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MSE and Which leaflet to check your PPI offer

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
10 replies 15.4K views
Former_MSE_WendyFormer_MSE_Wendy
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edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
In the past few months we've been working with Which? and five banks and a credit card company to produce a leaflet to be included with PPI offer letters.

The aim of the leaflet is to help people check whether the PPI offer they’ve received is fair and what their rights are if they feel it isn't.

We also want people to know if they're not happy with their offer they can still complain to the free financial ombudsman, they don't need a claims handler to help.

Here is a copy of the leaflet (opens as a PDF).

Did you get one? Did you find it useful?

Let us know your thoughts by replying below...
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Replies

  • waynesbarwaynesbar Forumite
    3 Posts
    Hi, This needs adding to your leaflet. before you try for reclaiming PPI that were miss sold.
    If the debt has been written off, get the loan provider to write to you to confirm that they are no longer pursuing the outstanding balance, (they have to do this to comply with the FCA handbook CONC).
    Once you haave this letter claim for PPI miss selling.
    When the offer arrives ask for the full amount as paying off a loan that is no longer being pursued would not be in your best interest compared to paying off credit that you may have outstanding.
    Putting the customer first is one of the principles of the FCA.
    I did this and got over £13,500 from RBS even though I had a balance left on a loan they had written off while i was unable to work due to ill health.
    Married with five children, 4 jobs but Debt free, only a mortgage to go.:j:j
  • dunstonhdunstonh Forumite
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    waynesbar wrote: »
    Hi, This needs adding to your leaflet. before you try for reclaiming PPI that were miss sold.
    If the debt has been written off, get the loan provider to write to you to confirm that they are no longer pursuing the outstanding balance, (they have to do this to comply with the FCA handbook CONC).
    Once you haave this letter claim for PPI miss selling.
    When the offer arrives ask for the full amount as paying off a loan that is no longer being pursued would not be in your best interest compared to paying off credit that you may have outstanding.
    Putting the customer first is one of the principles of the FCA.
    I did this and got over £13,500 from RBS even though I had a balance left on a loan they had written off while i was unable to work due to ill health.

    Statute barring of debts does not apply to PPI refunds. The FCA allow the capital part of the redress to be set off against debts that have been previously written off as part of an agreed settled or have become statute barred.

    Your may have got lucky with yours or the bank complaints team were not aware your debt was not repaid (bank records can be a bit shoddy on old stuff). However, what you describe is not correct.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Fife76Fife76 Forumite
    1 Post
    I don't know it this is right place to post. My 1st time. Help 're a query would be greatly received.
    My husband and I had a joint loan with a bank. He decided to claim mis sold PPI through a claims company. I did mine myself.
    He was offered 2700 (50%) of the premiums paid plus interest etc...
    When I did mine for this joint loan I was offered 1600!!??? I am very perplexed as mine also says 50% of premiums paid as it was a joint loan..there was a difference of 5 weeks between his offer and mine.
    So my question is the difference between our offer a is 1100. Is that a mis calculation or is that because there is 5 weeks difference.
    Any ideas?
  • dunstonhdunstonh Forumite
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    Fife76 wrote: »
    I don't know it this is right place to post. My 1st time. Help 're a query would be greatly received.
    My husband and I had a joint loan with a bank. He decided to claim mis sold PPI through a claims company. I did mine myself.
    He was offered 2700 (50%) of the premiums paid plus interest etc...
    When I did mine for this joint loan I was offered 1600!!??? I am very perplexed as mine also says 50% of premiums paid as it was a joint loan..there was a difference of 5 weeks between his offer and mine.
    So my question is the difference between our offer a is 1100. Is that a mis calculation or is that because there is 5 weeks difference.
    Any ideas?

    There should be no difference, irrespective of timescale if the benefit was on a 50/50 basis. You see differences where the benefit is not split equally. e.g. if the protection was 70/30 basis then the redress maybe 70/30 basis.

    Has the offer come straight to you from the provider or via your ex? (has the ex deducted something he shouldnt - such as the CMC charge)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MBNA have rejected my PPI claim saying that the mis-sale element was outside the time limits laid out in a letter they sent to me a years ago. They have upheld the claim based on Plevin and sent me a check based on amount of applicable commission and profit share.

    Re the mis-sale, I do not have the letter they sent years ago outlining dates to claim by. Is this letter binding? Do I have case to escalate for the mis-selling element?
  • zx81zx81 Forumite
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    No. .
  • societys_childsocietys_child Forumite
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    Yes, the letter's binding.
    The letter will have said you had 6 months. It's now time barred.
  • A warning to others that relates to the Which/MSE based form. While mine resulted in a rejection but with a "offer of goodwill" payment. This payment can arrive in your bank or by check depending on how you tell them you want paying.



    In the letter that came seperate to the payment it states that accepting the goodwill payment it will be considered as full and final payment, and close the case.

    While on the phone with the "helpful" bank assisting me with my claim <?> the advisor said I was good to bank the cheque. :mad: I asked for it in writing, but I realise it was lost in the conversation. (I'm arguing a number of points with them.)


    Please be sure that any payments you get as a result of your claim aren't tied to the continuation of your claim BEFORE you spend/bank it.
    Debt Free April 2019:j to July 2019 :( NEW WTC:eek:1,194
  • dunstonhdunstonh Forumite
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    A warning to others that relates to the Which/MSE based form.

    What you describe has nothing to do with the method used to register your complaint.
    In the letter that came seperate to the payment it states that accepting the goodwill payment it will be considered as full and final payment, and close the case.

    All redress payable will have that said. It is standard wording. It does not trump your legal ability to refer to the FOS if you decide to or to go back to the firm for further clarifications which may change the outcome.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • BermoniaBermonia Forumite
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    If the offer was provided on the basis that it was in full and final settlement and was accepted accordingly then it negates any future action I’m afraid
This discussion has been closed.