Urgent advice please

Pobby

Update.Just had a letter back from Scottish life.They regret that I had to contact them as they place their highest priority on customer care and service{yawn!).They go on to say that they had placed enough information regarding the inaccuracy in their MVA.

Next the guilt trip about it being unfair to other policy holders.My thinking on that is if a company as wealthy as S L can`t do its sums then they should stump up the money from their own cash reserves.

Next,the sinister bit.If I don`t cough up in the stamped addressed envelope Senior Management will decide the next course of action.Send the boys round?

Sweetener.They will reinstate the policy.Yea right!Got out of it in the first place because it`s rubbish OR if I send them a cheque for the amount they are asking for I can keep a hundred quid due to any inconvenience concerned.So I guess,it`s back to the

poet123

I certainly would not pay them back. you took the amount offered in good faith in full and final settlement. It was not so large an overpayment that you would have picked it up yourself and queried it,so like a previous poster, I don't think they have a leg to stand on.

They are just trying it on. A computer alwaygs gets blamed but actually data is input by a person,so they are to blame not an inanimate object!! but it sounds better,and distances them a little from responsibility. The bottom line is they paid it out,you cashed the cheque and made financial and personal decisions based on the value paid. They will have to stand the loss (they will be insured for such errors or it is built into the premiums) so dont feel obliged to pay it back.

Tell them to sue you for it,they wont of course!!!

Aegis

poet123 wrote: »

I certainly would not pay them back. you took the amount offered in good faith in full and final settlement. It was not so large an overpayment that you would have picked it up yourself and queried it,so like a previous poster, I don't think they have a leg to stand on.

They are just trying it on. A computer alwaygs gets blamed but actually data is input by a person,so they are to blame not an inanimate object!! but it sounds better,and distances them a little from responsibility. The bottom line is they paid it out,you cashed the cheque and made financial and personal decisions based on the value paid. They will have to stand the loss (they will be insured for such errors or it is built into the premiums) so dont feel obliged to pay it back.

Tell them to sue you for it,they wont of course!!!

Whether the amount was incorrect or not is irrelevant here. The amount he was entitled to is nearly 10% less than what he was actually paid, and they're asking for their money back. It's like what happens if your employer overpays you in the moneth you leave your job; they might overpay you but they are fully entitled to ask for their money back and you are fully obligated to pay it.

They've offered £100 compensation for their mistake, which I think is very fair of them, or they've offered to undo the transaction completely if this revised figure makes it much less worthwhile getting out of the policy. I think those are the choices here, and anything else becomes tantamount to theft...

I really think you should consult a legal expert on this one, as opinions here mean absolutely nothing in the long run, while the law means everything. If the law says that you have to pay it back and you don't, they would be well within their right to sue you for the difference and also for any legal expenses incurred getting back their money.

poet123

I agree you should consult a legal expert but, I believe the fact that the letter which came with the cheque said "full and final settlement"would be in your favour and constitute a binding agreement between you and the company. I am sure this must happen in reverse and do they send an enhanced settlement out after that letter has been issued?....I very much doubt it.

I think it is ridiculous to say anything else is tantamount to theft. Contracts of this nature are allowed to stand every day,they made a mistake,they paid out as a final settlement,they bear the cost. If they were confident of the legality they would haver indicated that they would pursue it legally if the OP did not comply. Instead they are using the other policy holder route....implies to me they know they have no legal right to the money back but thought it worth a punt.

Again though do seek legal clarification.

Pobby

When i received the first letter asking back for the money it did state that``this money was paid to you as full and final settlement``.maybe i am being dumb but to me that means one thing and one thing only.

Aegis

Pobby wrote: »

When i received the first letter asking back for the money it did state that``this money was paid to you as full and final settlement``.maybe i am being dumb but to me that means one thing and one thing only.

"Full and final settlement" almost certainly doesn't do away with their rights to their money in the event of a mistake. All it means is that this is the sole payment of all calculated outstanding balance was made to you at that time. They've pointed out the mistake and have offered compensation or reversal as compensation for that mistake, so I really don't think you have much recourse but to give them their money or to restore the policy. If you'd overpaid on a council tax bill, for example, you'd be pretty furious if they didn't give you your money back because you'd made the mistake and they had taken the money in good faith.

poet123

Yes, it means that to me also. I would write back and say that you are sorry they made a mistake, but feel you did all you could to ensure the payment was correct and that you feel they should bear the cost of their mistake. Particularly after the length of time which has elapsed. I am confident you will hear no more about it. Keep copies of all correspondance.

EdInvestor

Pobby wrote: »

Last year,on the advice of people here and others I surrendered my Scottish Life with profits endowment plan.It was doing very badly and although I havn`t claimed,it would appear to have been mis sold.

Who sold you the policy?

Might be a bit of leverage there if it was them.

Pobby

My guess is that someone has programed their computer wrongly.I wonder how many other people are receiving a similar letter?

poet123

final settlement n. an agreement reached by the parties to a lawsuit, usually in writing and/or read into the record in court, settling all issues. Usually there are elements of compromise, waiver of any right to re-open or appeal the matter even if there is information found later which would change matters (such as recurrence of a problem with an injury), mutual release of any further claim by each party, a statement that neither side is admitting fault, and some action or payment by one or both sides. In short, the case is over, provided the parties do what they are supposed to do according to the final settlement's terms. With the glut of cases crowding court calendars and overwhelming the system and delays in getting to trial (due to three factors: increased criminal case load, increased litigious nature of society, and an insufficient number of judges), judges encourage attempts to settle, including mandatory settlement conferences with judges or experienced settlement attorneys present. (See: set


See legal definition above,I have highjlighted the relevant wording.