Should I accept the first offer?

busymum15

I have had PPI on my LTSB credit card, and only realised how much I was paying when I got an annual statement that told me I'de paid over £100 PPI in the last 12 months. I cancelled the PPI and started a complaint. They have now offered £773 for the difference between the actual and revised balance + £42 interest on that at 8%. Sounds a bit low if that is all the PPI payments I made since I had the card in 1994. Is it worthwhile rejecting this offer? What happens next? It would be great to hear from anyone who has been in this sort of situation.
Thanks from a confused and busy mum.

[Deleted User]

busymum15 wrote: »

Should I reject their first offer?

The Bank's offer of redress is not negotiable unless you can provide significant new evidence not in your original complaint. You are free to reject the Bank's "full and final" response and refer your case to the Financial Ombudsman, but do realise that this can take as long as eighteen months and there are no guarantees FOS will make the bank increase their offer and FOS definitely won't award you a refund of more PPI than you actually paid
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step4

dunstonh

Sounds a bit low if that is all the PPI payments I made since I had the card in 1994.

In which case, add up the PPI payments you have made and provide them with your evidence that shows the figure is higher than what they are giving you.

You may also wish to take a good look at your finances because if you have been borrowing on the card without clearing the balance for nearly 20 years then that is really bad money management.