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Should I accept the offer?

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Hi,

I wrote to Black Horse about 18mths ago for a PPI claim on car finance and it was declined.
After going to the F.Ombudsman, I've been offered £1128.40. £928.40 from the PPI and £200 compensation.

The original cost of the PPI was £995.45. I made 13 repayments of 60 as closed the loan early.
I paid £413.42. Interest was £189.66. Total cost of PPI - £603.88.
Refund due £603.88 + gross 8% PA interest on refund £406.65 - basic rate tax to be withheld on 8% £81.33 = net refund due £928.40. +£200 compo = £1128.40.

Should I accept it? I've read not to accept the 1st offer?
TIA

Comments

  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I've read not to accept the 1st offer?

    Was where you read that reputable? Doesn't seem logical as the system is not based on haggling.

    The refund method is defined and unless you think the figure or calculation is wrong then you accept the offer.
    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.
  • amersall
    amersall Posts: 17,035 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    That offer is good to say you repaid the loan after 13 months, did they mention the rebate of PPI they gave for early settlement?.
  • Insider101
    Insider101 Posts: 1,062 Forumite
    As others have said, this is not a case where if you haggle you will get a better offer. The redress method is defined by the FCA. Unless you have reason to believe that the calculation has been done incorrectly then you may as well accept it.
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