Should you accept the first PPI compensation offer from a bank or credi card company?

bonzamate

Hello people.

I have been one of the lucky people who has now been offered a PPI claim compensation payout for my credit cards.:j

I would like to know if I should just accept the offer or are they taking the p**s with their first offer.

Should I say no to them & try to get more back from them?

Is there anyone on here who was in the same situation who said no to the first offer & how much extra did you manage to get from them?

Thanks for your time & advice.

And to people looking into claiming my advice is to do it now. I printed off the claim form on here filled in what I could which wasn't much as I didn't want to give them any excuses & here I am with 2 payouts.:beer:

THANK YOU MARTIN LEWIS!!! YOU ARE THE BEST!!:T

dunstonh

Is the calculation correct or do you believe it is wrong?

DrSqueeze

bonzamate wrote: »

I would like to know if I should just accept the offer or are they taking the p**s with their first offer.

Broadly speaking they should refund anything you paid for the PPI, plus interest at 8% on the total.

If that's the amount they've quoted, then you've been offered the correct sum. If not, go back and question how they arrived at the figure.

bonzamate

Hello dunstonh & DrSqueeze.

Thank you for both your messages.

I'm not really sure if its what I'm owed its a bit difficult without no statements from all the years back.

I wasn't sure if the banks just go silly & offer you a low amount so they can save more money & rip more people off again.

They have offered me the PPI payment plus the 8% so from what you are saying DrSqueeze it must be right.

Thanks for taking the time to write to me.

dunstonh

I wasn't sure if the banks just go silly & offer you a low amount so they can save more money & rip more people off again.

They shouldnt do. The calculation is relatively straightforward. It is return of premiums paid plus interest. So, there isnt a lot of scope to get it wrong but you do see if occasionally. If the premiums paid looks right then that is all you have to go by.

bonzamate

Hey thanks for your help dunstonh. Really appreciate your time & help.

Hey do you live near Dunston Hall?

newmommyjen

Hi wondering if any one can help me.
I have two loans, both of which have ended and paid off.
I have only paper work for one of the loans, none for the other loan.
On the paper work states the PPI amount is £644.
I called up the RBS PPI reclaim line, and the gent took my details and said both my loans had PPI on them. I answered some questions and told to wait for a reply.

Two weeks have gone and i have received a reply from RBS. Only going to offer me £260, for both loans. Should i complain and hold out for more?

amersall

If you only have paperwork for one loan they will only pay redress for that one unless they find the other account.
Also, the answer I gave on your other post.

Uncle_Bryn

Hi,





I have an on-going PPI claim with Barclay Card which they’ve upheld. They have offered me a refund; however I am not confident they are giving me back, in full what I am owed. I have written to them enclosing a statement from 2004, highlighting PPI charges were being applied back them. All they did was just write back to me confirming their first offer. I have called the Barclay Card PPI help line where I questioned this with a lady and all she said was "I can confirm we have gone back as far as 2004". I asked her for evidence to show this calculation and her reply was “all I can suggest is you request access data information which will cost you £10.00". I did this and received reams of confusing information this week and now don't know what to do with this information. Can anyone offer me any advice please?


Thanks

fesman

Hi

I have a similar situation with Santander.

On a £10k loan that had missold PPI, they've offered £1,000 as final settlement. They claim this includes the 8% interest and is a full redress of the position I would have been in before it was sold.

The figures look on the low side to me however? My understanding was that PPI often worked out to be on average 3000 per 10000 loan taken out (rough figures admittedly).

I am not sure whether I should accept this or reject and refer to the Ombudsman. They have said this is final offer.

Any help would be much appreciated!

[Deleted User]

fesman wrote: »

My understanding was that PPI often worked out to be on average 3000 per 10000 loan taken out (rough figures admittedly).

Full redress is only ever a refund of what you actually paid plus 8% interest. Only go to the Ombudsman if you are absolutely certain you paid more than is offered and have evidence to prove it, otherwise you'll wait eighteen months only for FOS to agree with the Bank.


There are no "first offers" with PPI redress because it's defined.