PPI claim from Joint account

waynej69

Hi Does anyone have any experience of this:


Submitted a PPI claim on a loan in joint names. but the Joint applicants have long since separated (before loan was settled)


Bank agrees PPI miss-sold and makes an offer, but says ithey will divide the total 50-50 between the 2 applicants.


Redress is made up of:


an Amount in premiums refunded + interest (I agree this should be split 50-50 as both applicants were responsible for the premiums)


an amount (+ interest) refunded due to the extra that was paid when the loan was settled early.
--> the loan was settled early as part of the divorce by 1 applicant only, i.e. it was settled out of only 1 applicants share of the marital assets, this is crystal clear from the divorce court order.


I have submitted this information to the bank and requested that the redress be split differently.


1) 50% of the redress due to the premiums
2) 100% of the redress due to the early settlement as this was clearly all came form 1 applicants share of the marital assets (as shown in the divorce order)


What do we think will happen?


any experience?


cheers,

[Deleted User]

waynej69 wrote: »

What do we think will happen?

50/50 as offered.

If you want a different arrangement you need to liaise with your ex. The Bank won't moderate for you..

dunstonh

Bank agrees PPI miss-sold and makes an offer, but says ithey will divide the total 50-50 between the 2 applicants.

50/50 is how it should be.

Early redemption usually results in a PPI refund being included in the redemption figure. So, that is normally taken into account if there is evidence that it was refunded (there isnt always).