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cahoot ppi offer advice please

zubo
zubo Posts: 17 Forumite
in Reclaim PPI & other insurance
Hi all,


Santander have made an offer based only on the PPI amount and associated interest and no interest because...


'On a rolling line of credit account 8% out of pocket interest is only applied if the loan would have had a credit balance had the PPI not been included. ... This is in line with the requirements of the fos and FCA'


I believe this to be complete nonsense: I take a restitution approach with unjust enrichment. Had I had the PPI amount then I could have invested it and gained at least 8% interest.


Has anyone challenged this and been succesful?
Do you agree with me?
How do you challenge their Full and final offer? A letter first stating the argument I assume then ... FOS seem to be under pressure and likely take a while??? or... direct to county court?


I have exactly the same argument presented to me for no interest offered on my Credit Card PPI....


Any advice would be helpful...
thanks

Comments

  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    zubo wrote: »
    I take a restitution approach with unjust enrichment. Had I had the PPI amount then I could have invested it and gained at least 8% interest.
    At least? :eek:

    Please tell us where you would have invested and earned at least 8% interest?
  • zubo
    zubo Posts: 17 Forumite
    im not sure what your point is... the research I have done around restitution ndicates that 8 is the norm...

    at least not zero...
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    zubo wrote: »
    im not sure what your point is
    You've already been given a full explanation of the Bank's redress offer. If you disagree, then refer the complaint to the Ombudsman. There is no way to avoid the resultant delay.

    County court route is not recommended in any case.
  • zubo
    zubo Posts: 17 Forumite
    Why is county court not recommended? I have fought and won other cases related to loans and the ppi misspelling us accepted.. I'm disputing the settlement based on restitution case law.. I would be interested to hear your views...
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    zubo wrote: »
    I have fought and won other cases related to loans and the ppi
    So good luck with this case then.

    Do note that the PPI complaint process involving the Ombudsman is free whatever the result.
  • zubo
    zubo Posts: 17 Forumite
    As far as I can see your concerns are costs involved??
    Mine are delays by an overwhelmed appeal process...
  • Nasqueron
    Nasqueron Posts: 11,085 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If the FOS and FCA guidelines say that you don't get interest, the firm won't pay it and a court is highly unlikely to overrule that

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • zubo
    zubo Posts: 17 Forumite
    I guess i have difficulty with two elements of this: other finance companies have paid both ppi and stat int in identical circumstances so are Santander incorrectly interpreting these.

    Secondly FOS and FCA GUIDELINES are simply that !!!8230; guidelines they do not take precedent over case law...
  • Nasqueron
    Nasqueron Posts: 11,085 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Well either refer to FOS or quote the relevant case law that supports your cause

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

This discussion has been closed.
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