Should I accept Santander's offer of PPI when it looks to be less than expected?

fesman

Hi

I have a situation where Santander have upheld my complaint of PPI.

On a £10k loan that had missold PPI, they've offered £1,000 as final settlement. They claim this includes the 8% interest and is a full redress of the position I would have been in before it was sold.

The figures look on the low side to me however? My understanding was that PPI often worked out to be on average 3000 per 10000 loan taken out (rough figures admittedly).

I am not sure whether I should accept this or reject and refer to the Ombudsman. They have said this is final offer.

Any help would be much appreciated!

[Deleted User]

fesman wrote: »

My understanding was that PPI often worked out to be on average 3000 per 10000 loan taken out (rough figures admittedly).

Full redress is only ever a refund of what you actually paid plus 8% interest. Only go to the Ombudsman if you are absolutely certain you paid more than is offered and have evidence to prove it, otherwise you'll wait eighteen months only for FOS to agree with the Bank.


There are no "first offers" with PPI redress because it's defined.

amersall

If you settled the loan early they would have given you a rebate, this will reduce the redress.