PPI claim not successful what to do next?

eden1969

Sent a letter making a complaint about the ppi taken out on our loan. After many weeks of waiting we got this long response which ended with this statement.


In summary I cannot upold your complaint. In accordance with the standards applicable at the time and evidence available to me I conclude the Bank's representative acted with due skill, care and dilligence in arranging the policy. I also believe that you made an informed choice in respect of the suitability of the product to meed your overall objective.

THen they proceeded to send copies of the documentation

The letter then says
Your right to appeal
Last, but not least I am obliged to formally advise you that this letter is our final response to you in the relation to your complaint. If you are unhappy with my response you may refer your complaint to the FOS. They then enclose a copy of the FOS leaflet.


Question is what do I do next?

If I go with the FOS they take a long time.

If I get a new loan with the bank are they obliged to refund my money on the ppi?

Any help and suggestions are greatly appreciated.

di3004

eden1969 wrote: »

Sent a letter making a complaint about the ppi taken out on our loan. After many weeks of waiting we got this long response which ended with this statement.


In summary I cannot upold your complaint. In accordance with the standards applicable at the time and evidence available to me I conclude the Bank's representative acted with due skill, care and dilligence in arranging the policy. I also believe that you made an informed choice in respect of the suitability of the product to meed your overall objective.

THen they proceeded to send copies of the documentation

The letter then says
Your right to appeal
Last, but not least I am obliged to formally advise you that this letter is our final response to you in the relation to your complaint. If you are unhappy with my response you may refer your complaint to the FOS. They then enclose a copy of the FOS leaflet.


So sorry to hear this, do not let it go though, I'm sure the FOS will consider this in your favour.

Question is what do I do next?

If I go with the FOS they take a long time.
Yes it can take a long time, but could be worth it in the end, however if your in hardship, also let the FOS know this where you can ask if they could consider taking this on for fast tracking.
Enclose any copies of evidence you may have in regards of hardship, maybe health reasons if this also occurs to you.

If I get a new loan with the bank are they obliged to refund my money on the ppi?
You would normally get a rebate if you take out another loan with them, this will also pay off the existing loan, but its not a procedure as such for them to refund the full PPI, but only a rebate.

Any help and suggestions are greatly appreciated.

I would now as this is the final response, take this to the FOS, you can either ring for them to send a complaints form through the post, or download and print from the website, enclose copies of any correspondence and any evidence you may have to support you case.

http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Good luck, please keep us posted.;)

LeeSouthEast

FOS it. If nothing else it'll cost the bank a fortune which can be a pleasant feeling.

eden1969

Thanks for the advice I will send it to the FOS.
Just two questions do I have a deadline to get this information to the FOS?
And how is this going to cost the banks money if I refer this to the FOS not that I care if it cost them money but was just wondering.

melorablack

LeeSouthEast wrote: »

FOS it. If nothing else it'll cost the bank a fortune which can be a pleasant feeling.

£500 is the fos case fee for the bank...which is buttons to them.

melorablack

eden1969 wrote: »

Thanks for the advice I will send it to the FOS.
Just two questions do I have a deadline to get this information to the FOS?
And how is this going to cost the banks money if I refer this to the FOS not that I care if it cost them money but was just wondering.

You have 6 months to go to the fos and they charge the bank a fee for each case they look at.

LeeSouthEast

Oh I know it's "only" £500, which is indeed peanuts to the bank, but it can give some satisfaction that they're not getting away scot free.

di3004

eden1969 wrote: »

Thanks for the advice I will send it to the FOS.
Just two questions do I have a deadline to get this information to the FOS?
And how is this going to cost the banks money if I refer this to the FOS not that I care if it cost them money but was just wondering.

Hi there

Yes you have 6 months from the date of your final letter, you will find more info on how the FOS deal with these companies on their website.;)