fso final decision

252mahon

I have recently had a final decision from the financial ombudsman on a miss sold ppi policy on a loan from egg banking the decision was in my favor and egg have been told to repay me plus interest and compensation. But they have not responded to this decision can this be enforced and egg made to pay up

di3004

252mahon wrote: »

I have recently had a final decision from the financial ombudsman on a miss sold ppi policy on a loan from egg banking the decision was in my favor and egg have been told to repay me plus interest and compensation. But they have not responded to this decision can this be enforced and egg made to pay up

Hi there
First of all well done.:beer:

I take it you have signed the acceptance form from the FOS, and they have sent the form to EGG by now then?

I am aware there are no actual timescales on paying out which personally I think is not fair.
Have you since made contact to the FOS about this?

Even though they state your case is closed after resolved, you can ask if they are able to chase them up for you, or ask the FOS, the one that was dealing with your case if you are able to write to EGG to ask about this.

The FOS did actually chase one company for me 2 years ago, maybe worth giving it a go.
Good luck please let us know how you get on.:beer:

magpiecottage

The rules regarding a Decision by an Ombudsman (not by an adjudicator or a Provisional Decision by an Ombudsman) are:

• You MUST get your acceptance back to FOS (i.e. they must date stamp it) no later than one month after the Ombudsman issued his decision.
• You must indicate that you have accepted it. Simply signing it and not saying whether it is accepted or not will mean it is not legally enforcible. I have seen FOS get annoyed about this but by then it is too late.
• The firm MUST pay out within a month of the decision. If they do not they must pay interest.
• You can take them to court not over the original dispute but that they are legally bound to pay and not doing so. The court MUST then find in your favour - provided you start proceedings within six years of the Ombudsman's decision.

If it is over £750 you could write and threaten Egg with bankruptcy and copy in the FSA. It is a bit heavy handed but it would certainly set the cat among the pigeons!

di3004

magpiecottage wrote: »

The rules regarding a Decision by an Ombudsman (not by an adjudicator or a Provisional Decision by an Ombudsman) are:

• You MUST get your acceptance back to FOS (i.e. they must date stamp it) no later than one month after the Ombudsman issued his decision.
• You must indicate that you have accepted it. Simply signing it and not saying whether it is accepted or not will mean it is not legally enforcible. I have seen FOS get annoyed about this but by then it is too late.
• The firm MUST pay out within a month of the decision. If they do not they must pay interest.
• You can take them to court not over the original dispute but that they are legally bound to pay and not doing so. The court MUST then find in your favour - provided you start proceedings within six years of the Ombudsman's decision.

If it is over £750 you could write and threaten Egg with bankruptcy and copy in the FSA. It is a bit heavy handed but it would certainly set the cat among the pigeons!

Thank you for this info, much appreciated and very useful.
Cheers.:beer:;)

252mahon

yes i have signed the acceptance form from the FOS, and they have sent the form to EGG

dec22

252mahon wrote: »

yes i have signed the acceptance form from the FOS, and they have sent the form to EGG

Well done on winning your claim. Have you tried tried ringing Egg to establish timescales for payment? I'm sure people on these forums in the past have chased Egg directly. If they are unhelpful, then I would ask FOS to chase up for you.

Hope you have your refund before Christmas.

pinknico

The FOS will give Egg up to 12 weeks to pay, hopefully if you ring Egg they will give you a timescale.

252mahon

di3004 wrote: »

Thank you for this info, much appreciated and very useful.
Cheers.:beer:;)

still no word from egg.

marshallka

252mahon wrote: »

still no word from egg.

Is this for the redress? If it is perhaps you could write to them and state you now give them 14 days to pay up or you are forced to take legal action perhaps.