Should I accept the offer?

Scisorman

I'm claiming mis selling of PPI from Natwest for a credit card back in the 90's. I managed to find four statements from this time period, which I supplied to the bank.
They have contacted me, accepting the grounds of my complaint, and have offered me reimbursement for the PPI incurred during the time of the statements I supplied.
My issue is that I had the card for longer than the statements shown, but can't supply any further documents.
I can recall that when my original claim under the PPI was turned down in 1999 I cancelled the PPI premium. The refusal of the bank at the time to honour the PPI led to a huge amount of stress and upset in my life, as I was very unwell. It then took me 4 years to clear the balance , a time period during which the bank and their collections department continually pressured me with telephone calls and letters, despite the fact I was very ill and unable to work.
Unfortunately I do not have any other documents relating to the account or when they turned down my claim.
My question is - should I just cut my losses and accept what I have been now offered? Or should I refuse and continue my claim?
My family feels very strongly that somehow we should at least be given some form of compensation for the stress and upset the PPI refusal led to, and how it exacerbated my illness.
I've read the Financial Ombudsman's guidelines regarding this but I don't know if it is worth proceeding. If so, how long does it take, and are they likely to be able to secure some form of compensation, bearing in mind the lack of any other documents? I can't see that I can prove I had the card for longer than the statements show, but I do feel that somewhere I would like some form of compensation and an acknowledgement that the refusal to honour the PPI all those years ago was wrong.
Natwest told me that they couldn't do anything about this but that I would have to take the issue up with the insurers of the policy at the time, Royal Sun Alliance. Is this right, and if I accepted the banks offer could I still then file a claim with the insurers?
Thanks for reading, and any advice greatfully received.

-taff

If you have no documents to show what you owed, then you're up the creek.
They should be refunding you the amount you paid, based over the length of time you had the card, suing your documents as an indicator of how much was outstanding on the card.

The 8% simple interest IS your compensation.
Other inerest is only applied to credit cards if they would have been in credit with repayments if it were not for the PPI.

You can by all means go to the Ombudsman, who if they decide in your favour will ask them to reconstruct the account if they have no details.

Either way, it's your choice how you proceed.

The refund process is defined, and you ca't haggle about it.

Scisorman

Thanks for the advice. I see what you mean about the 'compensation' being factored in to the offer made.
The compensation I'm looking at would be for the stress and upset caused, and the impact it had on our life. Reading the Ombudsmans web site it seems they can ask in certain circumstances for people to be compensated for the harm caused by the mis selling.
I guess I'm wondering if anyone else has experienced this situation and whether they were successful in escalating the claim to the Ombudsman? I keep reading that the Ombudsman has a huge backlog of cases and that it can take months to obtain a decision.

[Deleted User]

Scisorman wrote: »

The compensation I'm looking at would be for the stress and upset caused, and the impact it had on our life.

But your claim would have been declined due it not being covered by the policy. You can't claim anything for your reaction to the policy terms.

Nasqueron

The problem here is the time frame - if you claimed on the PPI and they refused, you should have complained then and would have had a stronger case. Years after the event it's unlikely they will offer any compensation for this.

Your complaint was against the person who sold the cover, RSA have no blame for miss-selling, if they rejected a claim it should have been complained about at the time

If you have no proof of earlier payments and neither do the bank then you won't get any further, they will only offer a refund of what they can confirm you paid (which can include paying an average for the duration of the account based on the amount you paid during the periods which you can prove).

The FOS cases can take a while in more complex areas though the total number of PPI complaints is very much down from the peak so months is probably a good thing vs the 12-18 months it was taking.

dunstonh

Reading the Ombudsmans web site it seems they can ask in certain circumstances for people to be compensated for the harm caused by the mis selling.

Typically figures of £25-£400 depending on severity but rarely applies to PPI complaints.

Your "compensation" reasons are not to do with the sale. So, there is no reason for them to award compensation for a mis-sale complaint. You appear to have second complaint about the claim on the PPI. However, you are likely timebarred from that unless Sun Alliance volunteer to look at it.

Natwest told me that they couldn't do anything about this but that I would have to take the issue up with the insurers of the policy at the time, Royal Sun Alliance. Is this right, and if I accepted the banks offer could I still then file a claim with the insurers?

Yes it is right. The insurer is responsible for claims. So, if you have a complaint about a claim, you refer it to the insurer. However, typically, you have 3 years to raise a complaint. If your illness was serious, they may give you a bit longer but you are looking at 18 years now. So, a complaint on the 1999 claim could easily be timebarred. You would need RSA to voluntarily agree to look at it. Assuming there is any documentation left from that period.

Scisorman

Thanks very much for all the advice - very much appreciated.

Scisorman

If I accepted the final offer, then at a later date found more statements or the letter in which the PPI was turned down, could I launch a new claim?
Or does my acceptance of the final offer stop me making any further claims if I come across more evidence about the length of time I was paying the PPI?

dunstonh

If I accepted the final offer, then at a later date found more statements or the letter in which the PPI was turned down, could I launch a new claim?

No. The compliant is settled on that basis and ends the ability to make future complaints. You would be reliant on the goodwill of the bank to volunteer to look at it again.