PPI Cancellation Questioin

mikemikemikemikemikemike

Hi. Possibly a silly question, but with the deadline looming I want to leave no PPI left unturned!

I received a letter back from one of my claims and they informed me that they have upheld my PPI mis-selling complaint and apologised. But then explained that there is no redress payment due as I cancelled the policy within 30 days.

If I did cancel it at the time, am I owed any money for it being mis-sold in the first place?

Is it worth me challenging this decision?

Thanks

Mike

NCC-1701

No, not at all...you paid nothing and you are due nothing.

Nearlyold

The compensation for being mis-sold PPI is a refund of all your premiums plus 8% pa simple interest.

So PPI premiums paid = £0.00 + 8% of £0.00 so Total compensation due = £0.00

There is no compo payment for anything else ie distress etc.

NB there's a good chance they upheld your complaint simply because you never paid any premiums, as it helps their stats and stops folks going to FOS.

SonOf

I received a letter back from one of my claims and they informed me that they have upheld my PPI mis-selling complaint and apologised. But then explained that there is no redress payment due as I cancelled the policy within 30 days.

Firms usually auto-uphold complaints where no redress is due as it avoids a FOS fee is you were to take it to the FOS.

If I did cancel it at the time, am I owed any money for it being mis-sold in the first place?

Redress is a refund of premiums paid plus interest. You paid £0 and interest on £0 is £0. So, you get £0.

Is it worth me challenging this decision?

No.

mikemikemikemikemikemike

Ok, thanks all. Just thought it was worth checking. Cheers.