PPI Reclaiming Discussion Part 5

BooJewels

Nasqueron wrote: »

You can't complain the policy was miss-sold and ask for a refund and keep it as well [...]

I never actually asked for a refund or to cancel the policy. In fact, I made it clear from my initial enquiry that I didn't want that.

One of the grounds for making a complaint is that you never had a choice over taking the policy/the loan was conditional on doing so/you weren't made aware we could buy it elsewhere. I rang and told them this was the sole basis of my complaint and that I was otherwise happy that the policy gave us cover we could use - and have made a claim on. They said I could still go ahead with the complaint and they started the process and gave me a claim no. right then.

I am not aware of anyone able to get a sort of half way house refund i.e. the difference between what they charged you and what you could have got if you'd been able to shop around.

I discussed this when I spoke to their investigator - I have no way of knowing now if their policy was the best available or I could have got much better terms elsewhere had I been given the choice. If, for arguments sake, I could have got better cover for £10 a month less than I have paid, then I'll be out of pocket by £1200 in the life of the policy. (As the value of the claim we made would be deducted, I'd not actually get anything other than a paper 'upheld' decision.)

I've repeatedly explained to them that this is my sole concern, yet no one at the PPI department has ever said it's not a suitable or valid argument for a claim. She said today that "they do normally cancel policies after an offer has been made and accepted" I asked if that meant there were therefore exceptions to that and she said "there are some circumstances where an offer is made and the policy can continue". Which is why she was happy that it was referred to the special investigation team, as it wasn't straightforward.

It doesn't really matter what I think or how the people posting here think the claim should proceed - the bank will actually make the decision based on the evidence to hand and I will accept it. I suppose I already have what I hoped for - an admission that they did wrong in 2008.

dunstonh

I discussed this when I spoke to their investigator - I have no way of knowing now if their policy was the best available or I could have got much better terms elsewhere had I been given the choice.

This is the bit that has likely caused the trouble. Their product wont be best in either quality or cost. The reason is one that is in the standard list of complaints reasons where, if upheld, it results in a refund of premiums.

I've repeatedly explained to them that this is my sole concern, yet no one at the PPI department has ever said it's not a suitable or valid argument for a claim.

And you would not expect them to do so. They either refuse giving their reasons or they uphold without saying why they have upheld it. You can give say 10 reasons and fail on all 10 of those but the bank could find a failure that you hadnt listed and refund on that basis without telling you what that basis was.

I asked if that meant there were therefore exceptions to that and she said "there are some circumstances where an offer is made and the policy can continue". Which is why she was happy that it was referred to the special investigation team, as it wasn't straightforward.

There are nearly always exceptions that can be made. However, now you are very reliant on them giving a goodwill gesture instead of the redress. They were probably paying out on auto-payout before. They wouldnt have spoken with the staff member and they wouldnt likely have checked any historic admin. The PPI complaints are usually farmed out to contracted workers/firms rather then in-house whereas conventional complaints get dealt with in-house. Yours has probably been moved to their in-house team.

It doesn't really matter what I think or how the people posting here think the claim should proceed - the bank will actually make the decision based on the evidence to hand and I will accept it. I suppose I already have what I hoped for - an admission that they did wrong in 2008.

The commercial reality is that its cheaper to pay out in many cases than it is to argue. So, that admission may make you warm inside but it is not said with any sincerity or meaning. Its said to get your case closed as quickly and cheaply as possible. Your complaint reason was weak and without evidence. Nothing at their end would support your allegation and you almost certainly have nothing to support it to. They could quite easily have rejected it based on what you have said. Which is why auto-payout seems the likely reason here. Hence commercial decision rather than genuine regret. Most consumers dont care as they are only interested in the outcome. i.e. a refund. You are quite different to the norm.

BooJewels

Thanks for the further comments dunstonh

It seems that I just wasn't understanding how the system might work. It never occurred to me that they'd operate a one-size-fits-all type of approach - or worse an 'auto-payout'. I had rather optimistically and naively thought that they'd actually consider each claim individually on its own merits.

I'll update in due course, but if it has now gone in-house, it might well be some time before I hear anything further.

j5emm

have now had a reply from studio cards I have held an account with them for 17 years....doesn't time fly!! not expecting a massive amount from them if they uphold my complaint...today they sent me an email with lots of waffle in it but this main point...

We believe that your complaint could be affected by the proposed results and guidance from Plevin and as a result, we cannot provide you with a final decision to your complaint until the FCA have issued their findings. The FCA Board met on 9 December 2016 and have issued the following statement which is available on their website: https://www.fca.org.uk/news/statements/financial-conduct-authority-statement-ppi

they will write to me every 8 weeks to keep me informed... does anyone know when the next update on this is expected??

dunstonh

j5emm wrote: »

have now had a reply from studio cards I have held an account with them for 17 years....doesn't time fly!! not expecting a massive amount from them if they uphold my complaint...today they sent me an email with lots of waffle in it but this main point...

We believe that your complaint could be affected by the proposed results and guidance from Plevin and as a result, we cannot provide you with a final decision to your complaint until the FCA have issued their findings. The FCA Board met on 9 December 2016 and have issued the following statement which is available on their website: https://www.fca.org.uk/news/statements/financial-conduct-authority-statement-ppi

they will write to me every 8 weeks to keep me informed... does anyone know when the next update on this is expected??

This means your complaint has been rejected. However, the FCA have completed the consultation. It only applies to rejected complaints. If the commission exceeds 50% of the premium, then the excess above that should be refunded plus interest. We are starting to see these go out now. Not seen one that has resulted in money yet as most cards are around 30-40%. But that is what they will be doing.

j5emm

thanks for the speedy reply...do I just sit and wait then or do I need to do something else?

amersall

Splinterbungee wrote: »

I know i wouldn't get the main loan but as the amount for the insurance is documented as a loan on my paperwork am I right in thinking i would get that part back

Total loan approx £18K of which £4K was the loan to pay the insurance. Seems really high over 5 years

If you are successful, you will get the whole PPI amount with the interest on that, plus the 8%, If the loan ran to term.

If you made a claim on this PPI they will take that amount off, if you settled early, they will take the rebate back that they gave you at settlement.

If you defaulted on this loan, they may take the redress off what you owed at the time of default to clear any debt owed, any surplus goes to you.

[Deleted User]

j5emm wrote: »

thanks for the speedy reply...do I just sit and wait then or do I need to do something else?

Two things to note;
(1) Your complaint has failed.
(2) You MAY get some money regardless.

So, yes, you wait. Don't be too expectant though.

j5emm

oki doki, thanks for the reply

[Deleted User]

BooJewels wrote: »

I just wanted the inappropriate actions of one member of staff acknowledging.

You need to understand that this will never happen. The person concerned will never even be aware that you complained.

Do you have some personal axe to grind against this person? If Not, I can't see why you didn't just accept a full refund (plus interest) and look for similar cover elsewhere.

BooJewels wrote: »

I'll update in due course

Your complaint is so unique to you that it's result is unlikely to help others.