PPI should I accept offer?

Fix

I have had a credit card for a few years and was sold the PPI. I have sent the company a form about claiming the money back. They have made me an offer, but after looking at recent statements I know it doesn't cover what I actually paid.

I have asked them to send me the statements going back 6 years so that I can work it out properly.

Is it worth going after them for more? Some friends have told me to take the money offered as it could end up going to court etc..... and costing more money.

Has anyone else done this? Was it successful?

Thanks.

dunstonh

Is it worth going after them for more?

They should pay out the premiums paid for which they have information (which may only be last 6 years) plus interest. If you have statements for the missing periods then you can supply them.

Some friends have told me to take the money offered as it could end up going to court etc..... and costing more money.

As the PPI issue is a regulatory one and not a legal one the courts have largely been ruling in favour of the lender. The company could then refuse to pay out and the FOS will go by the court ruling. So, in effect, court is not a good option.

magpiecottage

It is unlikely to go to court - you can use the Financial Ombudsman Service free.

However, there is a possibility that a commercial decision has been made to make a quick settlement. If you reject that offer then all bets are off. The firm is then within its rights to go back and look more closely at the case. If that happens it may uncover evidence which shows it was not missold at all. In such circumstances it is under no obligation to honour the current offer.

It is your call.

Fix

ok, thanks for the quick replies.

I will prob take the offer as going for more may result in nothing!!!

thanks again... it has been stressing me out a bit!!!

dunstonh

A recent thread did have someone who thought the payment was not enough. They queried it and the lender did look at it closely this time and found it was not mis-sold. The original offer was under their current floor limit so they auto-upheld it. The increased amount was above it and prompted investigation which found no wrong doing.

Fix

ok thanks for info