Offer from bank

albemarle

I have on-going claim, via the Financial Ombudsman, against a bank for miss-selling of PPI. Today I have been advised by the Ombudsman, that the bank have, as a full settlement, offered to return the interest paid on the PPI premium. This ammounts to about £380. The premium that I have paid is about £2,000 plus. My question is should I reject or accept the offer.

PaulinWeston

When you complained to the Ombudsman, was your complaint that you were origionally mis-sold the PPI ? If it was, surely you want the bank to return more than just the interest on the premiums paid (assuming you haven't made a claim on the insurance & you are in fact complaining that it was mis sold)?

albemarle

Thank you so much for the reply... I was mis-sold the insurance. I have not made a claim... I will have repaid the loan in full in 5 days time....I feel that I should refuse the offer and ask for the return in full of my premium of over £2, 500. (or therabouts). I need to reply to the Ombudsman before the 1st of November

sharpdeath

I say reject it without prejudice and ask for the full amount back.

marshallka

It sounds like the Adjudicator has received a goodwill offer from the bank and its not been upheld as such so if I were you I would ask that this is now looked into properly and your complaint for misselling still stands and you would expect to be put back into the position as if you never had the PPI plus 8% statutory interest.

Good luck

PaulinWeston

marshallka wrote: »

It sounds like the Adjudicator has received a goodwill offer from the bank and its not been upheld as such so if I were you I would ask that this is now looked into properly and your complaint for misselling still stands and you would expect to be put back into the position as if you never had the PPI plus 8% statutory interest.

Good luck

I totally agree!! If you were mis-sold then you get everything back.

albemarle

Thank you so much for the kind replys... What the Ombudsman said...quote ''********* Bank has now told me that as a gesture of goodwill, it is prepared to make you an ex-gratia offer in recognition of your dissatisfaction.This represents a refund of the interest charged on the PPI premiums.''
The Ombudsman then goes on to say that '' the offer was made before he had completed his investigation into the merits of my complaint..and therfore he cannot say for certain whether he would recommend that the complaint is upheld and that the redress should be paid... '' un-quote