Refund of 50% ppi?

[Deleted User]

Curiousannie wrote: »

You know nothing,

...John Snow

Nasqueron

Moneyineptitude wrote: »

...John Snow

Spoiler alert (below in white)


You mean Aegon Targaryen of course

Curiousannie

Now I am home and can look at the letter sent to me from Crestion it actually says as I was informed about the ppi (no we wasn’t) and we were sent all documents with contact details (never had any documents at all) then they don’t think we were missold it and do not feel a full refund of premiums is warranted. Then it says ‘ following a Supreme Court decision the new rules and guidance published by the FCA means that we are eligible for redress as a result of the level of commission contained within the ppi policy when it was sold to us and whether the level of commission was disclosed to us. Generally they did not tell ppi customers about their commission as they were not required to. Then it says ‘ having had the opportunity to review your policy I can confirm that under the commission review your complaint has been upheld.
In calculating your refund we have reduced your ppi charge by 50% (as agreed with the FOS and put your account back into a position that it would have been had the original charge been at this reduced value.’
I don’t understand why they have given it at a reduced rate???? Any ideas?

Curiousannie

Also sorry for the negative comments from me, I’m new to this site, finding it difficult to navigate around it and when people are saying I must have known about the ppi that makes me mad as I had no idea whatsoever, if I had have known I would have cancelled it immediately. I have read about the complaints on other forums to do with Creation Finance and the few I have read are all saying the same as me, never had any contact details, no policy documents and never knew ppi was on their accounts either. Very cunning company, and a lot have struggled to get any response from them

-taff

They have given you a Plevin refund.
You can still take your complaint to the FOS.
Good complaint reasons are cover elsewhere, good savings, good sick pay and benefits.

dunstonh

when people are saying I must have known about the ppi that makes me mad as I had no idea whatsoever,

Dont you look at your statements that are given each month?

It will make many of us mad that you can be so cavalier with your finances. You should check your statements and reconcile them weekly-monthly. What other payments have you missed over time?

Nasqueron

Curiousannie wrote: »

Now I am home and can look at the letter sent to me from Crestion it actually says as I was informed about the ppi (no we wasn’t)

Can you prove a negative? Unlikely...

Curiousannie wrote: »

and we were sent all documents with contact details (never had any documents at all)

Can you prove you never had these?

Curiousannie wrote: »

then they don’t think we were missold it and do not feel a full refund of premiums is warranted. Then it says ‘ following a Supreme Court decision the new rules and guidance published by the FCA means that we are eligible for redress as a result of the level of commission contained within the ppi policy when it was sold to us and whether the level of commission was disclosed to us. Generally they did not tell ppi customers about their commission as they were not required to. Then it says ‘ having had the opportunity to review your policy I can confirm that under the commission review your complaint has been upheld.
In calculating your refund we have reduced your ppi charge by 50% (as agreed with the FOS and put your account back into a position that it would have been had the original charge been at this reduced value.’
I don’t understand why they have given it at a reduced rate???? Any ideas?

You were given a Plevin refund, you can cash the cheque and still refer to the FOS, if they agree with you, you get the refund minus the Plevin payout


I would look again at your complaint first though, as I mentioned above:


1) PPI is listed on every credit card statement as a separate line as it's a charge to your account. Not reading statements is not miss-selling
2) The sort of PPI sale you're talking about was non-advised, despite what you might have read or seen on claims firms websites they did not have to detail the policy like on an advised sale
3) If the policy covered the self employed then that is not a miss-sale reason, you can't assume it just didn't cover him

Curiousannie

Thank you Nasqueron, so should I reply to Creation and accept their offer and wait for the cheque, then escalate to FOS even though I accepted? Should I tell Creation I am going to take it further or just do it after cashing cheque? First time I have done this myself and don’t have a clue

-taff

No need to tell them, cash it, go to the FOS

Curiousannie

Thank you Taff