Clydesdale / Yorkshire Bank offer

artycgill

Hi guys have received offer from Clydesdale Bank for 2 loans which had PPI on them the offer was for £770 for both of them ie £450 and £320 however when I took out the loan the PPI was £1125 and £594 on the original paperwork.
I repaid both loans early and they have said that because I paid them of early this is all I am entitled to and thats with the 8% interest included.
My question is surely even me paying of loan early doesnt make a difference because I still had to pay the PPI, I`m confused what to do can you guys help please.

thanks

di3004

artycgill wrote: »

Hi guys have received offer from Clydesdale Bank for 2 loans which had PPI on them the offer was for £770 for both of them ie £450 and £320 however when I took out the loan the PPI was £1125 and £594 on the original paperwork.
I repaid both loans early and they have said that because I paid them of early this is all I am entitled to and thats with the 8% interest included.
My question is surely even me paying of loan early doesnt make a difference because I still had to pay the PPI, I`m confused what to do can you guys help please.

thanks

Hi there

If your not happy with the offer then you can write back to them and ask them to reconsider, if this was not the final response.

With an offer they seem to offer anything as a goodwill gesture, but if they upheld in your favour, they should refund all you have paid in PPI, interest etc.
As shown on Maxdp's thread, if upheld they should work out the calculations just like the FOS, here:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

So if they have not accepted liability and its just an offer and not a final decision you should have the opportunity to write back and tell them you still strongly believe you were mis sold and require them to refund ALL you have paid in PPI, interest etc, and 8% interest of what a court would award for being deprived of your money.
The above calculation link should give you some idea.

Or you could ask if they could at least offer a higher amount for you to consider.

If this was the final response and they have given details of the Financial ombudsman service (FOS), and your not satisfied you can then move your complaint on to them to investigate, the knock back is with the FOS is that it can be a while before they investigate, but could still be worthwhile if your not happy with how the bank have dealt with your complaint.

Good luck, please keep us posted.;)

Di