Can anyone tell me what this means please??

rebecca77

I have been made an offer from Natwest for PPI that I didn't even know I had, which was added to a mortgage. Their offer is cited as a gesture of goodwill as they were unable to confirm the information I was given at the time I purchased the policy (which I didn't purchase).

I'm just stuck with the sentence....'The Bank is prepared to refund the insurance premiums and interest that you have paid to date. This excludes the amount automatically credited to your loan account when the policy was cancelled....'

Thanks in advance fellow money savers!

dunstonh

It means they are paying out an amount because a) they are not investigating it fully (As its cheaper to settle) or they cant find information supporting the case (so by default are paying out).

They are not upholding the complaint as they have not found anything wrong. They are paying out though as a means of goodwill and not accepting liability. In effect, you are getting lucky.

-taff

rebecca77 wrote: »

I'm just stuck with the sentence....'The Bank is prepared to refund the insurance premiums and interest that you have paid to date. This excludes the amount automatically credited to your loan account when the policy was cancelled....'

Thanks in advance fellow money savers!

It's a standard sentence, it was either left in by accident or you had a loan that was added to yuor mortgage?

rebecca77

Thank you both for your replies. They mentioned in the letter that they were unable to confirm the information given to me at the time I purchased the policy (I didn't receive any as I didn't purchase the policy!). As I don't know the amount I paid I am unsure whether to accept this gesture of goodwill as I don't know whether it's the full amount I'm owed. Am I able to contact them to ask for this information?

-taff

You can ask them, but if they don't have the information to make a determination, if you complain separately, they will still not have the information.

[Deleted User]

rebecca77 wrote: »

As I don't know the amount I paid I am unsure whether to accept this gesture of goodwill as I don't know whether it's the full amount I'm owed.

The Bank are not accepting that they "owe" you anything, they are offering a goodwill payment based on the information they hold. You don't have to accept the offer, you can refer it to FOS, but without any evidence from yourself it's very unlikely that the Ombudsman would award you any more. In addition, the Bank can choose to withdraw the offer if it goes to FOS.You'll also wait around eighteen months for an adjudication which might even go against you.

As Dunston says above, the Bank haven't actually found in your favour with regard your reason for complaint. Clearly you said that you didn't buy this insurance, but the Bank's evidence will show that you did and have simply forgotten. PPI was not just routinely added to loans and credit cards (and most especially mortgages) without the permission or knowledge of the customer; despite what you may have heard or read from Claims Companies

dunstonh wrote: »

They are paying out though as a means of goodwill and not accepting liability. In effect, you are getting lucky.

Exactly.
Accept the offer and enjoy.

rebecca77

I have always been in a position where PPI was not suitable for me and have opted NOT to take it when offered and have subsequently never actively pursued to make a PPI complaint. This is the reason I was so surprised to receive a complaint form from my bank regarding PPI on a previous mortgage account, considering when the account was opened I had a whole box of health issues and was in a job that allowed 12 months pay for sickness. There is absolutely no doubt that this policy was mis-sold!
That said, as this (relatively small) amount of money was never expected, it will be accepted and put in the 'treat the children during the summer holidays' fund!
Many thanks for your advice and comments everyone!

[Deleted User]

rebecca77 wrote: »

I had a whole box of health issues and was in a job that allowed 12 months pay for sickness.

The sickness benefit is only effective for loan and credit card PPI, for a mortgage a year of sick pay would not be a valid reason to complain as the MPPI would pay out in addition to this.
Regardless, enjoy your windfall...

rebecca77

just another question before I sign the acceptance.....

if I accept the offer it is on the basis that it is accepted in full and final settlement of all claims against RBS Group or any subsidiary companies in respect of my PPI for my loan accounts with Natwest Bank.

Does this mean if I accept I can't make a claim on any other PPI account...??

[Deleted User]

rebecca77 wrote: »

j
Does this mean if I accept I can't make a claim on any other PPI account...??

Not at all.
Do you actually have any other PPI, though?
Were other accounts included in your complaint?

rebecca77

I shouldn't have.......then again, I didn't realise I had this one!! In answer to your question though, no there were no more accounts listed on the complaint!
Phew!