Had goodwill offer but not sure if correct...please help!

Chingaling

Hi

So this is probably a silly question but I can't find the answer here:o

I've been offered a couple of hundred for my PPI claim as a goodwill offer (no acceptance of liability). My claim was for a chain of loans of which I'm pretty sure I had PPI on only the 1st, which I believe I cancelled the PPI on within 6 months of opening (foolishly didn't do an SAR first).

Each loan was paid off early with another loan so I'm wondering if you are entitled to any of the interest that would have built up with each loan due to having the PPI in the first instance (if that makes sense)? I don't really understand the front-loaded/single premium thing! I don't know if the bank took the associated interest off the loan amount when I refinanced each time.

Or is it just a matter of you getting back the PPI payments you actually paid and 8% interest on that figure?

Please be gentle, I am seriously financially inept;)

Thanks

-taff

You would have had a part rebate on the first one you consolidated. If your complaint had been upheld you would have had you PPI plus asociated interest, plus 8% back, but your complaint wasn't upheld, you were given a goodwill offer.

A goodwill offer doesn't have to be accepted, but they can offer what they like and withdraw it if they like. You will have to chekc your own records to see how much you were originally going to pay, and then see if it roughyl corresponds.

You can take your complaint to the FOS if you like, but then they can withdraw their offer.

Chingaling

Thanks -taff. I think I will try an SAR and see what records they have and decide then.

I don't see anything on the offer letter to say that I have a date by which to accept or decline - do you know if there is a standard deadline?

Thanks for your help.

amersall

Why was this a goodwill and not upheld?.

If you had PPI on the first loan and then cancelled it, was the loan reworked to take the PPI off or did it stay the same?.

What was the PPI amount and interest on the first loan, the term and when did you cancel this?.

If you cancelled the PPI early in the loan and the loan was reworked then you only get the PPI back that you paid until cancellation.

If the loan was not reworked and you reloaned after a few months, you would have been given a rebate of the original PPI, they should give you the original PPI amount less the rebate less the PPI remaining.

-taff

If you don't say you don't want it, they will usually give it to you within 28 days.

Chingaling

Thanks again -taff.

Amersall - it was not upheld as the bank are unable to determine what information I was given at the time.

From the earliest bank statements I can get online for my main account (can't get loan account statements online), I was paying around £135 per month for a loan of about £8000 (I think). I refinanced 18 months later with a new loan of £5000 but I have no idea whether the PPI interest would have been rebated (certainly I do remember my payments going down after cancelling the PPI but no idea other than that).

Really should have done the SAR first!:(

Think I may just accept it - doubt I'll get an SAR back in the next 2 weeks.

Thanks for your help

Chingaling

Back again:o

If the bank are unable to determine what info I was given, does this mean that they have no records at all from this time? Just wondering if it's worth spending the £10 on an SAR - not sure if the ombudsman could do anything about it anyway if the bank don't have the details?

Thanks again!

amersall

You could do a Sar just for your own records and it may put your mind at rest, as you had the loan payments reduced when you cancelled the PPI it looks as if the PPI was taken off that point so no rebate would have been given.

magpiecottage

The bank may have made the goodwill offer simply to avoid the cost and hassle of being taken to FOS.

If you insist on going anyway then there is little point in maintaining the goodwill offer.

Chingaling

Thanks for your replies, they've been really helpful - think I will send an SAR and see if it comes back in time. No doubt I will be back!