PPI offer received but very low -only 3 dyas left until the 6 month deadline - what do I do?

Hi,
I used the standard forms etc from this site some months ago to start a PPI reclaim for insurance I had on an old Burtons store card back in 1998. I didnt have any account details or old statements, but Santander replied with an offer of £400 on 11th February 2020. Id forgotten about it (its been a mad 6 months), but realised today that the 'deadline' of their offer is 6 months (ie, expires on 11th August!).
I dont think the £400 is enough -  they clearly have more info than me as they allude to the start and end dates in the letter - but there is no calculation of the amount I lost or any interest, they simply say.. 'We have considered the typical amount of redress for accounts of a similar age and where the last premium charged was of a similar amount, and our offer of £400 is based on these rather than averages rather than any transactional records specific to your account'.
They further say that the offer is available for six months only and if they dont hear from me in that time the offer may be withdrawn.

Claerly I dont have time to negotiate with them before 11 Aug (although I will call them and try) - but question is- do I get my claim in to the ombudsman today? Is the 6 Months a legal deadline or Santander nonsense?

Thanks in advance for any help!

Comments

  • brettcta
    brettcta Posts: 4,693 Forumite
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    edited 7 August 2020 at 11:15AM
    Send them your statements showing how much you’ve paid. That’s the only thing you can do. 

    Santander clearly don’t have statements hence they’ve made you an average redress offer.
    helpful tips
    it's spelt d-e-f-i-n-i-t-e-l-y
    there - 'in or at that place'
    their - 'owned by them'
    they're - 'they are'
    it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
  • SpiderLegs
    SpiderLegs Posts: 1,914 Forumite
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    Given that you have no historic statements and they have no historic statements, £400 seems like a perfectly acceptable offer to me.

    What evidence do you have that they hold more information than they have alluded to? Since you are accusing them of fraud it may be prudent to be able to back up the accusation or you may end up with absolutely nothing.

  • Nearlyold
    Nearlyold Posts: 2,288 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    edited 7 August 2020 at 11:39AM
    If your calculations & supporting evidence clearly indicate that the offer should be higher, then it should be a simple matter to get them to reconsider. If you don't have any supporting evidence you can always contact them to ask "I'd like some more money please send me £X" (giving them whatever figure you believe they owe you) if you want to - but don't get your hopes up
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    edited 7 August 2020 at 5:22PM
    If you disagree with the £400 offered. Then you need to provide substantive evidence. Not just stick a finger in the air and use it as the basis of negotiation. 
  • Santander have stated when I spoke to them that they have the dates and the amounts of the payments, but were unwilling to share that data with me. I know I paid the premiums for the PPI (from memory, £10 a month) for around 5 years - so the amount without any interest should be higher than the average redress offer.
    I'm not accusing anyone of fraud, I think they probably just bang out a standard offer letter as with the volume of PPI claims they must have received they wont have the resources to look at every case individually. 
    Ive sent them a subject access request and referred the case to the Ombudsman.
  • Nearlyold
    Nearlyold Posts: 2,288 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Santander have stated when I spoke to them that they have the dates and the amounts of the payments, but were unwilling to share that data with me. I know I paid the premiums for the PPI (from memory, £10 a month) for around 5 years - so the amount without any interest should be higher than the average redress offer.
    I'm not accusing anyone of fraud, I think they probably just bang out a standard offer letter as with the volume of PPI claims they must have received they wont have the resources to look at every case individually. 
    Ive sent them a subject access request and referred the case to the Ombudsman.
    If they genuinely have the dates and the amounts of all the PPI payments then they should not be using the average redress method of calculating your refund. Something sounds not quite right about them telling you they have all the details but then not using them in the refund calculation - misunderstanding perhaps.
    PPI on a credit card was not paid as a fixed amount per month but rather as a % of the balance outstanding
  • Hi Nearlyold
    Perhaps it is a misunderstanding - the person I spoke to definitely had the dates and amounts of the first and last transactions. I'm fairly certain I paid a fixed amount of PPI each month (it was a store card rather than a credit card, which I know is similar..). Perhaps that's because the balance stayed fairly static if I was only paying the minimum (I was a naive 18yr old at the time - probably paid thousands for my first cheap work suit!)
    Hopefully the SAR should throw some light on the matter.
  • Nearlyold
    Nearlyold Posts: 2,288 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    edited 9 August 2020 at 12:02PM
    Right so they only have the opening and closing amounts. Was £10 the amount you paid each month the total you paid each month or do you mean you paid £10 PPI plus a payment towards the amount owing on the statement. If you only paid £10 per month in total and the minimum payment was 5% and PPI charged at 1.5% then your balance would have been £153 and the PPI element of the £10 payment would have been £2.30 per month
  • I'm not sure if they have only the opening or closing amounts or more info - they answered yes when I specifically asked if they had those, as I recalled the PPI was a fixed amount. The SAR will show what they actually have.

    I recall paying £10 a month PPI. The fact that I had a minimal original loan (£250?) which I never added to, and was paying it off for around 5 years supports that - I recall the payments I made being swallowed up by the PPI payment and interest. I eventually settled the loan in a lump sum.
    If my recollections are correct, the amount due will be more than the £400 offered. If not, then not.
    Not much more to debate really, Ill wait for the SAR and the findings of the ombudsman (I referred it to them on Friday)
    Thanks for yr help
  • brettcta
    brettcta Posts: 4,693 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    edited 9 August 2020 at 4:34PM
    You had a loan for £250 which was paid back over 5 years?
    helpful tips
    it's spelt d-e-f-i-n-i-t-e-l-y
    there - 'in or at that place'
    their - 'owned by them'
    they're - 'they are'
    it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
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