An offer without admitting liability

badmedic

Hi

I claimed mis selling on a PPI policy the company have not upheld it however have offered a sum of money as a goodwill gesture.
The question is is this normal for them to do that or are they worried I might push it.
There is a clause in the letter that says I cant disclose the details and it has to remain private.

any ideas or advice

petermb_2

badmedic wrote: »

Hi

I claimed mis selling on a PPI policy the company have not upheld it however have offered a sum of money as a goodwill gesture.
The question is is this normal for them to do that or are they worried I might push it.
There is a clause in the letter that says I cant disclose the details and it has to remain private.

any ideas or advice

This is the norm now. The lenders will seek to make arbitory offers as gestures of goodwill and get you to sign a full and final settlement agreement.

The questions you need to ask yourself are as follows.

Firstly, do you feel happy with the amount of the offer you have recieved?.

Secondly, did you know that the average payout for PPI mis-selling claims when professioanlly challenged is around double the initial premium? Once armed with this information are you still happy with the amount offered?

lastly, by signing your rights away you may be giving up the opportunity to make a further claim should you find out that other irregularities are prevalent in your agreement or the way it was set up originally.

At the end of the day you may be happy with what you have been offered or on the other hand wish to ensure that you receive the full amount due to you.

Now you have a bit more information, does that make your decision easier?

RisingJoe

Well.

2 Ways ot look at this.

1. Is the offered amount significant enough to warrant closure of the PPI claim? (have you been ofered enough to agree their offer? or do you think you deserve more?)

2. if they want it kept quiet there is obviously a major reason to claim... so it may actually be more beneficial to keep going with the claim.

overall... if your generaly happy with the figure they have offered i would write back asking for £X more than they have offered,

they obvoiusly want to keep it quiet and get it sorted without any hype.

If your not happy then carry on with the FOS.

badmedic

RisingJoe wrote: »

Well.

1. Is the offered amount significant enough to warrant closure of the PPI claim? (have you been ofered enough to agree their offer? or do you think you deserve more?)

2. if they want it kept quiet there is obviously a major reason to claim... so it may actually be more beneficial to keep going with the claim.

overall... if your generaly happy with the figure they have offered i would write back asking for £X more than they have offered,

If your not happy then carry on with the FOS.

The original PPI was £4500 added to the loan they have offered £1000 and suggested I cancel the PPI and get any refund due from now...
so based on that does that affect the advice above?

di3004

badmedic wrote: »

The original PPI was £4500 added to the loan they have offered £1000 and suggested I cancel the PPI and get any refund due from now...
so based on that does that affect the advice above?

I would ask if they could higher the amount, there is quite a difference there, and if they do not, you always have the FOS.;)

petermb_2

badmedic wrote: »

The original PPI was £4500 added to the loan they have offered £1000 and suggested I cancel the PPI and get any refund due from now...
so based on that does that affect the advice above?

In that case i am not suprised they want you to sign full and final.

I would be looking to recover between £6,000-£9,000 on such a claim, depending on your circumstances

RisingJoe

petermb wrote: »

In that case i am not suprised they want you to sign full and final.

I would be looking to recover between £6,000-£9,000 on such a claim, depending on your circumstances

Exactly.

I would proceed with the financial ombudsman,

the offer shows they know they made an error. so will only increase the chance of you being succesfull.

Good luck

badmedic

Well I am not allowed to tell you that I settled for 3 times what they originally offered however once the money is safely in my account I will tell you the mechanics of how I got the increase.

I know that with a bit of wrangling I could have got more but this money digs me out of a big hole now..

RisingJoe

That is great news. well done.

Im glad your situation is on the up