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PPI Claim - funny terms and conditions

Hello

Recently received (hazy) details of figures in relation to an upheld claim on PPI from a current loan. I am a little worried as the last paragraph states that the terms and conditions of the settlement and the substance of all negiotations in connection with it, are confidential to the parties and their advisers, who shall not disclose them to, or otherwise communicate them to, any third party, or publish them (without written consent of the other party). Any payment made is conditional upon acceptance of these terms. Basically preventing me from discussing the offer on here? Surely this can't be right! You lot are my advisors!!

Is this a new tactic being used by these companies.

To be honest I will be rejecting the offer so really are no to bother but could anybody tell me whether this company can do this legally?

Thanks for your help

Comments

  • dilus
    dilus Posts: 1,046 Forumite
    Maxrara wrote: »
    Hello

    Recently received (hazy) details of figures in relation to an upheld claim on PPI from a current loan. I am a little worried as the last paragraph states that the terms and conditions of the settlement and the substance of all negiotations in connection with it, are confidential to the parties and their advisers, who shall not disclose them to, or otherwise communicate them to, any third party, or publish them (without written consent of the other party). Any payment made is conditional upon acceptance of these terms. Basically preventing me from discussing the offer on here? Surely this can't be right! You lot are my advisors!!

    Is this a new tactic being used by these companies.

    To be honest I will be rejecting the offer so really are no to bother but could anybody tell me whether this company can do this legally?

    Thanks for your help

    Interesting, any legal eagles have a view ?
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
  • Maxrara
    Maxrara Posts: 37 Forumite
    10 Posts
    Good Morning All

    Obviously not many legal eagles about at the moment, in which case I would welcome any comments or thoughts that anybody may have. What would you think/do if you received this letter with a type of gagging clause? I don't expect anyone to have the answer, just looking for your personal thoughts/comments.

    Thanks
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    They would have a job monitoring all sites like these,on the off chance someone lets slip the redress!
  • dilus
    dilus Posts: 1,046 Forumite
    Maxrara wrote: »
    Good Morning All

    Obviously not many legal eagles about at the moment, in which case I would welcome any comments or thoughts that anybody may have. What would you think/do if you received this letter with a type of gagging clause? I don't expect anyone to have the answer, just looking for your personal thoughts/comments.

    Thanks

    We all use nicknames on forums, how could they prove it was your post, as long as you don't post any personal info (real name, e mail addy etc) then I wouldn't worry. I'm sure MSE would not divulge your personal information to them unless you have libelled them in some way. Like you say everyone on this site is YOUR advisor ;)
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
  • Maxrara
    Maxrara Posts: 37 Forumite
    10 Posts
    Hi dilus

    Thanks for that. I suppose that you are right. So long as I don't reveal actual details etc the company involved will have a hard job proving that I broke THIER terms and conditions. Will post offer soon.
  • dilus
    dilus Posts: 1,046 Forumite
    Maxrara wrote: »
    Hi dilus

    Thanks for that. I suppose that you are right. So long as I don't reveal actual details etc the company involved will have a hard job proving that I broke THIER terms and conditions. Will post offer soon.

    Only post them if you are comfortable doing so, you could even state dates that are slightly out (by say a week) in case "big brother" is watching ;)
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
  • Maxrara
    Maxrara Posts: 37 Forumite
    10 Posts
    Okay here goes.

    Single front loaded PPI - Insurance covered the first 5 years, and although a joint loan only covered the main bread winner. The insurance is now expired but the loan is current.

    Rough breakdown of offer as follows:-

    Cost of PPI 51/2k
    Amount paid 5k
    Notional redemption cost of PPI 3k(not sure what this is?)
    Total 8k
    Simple interest 500
    Deduct the cost of equivalent PPI (that old chestnut!) 21/2k - Been retired 3 years (just started self employment this year!).
    Total to be paid 6k

    There is no mention of any adjustment of the existing loan, also no redress of interest/charges etc due to some missed payments (now caught up). Also no word with regard to a previous loan (which also had PPI) which rolled into the presnt one.

    This offer was suppose to put me back in a position that I would have been in if I didn't have the PPI but I can't be sure that this is the case. Funnily, they state that the calculations are only 'broadly' in line with the FOS.

    Is this a fair offer?
  • dilus
    dilus Posts: 1,046 Forumite
    Maxrara wrote: »
    Okay here goes.

    Single front loaded PPI - Insurance covered the first 5 years, and although a joint loan only covered the main bread winner. The insurance is now expired but the loan is current.

    Rough breakdown of offer as follows:-

    Cost of PPI 51/2k
    Amount paid 5k
    Notional redemption cost of PPI 3k(not sure what this is?)
    Total 8k
    Simple interest 500
    Deduct the cost of equivalent PPI (that old chestnut!) 21/2k - Been retired 3 years (just started self employment this year!).
    Total to be paid 6k

    There is no mention of any adjustment of the existing loan, also no redress of interest/charges etc due to some missed payments (now caught up). Also no word with regard to a previous loan (which also had PPI) which rolled into the presnt one.

    This offer was suppose to put me back in a position that I would have been in if I didn't have the PPI but I can't be sure that this is the case. Funnily, they state that the calculations are only 'broadly' in line with the FOS.

    Is this a fair offer?

    Might be worth bumping this one up to "successes and failures" Maxrara as there are terms stated in there that I have never come across but I'm in no way an expert on here :o
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
  • Maxrara
    Maxrara Posts: 37 Forumite
    10 Posts
    dilus Thanks I will bump as suggested.

    On the issue of whether I should or should not have posted, I am of the opinion that any good company should not be afraid of their customers seeking advice about any offer that were fair but a little complicated. I am also lucky that if needed I have access to some legal eagle (wife's family friends - she is posh and me a street urchin; so I know how to fight dirty if needed lol.

    Anyhow for the greater good.
  • dilus
    dilus Posts: 1,046 Forumite
    Maxrara wrote: »
    I am of the opinion that any good company should not be afraid of their customers seeking advice about any offer that were fair but a little complicated.
    /QUOTE]

    Sounds like a vain attempt to silence people and stop their name being dragged through the wringer
    Get the money back, in a different account :) then name and shame ;)
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
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