Should i except the first offer?

spiderman1978

Hello.

It is my first time using this forum and I hope that you can help me. Ive very new to this, thanks for reading.

I have been given an offer of £670.37 and ive been told this is to cover my PPI and interest. However when checking my payments I see that I Paid £633.24 this agreement was back in April 2006 has the interest been calculated right? or should I be expecting more from that
£36.76 in interest in 7 Years Im not sure? can anyone offer any insight?

If there is a template letter that i need to send in relation a link to such letter would be greatly appriciated.

Thank you so very much.

XXXXXXXXX:AXXXXXXXXXXX

-taff

If it isn't a goodwill offer, your redress should have been calculated as [for loans] the amount of PPI paid, the interest associated with that if it was added to the loan, and then 8% simple interest on top.

For credit cards, it's the ppi paid, an interest calculation depending on whether your card would have been paid off earlier if ppi hadnt been added and 8% simple interest.

If this is a goodwill payment, i.e. your complaint has not been upheld, then the rules don't apply and they can offer what they like.

If you have proof you paid more, then send it to them. Or if you believe they have forgotten to include anything, write them a letter. There's no template.

spiderman1978

Hi Taff

Thanks for coming back to me they say it is a good will gesture in the letter.
So does this mean they are fobbing us off and they do infact owe us more?

Taff may I also say you are a diamond for coming back to me.

I really appreciate it.

Kim x

dunstonh

Thanks for coming back to me they say it is a good will gesture in the letter.
So does this mean they are fobbing us off and they do infact owe us more?

No. It means that they either havent investigated your complaint and are auto paying out or they cant uphold your complaint on the evidence available but either dont feel their own position is strong or that the amount involved is not worth arguing about and are just paying up to get rid of you.

A payment of £670 could easily be an auto payout or a get rid of you payment.

Goodwill offers can be withdrawn. So, unless you think the figure is wrong in calculation then you need to tread carefully.

spiderman1978

In your opinion. Is £36.00 interest the correct figure on £633, which was taken by a missold action close to 7 years ago?
If I owed the bank £633.00 how much interest would I expect to pay them after 7 years?
I understand about treading carefully, i do and I hate to look a gift horse in the mouth, I would just hate to think we didnt get back what we deserve, by bowing down to the banks when they have screwed the whole country over time and time again. This just seems like a worth while fight, the outcome may seem small change for some but it really would go a long way in our lives.

What do you think?

Thank you again in advance to anyone who can and will respond to this post.:beer:

-taff

They are paying you a goodwill gesture, they are not upholding your complaint.

They can pay you what they like if they do this.

You can argue with their decision, and they may or they may not find in your favour.
If they don't, you can go to the Ombudsman next, and wait up to 18 months, and they may or may not uphold your complaint.

Unless you have comprehensive documentation, and an extrememly strong belief and more importantly, can prove you were missold, I'd take the money.

spiderman1978

I asked my partner to check so many times and he said he had always refussed to get insurance so he knew he didnt have it. He told me he has always had a secure full time job and was valued within his company and had no reason to feel this insurance would be worth while.
I pestered him to check and when he did dig out the paperwork he found that he had. What evidence so we need to go forward? They stole this. Its very annoying that they got away with this for so long.

-taff

It doesn't matter what he feels, it matters what he can prove.
You need to be able to show, with documentation, that he didnt need the insurance, that he was adequately covered already, which you have already failed to do otherwise they wouldn't be offering you a goodwill gesture, they would have upheld your complaint.

Like I said, you can dispute their goodwill getsurem, an ask them to look again at your complaint, but this doesn't mean you will be successful, it just means they may reject, and the scenario above will play out.

Think carefully about whether you think you have enough proof he didn't need it before you dispute it.

He will have signed to say he wanted this, he's just forgotten about it, or didn't pay attention to that part when he signed for the loan. If it was a credit card, it will have been on every statement, so if he really didn't want it, he could have cancelled it immediately.