PPI Reclaiming Discussion Part 5

dunstonh

The bank have offered the statutory repayment of the PPI payments, plus 8% interest, but I feel that I am entitled to compensation as the money was taken when I could least afford it and contributed to the financial problems I entered into (plus adding to the mental health issues I was also suffering at the time). Has anybody any experience of a similar case / situation?

The redress method is defined by the regulator. If you can prove that you incurred extra costs as a direct result of the PPI being paid then you should make your point to the bank. However, in the vast majority of cases, the PPI premium is not large enough to made any difference to the outcome (such as financial difficulty) and the 8% interest is the compensation.

Basically, I feel that it is not fair that they just repay the PPI payments, without any compensation.

The 8% interest is the compensation.

Gingerkat1978

Hi there

Brand new to MSE but can't find an answer to this one anywhere on t'interweb.
I signed up to MPPI with a countrywide advisor in 2012. However I was just reading up on what it covers (on money supermarket) and it turns out I never needed it. I have good sickness cover at work and would get a decent pay out if I was made redundant.
Do I have grounds to complain or do I just need to learn my lesson?
Ta!

dunstonh

Gingerkat1978 wrote: »

Hi there

Brand new to MSE but can't find an answer to this one anywhere on t'interweb.
I signed up to MPPI with a countrywide advisor in 2012. However I was just reading up on what it covers (on money supermarket) and it turns out I never needed it. I have good sickness cover at work and would get a decent pay out if I was made redundant.
Do I have grounds to complain or do I just need to learn my lesson?
Ta!

it is highly unlikely a 2012 was mis-sold. This is well into the period of the PPI issue.

You havent actually given any valid reasons for mis-sale.

1 - The FOS reject most complaints on MPPI where the reason is employer benefits as the vast majority of MPPI pays out in addition to employer benefits (plus the debt being covered is long term and not short term)
2 - Redundancy payments are discretionary and not guaranteed and does not overlap with MPPI.

It would be very easy to defend a complaint if those are your only reasons.

Nasqueron

If you work in the private sector and your employer goes broke there won't be any such guaranteed redundancy - even if there was (e.g. in public sector), could you pay your mortgage + all your bills without any steady income while you looked for a new job?

Sick benefits are often quoted as fantastic until you find out they pay for a few months and then put you on SSP which is a significant loss of earnings and if it was a long term or permanent illness / disability you couldn't rely on it

Sweeneybhoy

Hi,
I'm hoping someone can shed some light on this as I am very confused and not sure where to start let alone if there's even a case to answer!

When purchasing the property I currently live in back in 2007 I was in full time employment at a company paying sick pay for 6 months.

I remember the conversation about mortgage payment protection coming up with the mortgage advisor at the estate agents and being wet behind the ears took her up on her offer to arrange it.

I've not since reviewed it and have been paying £25 pound a month since.

My questions are:
- Is there a case here?
- If so who do I get in touch with? The estate agent or FirstAssist (the company the policy is currently with)

Any help much appreciated

Cheers

Dave

dunstonh

- Is there a case here?

Nothing you have said suggests any wrongdoing.

- If so who do I get in touch with? The estate agent or FirstAssist (the company the policy is currently with)

The estate agent. However, as said, you haven't given any complaint reasons.

Mrbowie

I've just been reading up on what upheld in part actually means,the article was interesting as it explains the upheld in part that I had on all 9 of my loans At the time of my payout by Lloyd's in 2013, there was no explanation on the letter as go what it meant, basically they have as.ktted taking PPI unlawfully but haven't paid the full amount usually they held back 10%, so, my query is Lloyd's rang me in august I couldn't talk to them pfopey as we had guests but I stated that I had no idea what upheld meant and that I was misold PPI they wrote saying they were happy with the original decision but I could complain, which I did in October but all I get when I ring is that it's being investigated, I have 6 months from October to contact ombudsman and don't want to lose out so should I give it tillfeb then contact FOS?

[Deleted User]

Mrbowie wrote: »

I basically they have as.ktted taking PPI unlawfully

They haven't admitted taking PPI "unlawfully" at all.

PPI mis-selling is not a legal issue and you'll find that the letters you were sent upholding your complaint will have made no such admission at all.

If they have only upheld "in part" your complaints, then they will have also explained why. Read their uphold letters carefully and the reason will be there somewhere. As you clearly don't agree with their reasoning, you should forward your complaint to the Ombudsman if the Bank don't respond to the re-submission of your complaint.

Do realise that you'll need to show why the Bank is wrong to only partially refund and it would be helpful if you could post what reasons the bank gave for apparently withholding this 10%.

Humphrey17861

Dear All

I am in need of some help and advice regarding a ‘successful’ reclaim of Payment Break Plan charges on a Monument Credit Card.

A few years ago my son-in-law died leaving my daughter pregnant, and with a 4 year old son. He died leaving an outstanding debt of approx £3600 on his Monument Credit Card. My daughter had been left with no money so, after contacting Monument, they agreed a sum of £1200 in full and final settlement of the account. (I gave her the money).

A few months ago she received a ‘final settlement’ letter from Monument stating that all PBP charges will be refunded, together with statutory interest. The figure due being a total of £2387. However, Monument state that they are offsetting the money against the outstanding balance of (believe it or not) £2387.07, and therefore no money will be coming her way. They seem to have ignored the fact that this debt was paid off with the agreed amount of £1200 four years ago.

Since last November, we have written to Monument twice pointing out that there is no debt owing. Both letters have been signed for as being received into their office but as yet she has had no response or acknowledgement.

Any help, advice, or even an e-mail address for contact would be most welcome.

tomtontom

Humphrey17861 wrote: »

Dear All

I am in need of some help and advice regarding a ‘successful’ reclaim of Payment Break Plan charges on a Monument Credit Card.

A few years ago my son-in-law died leaving my daughter pregnant, and with a 4 year old son. He died leaving an outstanding debt of approx £3600 on his Monument Credit Card. My daughter had been left with no money so, after contacting Monument, they agreed a sum of £1200 in full and final settlement of the account. (I gave her the money).

A few months ago she received a ‘final settlement’ letter from Monument stating that all PBP charges will be refunded, together with statutory interest. The figure due being a total of £2387. However, Monument state that they are offsetting the money against the outstanding balance of (believe it or not) £2387.07, and therefore no money will be coming her way. They seem to have ignored the fact that this debt was paid off with the agreed amount of £1200 four years ago.

Since last November, we have written to Monument twice pointing out that there is no debt owing. Both letters have been signed for as being received into their office but as yet she has had no response or acknowledgement.

Any help, advice, or even an e-mail address for contact would be most welcome.

A partial settlement does not write off a debt, it is just an agreement that the debtor will not be pursued for further payments. In this situation it is right that the PPI settlement is paid towards the debt.

What I would question here is why your daughter paid towards his outstanding debt. Did he have assets that she benefited from? If someone dies with no estate then any debts solely in their name would be written off.