Cooperative Bank - PPI Claim - Update from bank 4 years after settlement

redward

This might be of interest to others but I received a letter from Cooperative Bank recently regarding a PPI claim that was settled back in 2014. Or at least I thought it was..


The letter details that Coop have "undertaken a re-assessment of the sale of PPI policy" and "come to the decision that there were failings with the sale" and have offered a further refund.


The refund includes:


1. A full refund of PPI Premiums paid
2. Interest applied to the premiums
3. Additional 8% statutory interest on both of the above


As they state, "the additional redress payment is intended to put you back into the position you would have been in had you not paid for PPI".


This has come totally out of the blue - I didn't request a re-investigation into the matter or ask a third party to re-initiate anything.

Has anyone received anything similar? I can't find any other threads in the same vein when searching the forum.

I'm going to make the assumption that their pretty clear calculations are correct but if anyone thinks I should check Coop's figures, please do say.


Cheers for reading.

[Deleted User]

redward wrote: »

I'm going to make the assumption that their pretty clear calculations are correct but if anyone thinks I should check Coop's figures, please do say.

How do you propose to "check" their new calculation? Did they reject your complaint completely in 2014, or was it "settled" as you say?

There is nothing unusual about re-investigation of old complaints by the way. They are usually the result of a generic failing coming to light and the Bank going back over cases which may have been affected by that failing.

redward

Moneyineptitude wrote: »

There is nothing unusual about re-investigation of old complaints. They are usually the result of a generic failing coming to light and the Bank going back over cases which may have been affected by that failing.

Thanks for your response.