Bank Offered Resolution But Be Careful

Crinklewood

Hi,
I'm new to this so please bear with me.
I am a customer of a well known high street bank. I have also seen loads of information about PPI mis selling and how to claim back money. I thought about old loans I have had but thought because I am not working due to ill health I had no chance of claiming anything back.
However my bank actually sent me a letter with a form to claim. I completed it and quickly got a response from a Complaints Manager with an offer.
However looking at the letter, I spotted it referred to 2 Loans so I searched my paperwork but couldn't find the relevant agreements. I phoned the bank and got them to send me copies. Which they immediately did.
After studying the Agreements, I worked out that the offer was way lower than the actual PPI amounts I had paid, plus the fact these were over a few years.
Then, all of a sudden, I realised that when I had a personal crisis, I was medically retired, my bank had forced me to take out a Consolodated Managed Loan.
I checked how that was standing - 2 years + to still pay. However I looked again at the PPI Loans and worked out that the PPI was in place when I was in crisis.
Given my sudden crisis and change of circumstances I could have claimed on the PPI itself and not have to have the Managed Loan!
I phoned up the bank and I made a telephone complaint about that. Then I replied to the original Complaints Manager's offer with my own calculations.
I do not want to get solicitors etc involved because I will be starting radiotherapy treatment this week for Cancer and I don't think I can stand the stress.
Do you think that the bank will group the PPI complaint and the Managed Loan complaint together, or stop the PPI complaint and just treat the whole thing as just their Advisors mis selling the Managed Loan when I was ill and in crisis. I've been having to pay the Managed Loan since 2007.
I would like to warn everybody when they get involved with PPI complaints, to double check all their paperwork. I'm so pleased I did.

amersall

The 2 loans may have been consolidate, you took one to repay the first and borrowed extra, if this is the case, you would have had a rebate for the first loan PPI, they take this back from any offer they make you, if this is not the case, did you pay both loans to term end or did you repay either early? as this will reduce the offers made.

As you have been made an offer for the original loans, they will look at the managed loan separately.

Crinklewood

Hi, Thanks for your response to my post.

I looked again at the loans and it seems at some point I consolidated and borrowed for the 2nd loan. However as I explained that was still running when I had major crisis and my personal circumstances changed big time and I had illness/medically retired.

That was the point the bank (telephone banking) cornered me into a Managed Loan. However it seems had I been well enough to concentrate properly I would have been thinking straight and brought out the PP Insurance. It seems the telephone banking adviser was more interested in selling the M.L. product to gain more interest.

Thank you for setting it out simply because it makes things a lot clearer for me. I suppose it's a waiting game to see what the Bank's complaint people come up with. Cheers :T