Accepted guesture of good will offer but found out should have got more!

Foreigner_2

Hi,

Can anybody advise, we had a £10,000.00 loan with Cahoot and we done all the paperwork to claim the ppi and they sent us a letter this February with a guesture of good will offer of £330.00 they said it was because we paid the loan off early in 8 months.

We accepted this £330.00 thinking great we got a good deal, but we have since last month done a ppi claim to NRAM who we transfered the Cahoot loan to and NRAM have offered a payout of £3800.00 and we paid this loan off in 1 year because we moved this loan in with our mortgage when we moved 6 years ago.

What I would like to know is are we allowed to go back to Abbey and dispute the £330.00 they paid us because we really didn't have a clue what we was entitled to we was pleased just to get a payout, but since the big pay out from NRAM we think we should have got more because we had PPI on the full £10,000.00 loan. Would it make a difference that we paid it off in 8 months?

Any advise much appreciated.. thank you.

amersall

With the Santander loan you only made 8 payments to the PPI, when you settled this loan they would have given you a rebate of the PPI, as you paid this off after 8 payments it is possible the rebate for the PPI was quite large.

Do you know what the PPI monthly payment was, what rebate you got when it was settled and how much the original PPI was with interest?, if not, then contact Santander and ask for this information and you will know if they redressed right.

amersall

done a ppi claim to NRAM who we transfered the Cahoot loan to and NRAM have offered a payout of £3800.00 and we paid this loan off in 1 year because we moved this loan in with our mortgage when we moved 6 years ago.

Redress depends on the whole PPI amount with interest and the months you actually paid this.

With the NRAM loan as it is closed they give you the whole PPI amount back and then take off the rebate of PPI off that they gave you when you settled, the remaining balance comes to you.

The Cahoot one would be the same, that is why you need to know what the actual PPI was and the rebate you got when you settled.

Foreigner_2

Hi,
Thanks for quick response.

The Cahoot loan was an internet loan and we only had our bank statements and the loan reference from the bank statements.

I feel a little cheeky going back and questioning the amount but when we requested the PPI reclaim we was just pleased to get a quick response and an offer, but now I do think that possibly we should have been offered more as we had PPI on the intire £10,000.00 internet loan.

Do you think I should write a letter to them and send all our paperwork and say that we think the PPI has been miscalculated? or would I have to ask Abbey for original internet paperwork, but would they have access to that?

The letter we got from Abbey calculated 8 months PPI and interest and it worked out at £330?

It justs seems odd that 2 companies roughly the same loan period time pay 2 different amounts?

Any advise much appreciated, thank you Sarah

amersall

ppidisgrace wrote: »

and thats why you dont want to do the claim yourself

all these do -gooders saying go to the banks deal they will deal with you themselves

the banks pr machine saying we will contact you

these are the guys who mis-sold to the public in the first place, and are using their might to go for a scandal even bigger than the first one, the banks are still up to their dirty tricks, nothing has changed, you cant trust the banks

If you knew how PPI redress was worked out then you would know what you were talking about.

Just because this was a "goodwill gesture" does not mean the redress has not been paid fairly and in full, the poster is asking if the gesture was wrong compared to another one they had, there is a slim chance this is incorrect, but without knowing what the figures were originally then no one has a clue if this is fair or not.
And as for claims companies !!!! Well, if the poster had used a claims co then the redress for both would have been considerably less after they took the % plus Vat just for posting a letter, a claims co CANNOT GET YOU ANY MORE THAN YOU CAN GET YOURSELF FOR FREE, the redress for the Santander would have been the same, less the % plus Vat.

davidh025c

Its worth asking the question. They may come back with the good will offer being full and final. You don't know if you don't ask though!

amersall

Get in touch with Santander and ask for any documentation they have regarding this loan, what year did you take this loan out?, if Santander have no info then you need to do a Sar

https://forums.moneysavingexpert.com/discussion/1475553
This will cost you £10 but should get you the agreement, if you do the Sar then put that you want all information they hold on you and not just the agreement.

When you have the agreement it will show you the total PPI and interest, if you get the info from the Sar, it should show you the rebate they gave of the PPI when you settled, then it can be worked out.

I would ask Santander first they are very good and they may give you the info for free.

When you win redress you get the PPI back that you have paid to date with the interest, you do not get PPI back that you have not paid.

The cahoot loan was settled so you would have got the PPI back in full, they would then take off any rebate for the PPI, the amount of PPI and the months you paid will be different for each loan, it does not follow you will get a decent redress for each loan.

You really need to get the start figures and the rebate amount to find out if the redress is right.

amersall

davidh025c wrote: »

Its worth asking the question. They may come back with the good will offer being full and final. You don't know if you don't ask though!

It is quite possible Santander cannot find the agreement and that is why they offered the gesture, the only way the op will know is to get the information on this loan, if it is found to be worked out wrong then the op can go back to the bank and ask they look at this again even though the gesture was accepted.

ppidisgrace

I guess you work for the banks or have no idea how many times the banks send out offers that are incorrect or unfair direct to customers, and without having the expertise to check and know, then the customer is ripped off once again.

more dirty tricks, the banks havent changed even to the point of pushing out masses of mis-information

davidh025c

ppidisgrace wrote: »

I guess you work for the banks or have no idea how many times the banks send out offers that are incorrect or unfair direct to customers, and without having the expertise to check and know, then the customer is ripped off once again.

more dirty tricks, the banks havent changed even to the point of pushing out masses of mis-information

Foreigner, if and when a PPI complaint is upheld the banks must work to a set of guidelines set out by the FOS. There is a thread in the forum which explains how they work it out etc (Maybe the ever so helpful amersall may help shed more light on that thread ). In nearly every case you read on here the bank explains exactly what the PPI refund works out as and why they came to that figure. These idiot Claims Management Companies do not understand anymore than joe public on the street. I hope you get the PPI you deserve back! Please keep us posted.

ppidisgrace

i take it then you have no idea how many times the banks send out offers that are incorrect or unfair direct to customers