PPI offer, shall I accept?

Ronin1978111

Hi all, Nat West/RBS have just offered me a refund of £3503.06.
They acknowledge that they may not explained the implications of cancelling PPI, they acknowledge that due to my work sickness and death benefits, the policy may not have been suitable for me even though I could benefit.
The main basis of why they upheld the complaint was that the partial rebate was not explained to me.

Their offer is calculated in line with FCA/PRA rules which make the the assumption that; if I had have bought a regular premium PPI policy instead of the single premium policy that I had, it would have cost me £9 per £100.

Is this fair?? Surely if if was a more suitable policy it would've been sold to me?

This offer is on two loans 2003/2005, I cancelled the PPI on the 2003 loan when I learned I did not need it. I also had a sainsburys loan at this time. I took out the 2005 loan to consolidate the sainsburys loan and the 2003 loan, the consolidation loan being for about 13500k.
PPI was added to this loan as well (without my knowledge I believe)
Which I cancelled when I realised.

Is this offer a 'lets hope he'll accept the first offer' or is it the best I can hope for?

What are your thoughts?

maggy50

Ronin1978111 wrote: »

Hi all, Nat West/RBS have just offered me a refund of £3503.06.
They acknowledge that they may not explained the implications of cancelling PPI, they acknowledge that due to my work sickness and death benefits, the policy may not have been suitable for me even though I could benefit.
The main basis of why they upheld the complaint was that the partial rebate was not explained to me.

Their offer is calculated in line with FCA/PRA rules which make the the assumption that; if I had have bought a regular premium PPI policy instead of the single premium policy that I had, it would have cost me £9 per £100.

Is this fair?? Surely if if was a more suitable policy it would've been sold to me?

This offer is on two loans 2003/2005, I cancelled the PPI on the 2003 loan when I learned I did not need it. I also had a sainsburys loan at this time. I took out the 2005 loan to consolidate the sainsburys loan and the 2003 loan, the consolidation loan being for about 13500k.
PPI was added to this loan as well (without my knowledge I believe)
Which I cancelled when I realised.

Is this offer a 'lets hope he'll accept the first offer' or is it the best I can hope for?

What are your thoughts?

They would not be another offer.
You are being paid back all premiums plus interest.
Should you have evidence that it should be more then notify them otherwise accept the offer. Well done

Ronin1978111

Sorry if I appeared greedy, What they said about the regular payment policy being more suitable to me (forming the basis of their compensation calculations) confused me because PPI was PPI (no choice was given)

I thought there may be a little more in, but the offer is a good one.

I'm wondering if I may be successful with a claim against sainsburys bank in light of this victory? That loan ran from 2003 also.

Any thoughts?

maggy50

Ronin1978111 wrote: »

Sorry if I appeared greedy, What they said about the regular payment policy being more suitable to me (forming the basis of their compensation calculations) confused me because PPI was PPI (no choice was given)

I thought there may be a little more in, but the offer is a good one.

I'm wondering if I may be successful with a claim against sainsburys bank in light of this victory? That loan ran from 2003 also.

Any thoughts?

If this loan had PPI put in your complaint to them .
Glad to see you are not using a claims handler .

Ronin1978111

Thank you, I'll have a search for the A/C no, hopefully I still have paperwork somewhere. It was nearly 11 years ago.