PPI Reclaiming successes and failures

Phineas45

Hi,

I received a letter from Nationwide a few weeks ago, it said they thought I may had been missiold PPI so I filled in the form that came with it.
Today I received a letter offering me a refund.

Should I accept this offer? If I refuse it, will they make a better offer.

I don't have any of my records from back when I took out the loans but the info Nationwide have given me in their recent letters is below:

The Loans
Time period Jan2005- Aug 2007
Loan 1- amount £1000.00 Date of loan 21st Sep 2005
Loan 2- amonut £2949.14 Date of loan 11th Nov 2005

The Refund
PPI refund 282.08
8% interest 150.16
Total refund 432.24

I think the loans were two or three years long.

What do you think? s the offer looking reasonable?

Thanks for your opinions and help.

Phineas45

[Deleted User]

Phineas45 wrote: »

Should I accept this offer? If I refuse it, will they make a better offer.

PPI redress is defined as a full refund of all PPI paid plus attendant interest and 8%simple interest. It cannot be negotiated or haggled.
You can refuse the offer if you want, but the Ombudsman can only ensure that the Bank pays out as above (and will take approximately eighteen months to do so)


Unless you have evidence that you paid more than is offered, I'd accept the redress.

Phineas45

Moneyineptitude wrote: »

PPI redress is defined as a full refund of all PPI paid plus attendant interest and 8%simple interest. It cannot be negotiated or haggled.
You can refuse the offer if you want, but the Ombudsman can only ensure that the Bank pays out as above (and will take approximately eighteen months to do so)


Unless you have evidence that you paid more than is offered, I'd accept the redress.

Thanks for your response.

My instinct was to accept it as I think Nationwide are trustworthy. They have always done right by me in the past so I don't see why they wouldn't now. Especially as they wrote to me asking if I wanted to claim.
I thought I had read something somewhere that banks were offering paltry amounts as first offers and that if they were refused a bigger offer would be forthcoming. I guess not though.

Thanks again.

booskyeboo

Hi, Are all PPI claims connected to the banks, I took a loan out for a car in 2006 with GMAC I cant see anything on the documents that imply that there was PPI. I was just wondering. Thanks

-taff

If there's no PPI on the documents [ payment protection, cover etc] then you didn't pay it.

MoscowFlyer74

I congratulate anyone who has managed to win their PPI claims. However I am completely disillusioned by the whole thing and, unless you are 100% sure you will win, I would not recommend any appeal whatsoever to the Ombudsman.
The Ombudsman wrote to me this morning saying they would not uphold my appeal against MBNA. They are saying there is enough evidence that the policy was explained correctly to me (how the Ombudsman can come to this conclusion when it was a phone sale I will never know) and they reckon I was happy to take out the policy (again how do they know?) but there is not enough evidence to suggest I wasn't told there were better policies out there or cheaper ones (so they use the subjective of the phone for the first point but not the first two) or that I was bullied or coerced into taking out the policy (they say no phone recording exists).
When the establishment turn their tanks on you it's clear you have very little chance succeeding.
The Ombudsman reckon I was happy to take out a £65 a month PPI policy in 1997. They reckon I would not have been interested in any cheaper products that may have been out there.
They say there was no evidence that I was bullied or coerced into taking out this policy but there is evidence that this policy was explained correctly to me and I was happy to take out the policy.
This isn't a criminal case where proof must be proven beyond all reasonable doubt. This is civil where the 'balance or probabilities' is suffice.
They say I can appeal. What is the point? Would it do me any good sending a SARS letter or this just unearth the same.

-taff

A SAR will also not necessarily show you when or how you purchased the PPI.
If you have no other reasons why it may not have been necessary [good sick pay, another income, savings] I'm afriad your complaint is over.

dazza12

MoscowFlyer74,

You say their letter advised that you can appeal. Were you at the Adjudicator stage or had it gone to an Ombudsman? If you are able to give any more evidence to support your complaint, you can appeal. The balance of probablilities can go either way, and if you can swing it slightly in your favour the outcome may be different.

MoscowFlyer74

dazza12 wrote: »

MoscowFlyer74,

You say their letter advised that you can appeal. Were you at the Adjudicator stage or had it gone to an Ombudsman? If you are able to give any more evidence to support your complaint, you can appeal. The balance of probablilities can go either way, and if you can swing it slightly in your favour the outcome may be different.

I applied to MBNA and they said I wasn't mis-sold so I contacted the Ombudsman three months ago and they sent me an 'assessment' this morning. They say I can appeal.
They have given the 'balance of probablilities' very much in favour of MBNA...even thought there was mis-selling of PPI on an industrial scale

MoscowFlyer74

-taff wrote: »

A SAR will also not necessarily show you when or how you purchased the PPI.
If you have no other reasons why it may not have been necessary [good sick pay, another income, savings] I'm afriad your complaint is over.

I know when and how I purchased it - over the phone hence why the 'assessment' is saying 'no evidence' that I wasn't explained the alternatives. I'm absolutely certain I ticked no boxes asking for PPI. I'm hoping the SAR will show a form proving this.
Also I had adequate sick pay provisions at the time through my employment.
At the time of the sale I was left in no doubt that if i didn't take out PPI I wouldn't get the card.
How can the 'assessment' say they are happy that I took out PPI in full knowledge yet there be no evidence?
I find the whole thing disheartening to be honest