PPI FAQs discussion thread

Honey22

Barclays rejected my PPI complaint about 17 months ago. I have since taken this to the FOS who have been processing the case over the last 11/12 months.
Today I received a letter stating '...Barclays has told us that it would like to make an offer as a gesture of goodwill offer, with no admission of liability, to settle your complaint...Barclays will be writing to you to explain the precise terms of its proposed settlement - however, it has told us that it will be based on the general approach that the FOS takes when we decide that a consumer has been mis-sold a PPI policy.' This suggests to me that they would like me to pull the claim so that it doesn't go on their official record as a successful claim.
However, it goes on to say that 'It is important to understand that the offer will be subject to you agreeing to the cancellation of the payment protection insurance policy...'. Is this a standard requirement? The policy is still active and I wouldn't be too bothered about not having it if the amount they offer covers the existing balance on the account.
Has anyone else been offered a 'goodwill' payment with similar terms? Should I just go with it or wait for the FOS to process the complaint? Any advice would be gratefully received.

dunstonh

This suggests to me that they would like me to pull the claim so that it doesn't go on their official record as a successful claim.

Almost right but for the wrong reason. The FOS can give firms a last chance to settle without incurring the FOS fee. It is that which will be avoided.

However, it goes on to say that 'It is important to understand that the offer will be subject to you agreeing to the cancellation of the payment protection insurance policy...'. Is this a standard requirement? The policy is still active and I wouldn't be too bothered about not having it if the amount they offer covers the existing balance on the account.

If you are complaining you shouldnt have it then it is logical that it should be cancelled. You cant have your cake and eat it.

Has anyone else been offered a 'goodwill' payment with similar terms?

yes, its normal.

Should I just go with it or wait for the FOS to process the complaint?

The bank can and probably will withdraw its offer if you go to the FOS and if the FOS rule against you, then you end up with nothing.

Honey22

Thanks for your prompt advice dunstonh. Much appreciated.

Just to clarify, my complaint against Barclays is because they sold me PPI when I was a full time student and was employed for less than 16 hrs a week so, as I understand it, I would not have been eligible to make a claim against the policy. My circumstances have since changed and I have been employed full time since I left uni 9 years ago.

Halfpint1

Hi there, Ive had a good will offer from my bank about PPI, I signed the paperwork and sent it back yesterday not knowing I could try and claim more, is it now too late to do anythig? I did ask the bank how much my loans were for and they told me they would send me the info but this was back in May and I still have no paperwork!! Any advice?

dunstonh

Hi there, Ive had a good will offer from my bank about PPI, I signed the paperwork and sent it back yesterday not knowing I could try and claim more, is it now too late to do anythig?

You cannot claim more. The redress method is defined. It is a refund or premiums paid (or that can be proven to be paid) minus any claims paid out or rebate of premium plus interest at 8% simple.

heinzguderian

Hi, I have complained to HBOS about the PPI on our credit card we took out in 2008 and they have rejected the claim saying that we were informed of the policy at the time (I do not believe we were) and that a verbal consent would have been required.

However, after working for a bank for 24 years and knowing how useless and expensive these things are, that is simply something I would not have done! I have never taken out any sort of insurance policy on loans or credit cards when given the choice.

Should I go straight back to them or go to the Ombudsman?

Cheers in advance.

dunstonh

However, after working for a bank for 24 years and knowing how useless and expensive these things are, that is simply something I would not have done! I have never taken out any sort of insurance policy on loans or credit cards when given the choice.

Should I go straight back to them or go to the Ombudsman?

After working for a bank for 24 years, I am surprised you never once spotted it on your statements.

heinzguderian

dunstonh wrote: »

After working for a bank for 24 years, I am surprised you never once spotted it on your statements.

And I still can't see it! Well hidden then.......

amersall

heinzguderian wrote: »

And I still can't see it! Well hidden then.......

If it does not show on your statements, how do you know you had this? it should state clearly PPI as a transaction, for the bank to reject it has to be somewhere.
If it is "hidden" complain to FOS.

-taff

heinzguderian wrote: »

Hi, I have complained to HBOS about the PPI on our credit card we took out in 2008 and they have rejected the claim saying that we were informed of the policy at the time (I do not believe we were) and that a verbal consent would have been required.

However, after working for a bank for 24 years and knowing how useless and expensive these things are, that is simply something I would not have done! I have never taken out any sort of insurance policy on loans or credit cards when given the choice.

Should I go straight back to them or go to the Ombudsman?

Cheers in advance.

If you can't see it on your statements, how on earth do you know you had it to complain about it?


Bear in mind, if you do have it, and you paid off your credit card each month in full, you will never have paid it.

It cannot be 'hidden' on a statement. It is on each statement with an outstanding balance, as Protection cover, or Card Cover or something similar.