Been Offered Compensation. Is it Enough?

Agricolae

Moneyineptitude wrote: »

Since PPI redress is defined, there is no either or situation here. If the PPI is deemed mis-sold, the OP will receive a full refund of the premium paid plus 8% simple interest. No more no less.

The question is whether the amount left unpaid by the default has been offset from the redress resulting in redress of only £274.

Perhaps I should have been clearer. If the PPI was mis-sold (which Santander appears to agree it was in this case) then there would be no possibility of making a backdated claim on the policy, for obvious reasons (but you'd get a refund of the premiums in accordance with the established redress principles etc. etc.)

However if it was not mis-sold then (at the insurer's discretion as I'm sure any claim period has long-passed) a person who had the policy could make a backdated claim if they met the criteria.

So the either/or is actually "either the policy was mis-sold, or it wasn't, and what a theoretical claimant might be entitled to would depend on this." I think this is something we probably agree on.

It's also possible for someone to make a successful claim under the policy and later receive a refund for mis-sold PPI. However their refund will take into account any payout they've had already. This is why I previously asked the OP to clarify whether they'd claimed for something under the policy.

In any event, OP should seek clarification from Santander as they will (hopefully) have the answers.

-taff

You still haven't answered...
When did you have the card from, how was it sold to you, when did you default on it.

Nasqueron

jaysan wrote: »

Thanks for all the responses but I feel more confused than ever. Would I be wise to ask for a disclosure thingy to find out what information they hold on me and get an explanation of how the amount was calculated.

Also if I had PPI and was not aware of it and while I had it did not use it even though I became unemployed and thus debt became more because I could no longer pay it then is there some other form of redress I can claim.

Finally could I pass this to a claims management company to fight the case even though they will take X% from it.

I feel as a none legal individual I am being bamboozalled with legaleeze

Thanks

Claims companies honestly do not have any special skills. If you ring up you speak to a minimum wage script monkey who writes down what they think you said and adds a load of nonsense that may not even be relevant to your situation and posts it off. They do not employ trained financial advisers or technical experts

jaysan

Due to paper loss, memory loss and hair loss the only info I can give is random and not specific - Card was not applied for just sent in the post, here you go £7500 - it was about 1998 and had for about 5 years in total and defaulted on about 2001ish. I spent £3500 in one go within a month and the was stupid with the rest, young free and felt like the world owed me medal - When it got to about £270+ per month I was struggling then when I was unemployed / redundant it all went ts up - As I say I did not know I had PPI, was just sending out spec letters to all cards / loans I had some info on - I'm going to call them today and try and get an explanation of the figures. BRB

jaysan

OK - Update - Just spoke with them and the reason its low is because I only had PPI for 4 months before the card was suspended. When I realised I was possibly going to be made redundant I added the PPI policy in the hope it would pay the debt later but when I went into arrears before I was made redundant they cancelled the policy. Fool Me So I only get what I paid - I was trying to be clever and it bit me on the behind.

Anyway once again thanks for everyone's input - It proves the point the children of today need proper money education so they don't make the same stupid mistakes some of us did in the past, debt can ruin lives

[Deleted User]

jaysan wrote: »

OK - Update - Just spoke with them and the reason its low is because I only had PPI for 4 months before the card was suspended.

Well done to Taff who surmised this was the likely case at post #11 of this thread. :T

jaysan wrote: »

When I realised I was possibly going to be made redundant I added the PPI policy in the hope it would pay the debt later

You're actually lucky then that the Bank agreed to refund you. Probably well below the floor limit for auto payout..

-taff

jaysan wrote: »

Anyway once again thanks for everyone's input - It proves the point the children of today need proper money education so they don't make the same stupid mistakes some of us did in the past, debt can ruin lives

You're not the only one, although I can't say it ruined my life, just that it took me a lot longer to realise what the pitfalls of credit were....
My mother was excellent with money, but I never learned from her example when I should have.