PPI Claim

src007

Hello jenjen60,

Just to avoid any confusion.

It's worth checking the offer letter that you signed. If it mentions that the offer is in line with 'Financial Ombudsman Service' recommendations you can be confident about getting a cheque.

You will get back the PPI payments you've made to date as well as interest on those payments.

This is unless you're on lowered payments or in a Debt Management Plan, in which case it'll all reduce the loan.

Check the paperwork to see what the monthly PPI payments are.

For example if the PPI is £40 per month and you've been paying for 10 months you'll get sent a cheque / bank transfer of £400. Your loan payments would then go down by £40 per month (to remove the PPI going forward).

A bank wouldn't send a refund to a claims company so you should get the money yourself, you'll have to make arrangements to pay them separately.

The way your insurance is set up mystifies most people, so I would be surprised if you NOT confused by this thread!

magpiecottage

FOS has given details here.

This seems to indicate that putting the loan back to where it was is correct.

Ironically, although you could almost certainly get a complaint that an IFA or mortgage broker failed to make clear that you would have to pay fees from your own resources upheld by FOS, with no help from a CMC, there is no proper indepedent arbitration of CMCs themselves.

jenjen60

Hi magpiecottage

pse can u explain your last reply a little more in depth, a bit confused as u say I can try and put the complaint to the FOS before going to the CMC is this correct? Thanks

dunstonh

What magpiecottage is saying that the redress instructions issued by the FOS do allow for the provider to pay redress within the loan and not pay it out to you as a cash value. The link provided confirmation of that to back up what was already said higher up int eh thread.

The ironic bit is that if an IFA or mortgage broker failed to disclose such an important bit of information like that it would be a complaint. Yet a CMC can fail to make that known to you and largely get away with it as they have no real regulation. The CMCs are the ones putting the complaints in about rules that they themselves do not follow.

jenjen60

Hi All,

I want to thank each and every one who replied to my question, but when I logged onto my account Santander paid my full amount owing into my account, now I can pay my bill.
Thank you again

di3004

That is great news JenJen, well done!;)

magpiecottage

Thanks DunstonH - that is exactly what I was getting at.

(I was out kayaking this afternoon though!)

src007

dunstonh wrote: »

What magpiecottage is saying that the redress instructions issued by the FOS do allow for the provider to pay redress within the loan and not pay it out to you as a cash value.

Case Study One the link provided by Magpiecottage clearly explains:

If FOS guidance is followed, the lender has to pay back --AS CASH INTO YOUR ACCOUNT-- the PPI payments made so far on the loan + 8% interest. This is what Santander have done in jenjen60's case and they should be given credit for following the guidance.

Unless you're in arrears, suggesting the all the refund will go to the loan is wrong.

amersall

jenjen60 wrote: »

Hi All,

I want to thank each and every one who replied to my question, but when I logged onto my account Santander paid my full amount owing into my account, now I can pay my bill.
Thank you again

I am glad that it worked out for you.