Santander Agreed to Pay Out on First Attempt! Should I accept?

Funky1_2

I sent the MSE template form from the FSA around 5 weeks ago and today we got a letter saying they except that it was missold and will be willing to pay out over £3K which leaves around £2k on the balance.

Do I except this first letter or hold out an say more. The advice on the MSE says don't accept the first letter / response but nothing if they actually say they will pay out. We are also on a DMP so I don't want to rock the boat too much.


What do I do, I can't believe it only took one letter.

Funky1_2

can anyone help me on this question?

zppp

Have they told you how much the PPI was on your loan along with the interest you may have paid due to front loading?

intranicity

What do you think, is it a fair offer?

If you think it's fair, i'd take it and get on with your life, they might up it, or they could decide to let the FSA decide and that could end up with you getting less!

fozmcfc

You'd be better posting this on the PPI reclaim boards.

amersall

Funky1 wrote: »

I sent the MSE template form from the FSA around 5 weeks ago and today we got a letter saying they except that it was missold and will be willing to pay out over £3K which leaves around £2k on the balance.

Do I except this first letter or hold out an say more. The advice on the MSE says don't accept the first letter / response but nothing if they actually say they will pay out. We are also on a DMP so I don't want to rock the boat too much.


What do I do, I can't believe it only took one letter.

The "dont accept the first letter" means, if you do not get a favourable reply to your claim for mis sell, this sounds like a good offer. What did the letter actually say?. You need to post this question here.
https://forums.moneysavingexpert.com/discussion/524031

PNPSUKNET

£3k is lively to be taken from the balance owed, so will help you end your dmp early

Funky1_2

Thanks for these responses I will post on the other forum as well. I did post somewhere else and they said post it here on the loans.

The letter said after considering all the information they have concluded that we were not given all the sufficient details to allow us to make an informed decision when the policy was take out. So they would make the offer os £3174.39 which is a refund of the premiums paid, interest to date, total amount of pro-rata PPI rebate.

It will bring the whole debt down to just over £2k which will go a long way on the DMP.

I just did not want to send a letter to say we would not accept it then end up with less. Looks like accepting it will be the best option.

Thanks for all the help.

amersall

Funky1 wrote: »

Thanks for these responses I will post on the other forum as well. I did post somewhere else and they said post it here on the loans.

The letter said after considering all the information they have concluded that we were not given all the sufficient details to allow us to make an informed decision when the policy was take out. So they would make the offer os £3174.39 which is a refund of the premiums paid, interest to date, total amount of pro-rata PPI rebate.

It will bring the whole debt down to just over £2k which will go a long way on the DMP.

I just did not want to send a letter to say we would not accept it then end up with less. Looks like accepting it will be the best option.

Thanks for all the help.

This seems to be the correct redress for the mis sell.

CH27

Funky1 wrote: »

Thanks for these responses I will post on the other forum as well. I did post somewhere else and they said post it here on the loans.

The letter said after considering all the information they have concluded that we were not given all the sufficient details to allow us to make an informed decision when the policy was take out. So they would make the offer os £3174.39 which is a refund of the premiums paid, interest to date, total amount of pro-rata PPI rebate.

It will bring the whole debt down to just over £2k which will go a long way on the DMP.

I just did not want to send a letter to say we would not accept it then end up with less. Looks like accepting it will be the best option.

Thanks for all the help.

What more do you want?