number of years, and all was told i could not obtain if i didnt get the payment protection insurance for each of them.

in 2009 when Martin gave advice and information on banks miss selling insurance to customers, i took the matter further, the bank after a week of consideration offered me a good will gesture of £360.00, and that i must sign to state that i would not take the matter any further, i just want some advice to wheather i should take the good will gesture or take the matter further? and if they did nothing wrong, why would they offer me any money back?, please could you email me to just state if it would be a wise move to take the offer, or if i should consider taking the matter further? can anyone offer me any advice or if they have had a similar thing happen to them?

i agree with max and dunstonh. you go for it , with the original loan amount you had, believe me it is worth more than a measly good will gesture!!!! good luck and keep us posted

rach101225

Hi guys thank you so much for your advice, and i dont think im going to take the offer, i am not desperate for the money and i did pay an awfull lot in PPI, and it was missold to me, i will keep you all updated on what goes on in the future, thanks again :-)