Ppi calculation 12 January 2020 at 11:22AM in Reclaim PPI & other insurance 8 replies 525 views

Ladyinwaiting

Hi

I sent a ppi case to the FOS, who contacted the business.

The business agreed to uphold my complaint and pay standard ppi redress, without the need for FOS adjudication.

A few weeks later, the business have now contacted the FOS to say they don’t have enough information to make a redress calculation. I have no further paperwork apart from the paperwork I initially sent them and the FOS.

What happens now ? Can the business rescind their decision to uphold and pay redress or will they need to make an estimation of the redress.

Are the business allowed to retract their decision with the FOS please?

Thanks

[Deleted User]

Ladyinwaiting wrote: »

Can the business rescind their decision to uphold and pay redress or will they need to make an estimation of the redress.

Well, without any records of the amounts paid, it would seem an estimation is all they can do. You have no record of the amount paid either.

Ladyinwaiting wrote: »

Are the business allowed to retract their decision with the FOS please?

Well, just like you, they can certainly appeal the FOS decision.

However, in this case I don't see how they can fully comply with the Ombudsman's ruling.

It's highly possible any estimated redress will be a larger amount than you actually paid, of course. In any case, you'll never know.

Ladyinwaiting

Hi

No FOS decision was made.

The business agreed to uphold my complaint when the FOS asked for their business file and thus my case was never looked at by an adjudicator or ombudsman as the business decided to capitulate rather than hand my file over.

So - business have told FOS they will pay redress but now say they can’t calculate it.

What I am worried about is will the business now withdraw their decision with the FOS !!

Cheers

Bermonia

You will either get an estimated redress amount based upon any information they do have, or you will be made a standardised redress offer based on similar cases (this used to be arranged £1,200 for a few lenders) - ultimately if you have the information in your own records then supply it, otherwise you will be subject to one of these two remedies which are both considered acceptable by FOS

Ladyinwaiting

Bermonia wrote: »

You will either get an estimated redress amount based upon any information they do have, or you will be made a standardised redress offer based on similar cases (this used to be arranged £1,200 for a few lenders) - ultimately if you have the information in your own records then supply it, otherwise you will be subject to one of these two remedies which are both considered acceptable by FOS

Thanks. I assume thus that the business has to pay up somehow given that’s what they agreed with the FOS. I’m most worried that they decide not to pay up having agreed to uphold it with the FOS.

Cheers

[Deleted User]

Ladyinwaiting wrote: »

I’m most worried that they decide not to pay up having agreed to uphold it with the FOS.

They have said they don't have enough information on record to provide you with an accurate refund. That does not mean they intend not refunding you at all. I'm certain their intention is to refund you an estimate.

In the meantime, I suggest you try to find some extra evidence of payments in your own archive. Do you have, for example, any bank statements from the period?

Ladyinwaiting

Hi.

I’ve spoken to the FOS adjudicator who tells me she has referred the matter to a specialist internal team at the FOS.

Any FOS experts know what this team may do ?


Thanks

[Deleted User]

They'll look at your case.

It's a way of making you feel like you're a bit special.

Bermonia

Your case will have likely been passed to the ‘redress’ team to discuss the aforementioned possibly remedies with the business to see which is most viable/fair given the circumstances - again this is going to be very limited with little or no information regarding payments made.

As previously advised, if you have any evidence of payments being made then supply these as they will lead to a better chance of getting a correct redress figure.