PPI Q's + do I accept first offer?

chella71

I made a PPI claim against NatWest credit card ( RBS ), They have sent me a letter making me an offer of £3008.15, As a gesture of goodwill and not accepting liability. My question is, Is it usual to just accept and take the first offer or, do you carry on to Financial Ombudsman?

Premiums were paid between 26th of August 1997 and 26th of February 2012

My next question is, on the same day as I received my offer from RBS I received another letter from a company called CPP. The letter says that I had a card with them or policy and they have been told to write to me by the financial conduct authority. They say they will write to me within 12 weeks to explain what I have to do to be considered for compensation. Is this legit?

Thank you in advance

meer53

If you think the offer is wrong, go back to Natwest with evidence of what you think it should be. You have the right to go to the FOS if you can't reach agreement with Natwest. Be warned, the FOS may take over 12 months to investigate your case.

The CPP letter is genuine. Ignore any letters from claims management companies.

dunstonh

The redress method is defined. A refund of premiums paid plus interest. There is no haggle involved. Only if you think the figure is wrong should you go back to the bank.

societys_child

They have sent me a letter making me an offer of £3008.15, As a gesture of goodwill and not accepting liability

They could withdraw the offer and investigate your complaint thoroughly if you refer it to FOS. You could get more, you could get nothing if they find no wrongdoing, it's a gamble.

welshgasman

On another note, I see from your sig that you are overpaying your mortgage by £75 p/m. Now it depends on your mortgage, but I did that when I had my mortgage and it was only when I went to work for a building society that I found out that was dead money. It does nothing until the end of the year, then the overpayments are taken off and the monthly repayment amount recalculated.

If you have such a mortgage, you'd be better putting that money into a savings a/c and when you get the minimum amount for a Capital Repayment, (mine was £1000) then pay the lender. That way the capital is taken off your mortgage at that time and the repayment recalculated.

Worth a check and I'd be interested in anyone else's views on this?