PPI reclaim offer

richyboyy

Good evening,

Hopefully i have posted in the correct place, my apologies if not..

Im hoping someone can advise on a offer i have received from DSG Bank today.
I was trying to claim back PPI of £2.91 a month which i was paying for 48 months and i received the following offer today:

hfc advise us that you made 48 payments amounting to £140.16 plus interest at 8% of £67.90 which totals £208.06. The payment will be made as a goodwill gesture,without prejudice and on the basis that you agree not to make any further claims.

So is the offer of £208.06 fair or should it also include interest of 8% per year as well or anything else im missing

If someone would be so kind to drop me a reply that would be great

Many thanks
Rich

-taff

It's a goodwill gesture, they are not upholding your complaint, they can offer you what they want to, or not at all.
Your choices are accept the offer, or refer it to the FOS.
If you read your post above again, the 8% interest HAS been included.

[Deleted User]

richyboyy wrote: »

So is the offer of £208.06 fair or should it also include interest of 8% per year as well or anything else im missing

It does include this interest, but it's 8% simple interest not compound.
I doubt you'd be awarded any more if you went to FOS and your complaint will languish there for about eighteen months if you refer it...

richyboyy

Afternoon both..
Thanks for the replies much appreciated.

Would i not be entitled to the following:
When we uphold a complaint about the sale of a PPI policy, we usually tell the business to put the consumer in the position they would now be in if they hadn’t taken out the PPI policy

This was taken from the Financial Omb website

Whats your thoughts

Cheers
Rich

amersall

They have given you the PPI back you paid, this alone puts you back into the position you would have been had you not paid PPI, the 8% is compensation for having paid the PPI when you did not have too.

Do you know how much interest you paid each month on the £2.91? this will be negligible I would think for the low amount, but you can ask them what interest you paid on these monthly payments and ask them to refund this and then you will accept the offer.

[Deleted User]

richyboyy wrote: »

Would i not be entitled to the following:

You'd only be "entitled" to this if your complaint was actually upheld. It wasn't, you have received a goodwill offer and the bank are not accepting liability. It means your redress is being paid out without any investigation.

You can go to FOS with this, but realise that if you do the Bank can withdraw the offer completely and (if FOS don't uphold your complaint) you could end up with nothing.

It's your choice how you proceed, but I don't think you'll convince the bank that you have any actual "entitlement".

Sorry.