Can/Will the FOS reduce my offer?

mark10201

Hi guys/gals, Hope you can offer advice

I have claimed PPI back from Lloydstsb and have had an offer back.

I did a Sar and got the relevant info re the loans i have had over the years, Most had no PPi so thats fine, I have had 2 with PPI, On the letter i got it said re mis selling, 1 was partly upheld and one was defended, I am unsure as to whether i should refer to the FOS or not, the payment offered was actually more than i expected but after reading the conclusion they don't seem to have admitted liability for mis selling. they say it is only because i shouldn't have had a single payment or something similar

I was/am claiming that i wasn't asked re medical grounds as i have a genetic condition that would most likely have meant refusal to pay and also the fact i assumed it would have helped me to get the loan in the first place. And one last thing, I worked for the family business so didn't really need it as my mum would have made my payments if needed

The main question is, If i refer to the FOS is it possible or likely that they would reduce the offer i have on the table?

As i understand, I have an offer because they made a mistake with the policy sold to me, So am i right thinking that offer would not go down if it was based on payments i have overpaid?

I hope this makes sense, I am no good at these things and am starting to think i should have used a company as they have more knowledge in these matters


Thanks in advance for any help and sorry if this is vague
Mark

-taff

companies know no more than you.

It's up to you whether you go to the FOS or not. Yes, they can withdraw their offer if you do.

dunstonh

but after reading the conclusion they don't seem to have admitted liability for mis selling.

Most complaints are not upheld. They are goodwill gestures.

they say it is only because i shouldn't have had a single payment or something similar

That means it was a technical failure rather than a mis-sale.

he main question is, If i refer to the FOS is it possible or likely that they would reduce the offer i have on the table?

Technically, they are allowed to withdraw goodwill offers. It doesnt happen often but it can do.

As i understand, I have an offer because they made a mistake with the policy sold to me, So am i right thinking that offer would not go down if it was based on payments i have overpaid?

You dont need multiple reasons to be upheld. One is enough.

am starting to think i should have used a company as they have more knowledge in these matters

The dont know more. Most are opportunistic chancers who only send a template letter that is the same for all and do nothing beyond that.

magpiecottage

dunstonh wrote: »

Technically, they are allowed to withdraw goodwill offers. It doesnt happen often but it can do.

The biggest offer I ever withdrew was around £105,000 issued by a colleague. The complainant got aggressive asking for a "goodwill" payment and a telegraphic transfer.

When I was asked to consider it, I found out an error had been made in establishing the complainant's entitlement.

The replacement offer was just over £20,000. That was a fair outcome but the complainant would have been £85,000 better off if he had just shut up and accepted the offer.

Don't get your hopes up, though - this was not a PPI policiy.

dunstonh

I know of one case from a bank that was auto paying out without investigation. The person reckoned they were owed more. That triggered the case to be investigated as the amount was over their auto payout floor limit and they found no wrongdoing and withdrew the offer and rejected the complaint.