MSE News: Banks admit PPI misselling will continue

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This is the discussion thread for the following MSE News Story:

"Banks and lenders say they will continue to missell debt insurance, as it was revealed consumers could be due over £4 billion in compensation over the next five years..."

Comments

  • pompeyfaith
    pompeyfaith Posts: 536 Forumite
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    I Have been following the FSA on this subject very closely and am in the process of reading the update released yesterday.

    I Have had a complaint with the Co-op bank since June 2008 and it has been with the FOS since December 2008 due to deadlock with the bank it is still to be resolved.

    I have made a complaint to the FOS regarding the time span considering my medical conditions. it is now being dealt with and i am in close telephone contact with the FOS.

    This all revolves around 9 PPI policies but the bank only offered redress on 8 of them because they said they did not hold documemtation for the first loan this turned out to be a white lie because on Jan 09 the documents for that first loan turned up in the post after me making a second sar request.

    They then said because they had no prove of payments made they could not offer redress this again i rebutted on the grounds that it was the first loan i had and if i had not made any payments they would not have offered me a further 8 loans after all they are quick enough to unfairly default me on my current loan which i will not pay all the time they are holding on to my money.

    Furthermore as my loans are linked to my current account (same account numbers) and i have direct debits for these the first item that goes out each month is the loan repayment even if it puts me overdrawn i fail to see how they can make that statement.

    They have finally offered redress on this loan but i have not had this in writting merely informed the FOS who told me via a phone call.

    The FOS have asked me if i wish to accept their latest offer or take it to adjudication after much thought over the week/end i have today instucted them tto go to adjudication on the following grounds.

    Due to them trying to do me over in the past im not sure there offer is correct specially as i have not had it in writting from them

    I also feel i should be entitiled to some compensation due to the stress this has caused which was partly to blame for my heart attack i had in march 09 and also the way they have handled this complaint from the onset.

    Since this complaint was brought to the attension of the FOS there has been about £1500 added to the current loan account in interest i fail to see why i should pay this due to there catalog of mistakes

    The issue of default which should not have taken place as i am not in default as they are holding onto money that is due to me and the loan account is in official dispute as it is with the fos.

    Finally I put all this to the fos today over the phone but i will now put it to them in writting so they know exactly where the issues lay.

    Regards

    PF
  • di3004
    di3004 Posts: 42,579 Forumite
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    Good for you and good luck PF.:T;)
    The one and only "Dizzy Di" :D
  • pompeyfaith
    pompeyfaith Posts: 536 Forumite
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    Indeed im pulling them in their line is getting shorter

    Thanks Di
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