Nat West PPI offer,should I accept?

Sues48

Several months ago I started to try reclaiming PPI on a Nat West Credit card which I'd had since 1988. As it was such a long time ago I didn't really hold out much hope of success but thought it was worth a try anyway. Nat West turned down my claim straight away and I then took my claim to the FOS. Yesterday I received a letter from the FOS stating that Nat West had agrred to settle my claim before the FOS had completed their investigation. No figures were given,it did go on to say that Nat West will be limiting the offer to 6 years and not the full term. If I turn down the offer and the FOS finds in my favour would I get more than 6 years worth of arrears? Or should I just be grateful for the offer and accept?

di3004

Sues48 wrote: »

Several months ago I started to try reclaiming PPI on a Nat West Credit card which I'd had since 1988. As it was such a long time ago I didn't really hold out much hope of success but thought it was worth a try anyway. Nat West turned down my claim straight away and I then took my claim to the FOS. Yesterday I received a letter from the FOS stating that Nat West had agrred to settle my claim before the FOS had completed their investigation. No figures were given,it did go on to say that Nat West will be limiting the offer to 6 years and not the full term. If I turn down the offer and the FOS finds in my favour would I get more than 6 years worth of arrears? Or should I just be grateful for the offer and accept?

Hi there

First of all well done and Congratulations.:beer:

Maybe the FOS will be able to get some figures for you first before you decide.
Have the FOS also sent you an acceptance form to sign at this stage?

marshallka

Sues48 wrote: »

Several months ago I started to try reclaiming PPI on a Nat West Credit card which I'd had since 1988. As it was such a long time ago I didn't really hold out much hope of success but thought it was worth a try anyway. Nat West turned down my claim straight away and I then took my claim to the FOS. Yesterday I received a letter from the FOS stating that Nat West had agrred to settle my claim before the FOS had completed their investigation. No figures were given,it did go on to say that Nat West will be limiting the offer to 6 years and not the full term. If I turn down the offer and the FOS finds in my favour would I get more than 6 years worth of arrears? Or should I just be grateful for the offer and accept?

Hi, if you have the proof of over 6 years worth then I am sure FOS would be able to try to negotiate but otherwise if natwest are saying they only have statements for the past 6 years (which is what they HAVE to keep) then I would think that it may be your best offer.

I would ask the FOS if they can perhaps give you some idea on this. ALso have they said they would pay the 8% statutory interest if this was an offer before FOS got involved? Check this and ask FOS to advise also.

Well done BYW.

Sues48

Thanks for both your replies, yes The FOS have sent an acceptance form with their letter, the letter does not say whether Nat West's offer includes the 8% interest or not, only that Nat West will be writing to me with the precise terms of their settlement, I'm assuming I'll receive this before the deadline of 3.2.10 which is the deadline for accepting the offer,but I will ring or email the FOS to confirm this with them. I haven't any proof of payments going back past the 6 yrs as I usually have sort out every 12 months or so and shred all my old docs.

dec22

Sues48 wrote: »

Thanks for both your replies, yes The FOS have sent an acceptance form with their letter, the letter does not say whether Nat West's offer includes the 8% interest or not, only that Nat West will be writing to me with the precise terms of their settlement, I'm assuming I'll receive this before the deadline of 3.2.10 which is the deadline for accepting the offer,but I will ring or email the FOS to confirm this with them. I haven't any proof of payments going back past the 6 yrs as I usually have sort out every 12 months or so and shred all my old docs.

I have had the same letter from he FOS re my RBS credit card PPI. How I understood the letter is that you will only get the calculations once you have accepted their offer. You could always go back to the FOS if you are unhappy with the offer and ask them to review the calculations.

My PPi started in Dec 2001 and they will pay from Sep 2003. My limit was very low so the PPI was very little then (as I have all my statements). So I'm not going to wait another few months and have accepted the offer. In your case where you stand to lose so much, I would speak to the FOS to see whether it is worth pursuing the whole amount.

Good luck!