PPI Reclaiming successes and failures

fireyjack_2

-taff wrote: »

Yes, it is because they are offering a goodwill gesture.

Different companies have different selling techniques, some will auto uphold, it depends on how you originally bought it.

is it beneficial to reject the goodwill or do you generally end up with nothing?

-taff

fireyjack wrote: »

is it beneficial to reject the goodwill or do you generally end up with nothing?

I can't help you there. You need to decide whether your complaint is strong enough to be upheld by the FOS if you reject their goodwill offer.

-taff

amersall wrote: »

Bit harsh taff :D


I would have thought that if the reduced settlement figure was a "full and final " how can they then take the surplus back? if the PPI was mis sold then it should not have been included in the settlement figure anyway, and in my opinion, why should they then be able to take this back now?.

The whole PPI amount would still have been on the loan balance even when the loan defaulted, so the bank has it both ways, had they removed the whole PPI from the loan balance at the point of settlement, this would have reduced the amount of the "wrote off " amount.
It seems to me that the OP has then paid for the whole PPI twice, if this is not taken off.

Well, if you're going to bring up morality, it has to be applied to everyone, no?

They said it was a partial sttlement, which means that something was written off the final amount agreed on. Need more info from the OP regarding that. If they did only take off the PPI and interest, then anything left over would have been given to them as a cheque because if their complaint had been upheld, then the PPI would have been taken off the loan too.
So it sounds as if what was left owing was more than the PPI and interest redress combined.

husaberg

Moneyineptitude wrote: »

They will provide a breakdown of their calculations.

Well I've just received a letter from the FSA saying Lloyd's will make an offer of goodwill, with no admission of liability to settle my complaint,
saying Lloyd's will write to me to explain the precise terms of its proposed settlement, however it has told us it will be on the general approach that the FSA takes when they decide that a consumer has been mis-sold a PPi policy

although i don't have a figure it says if i accept this offer i need not take any action, and after 14 days don't hear from me they will assume I'll accept there offer, and they will inform LTSB.

And by accepting LTSB's offer will be accepting the FSA's general approach to calculating compensation, and that lloyd's may take up to eight weeks to calculate my payment.

and goes on further to say if i feel my offer is in any error initially take it up with lloyd's, and if i'm unable to resolve it with lloyd's, they themselves will be happy to assist.

any further advice would be greatly received

thank you all in advance

davedog132

recently i got in touch with a company to reclaim ppi on a loan i had some 8-9 years ago. they are called CLAIMS ADVISORY GROUP. after alot of phone calls and filling in forms i got so annoyed with their incompetence i asked them to cancel the claim. The lady at the other end of the phone said that was ok. This was back in october 2012. Today 23-02-2013 i recieved a letter from the afore mentioned compant asking for £330.52 for the work they had done previous to me cancelling the claim. I don't know course i shpuld take now!!!!! HELP!!!

-taff

davedog132 wrote: »

recently i got in touch with a company to reclaim ppi on a loan i had some 8-9 years ago. they are called CLAIMS ADVISORY GROUP. after alot of phone calls and filling in forms i got so annoyed with their incompetence i asked them to cancel the claim. The lady at the other end of the phone said that was ok. This was back in october 2012. Today 23-02-2013 i recieved a letter from the afore mentioned compant asking for £330.52 for the work they had done previous to me cancelling the claim. I don't know course i shpuld take now!!!!! HELP!!!

If you have been paid that money from a complaint, then you will have to pay them.

If you cancel your contract, you will have to pay them, although the MoJ says it has to be reasonable. You could argue that that is not reasonable.

-taff

husaberg wrote: »

although i don't have a figure it says if i accept this offer i need not take any action, and after 14 days don't hear from me they will assume I'll accept there offer, and they will inform LTSB.

And by accepting LTSB's offer will be accepting the FSA's general approach to calculating compensation, and that lloyd's may take up to eight weeks to calculate my payment.

any further advice would be greatly received

thank you all in advance

You should have your PPI plus any associated interest plus 8% back.

husaberg

-taff wrote: »

You should have your PPI plus any associated interest plus 8% back.

Well thank you for that,considering ive been charged for 13 years without my knowledge and made some expensive purchases over the years, i hope its a nice surprise

fireyjack_2

is it beneficial to reject the goodwill or do you generally end up with nothing?

-taff

fireyjack wrote: »

is it beneficial to reject the goodwill or do you generally end up with nothing?

You will have to decide that yourself. If it's near enough what you have paid in PPI then personally, I'd accept, if it isn't and you think you have a strong case and can wait for 18 months, then go to the FOS