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    • Matt3818
    • By Matt3818 9th Nov 19, 10:58 AM
    • 5Posts
    • 1Thanks
    Matt3818
    PPI payout offer advice needed
    • #1
    • 9th Nov 19, 10:58 AM
    PPI payout offer advice needed 9th Nov 19 at 10:58 AM
    Hello all,

    I would like some advice on a payout offer Iíve had for a loan I had a very long time ago (approximately 14 years ago).

    I used the really good resolver service which I discovered on this website a couple of hours before the PPI deadline, Iíve never really used finance or credit cards much but when I was young I ended up in a bind and needed a loan quickly. The company (Everyday loans) is notorious for not paying out from what Iíve read, but theyíve offered me £1k immediately.

    A bit of background on this, when I took the loan out, I was in full time employment and got all year round full sick pay, I was also just a kid really (20 I think), so had no clue about finance or debt. The slimy sales guy told me I still had to take PPI insurance out to get the loan, but he also told me I had to take out a second policy, some kind of life insurance, as he told me that if I died, the debt would be passed to my mother. Obviously years later I now know this to be a lie, and it still bugs me today which to be honest is the only reason I fired off a claim.

    I didnít have any reference or proof of this loan whatsoever (does anyone keep paperwork from over a decade ago?), Iím not even with the same bank where the payments were made. When I put my claim in I explained everything that happened and within a month I have received a letter referencing the second Ďlife insuranceí policy, and a payout of £1k. There is no mention of the initial PPI policy though, even though I was actually off sick several times during this loan period and never claimed (I wouldnít have been able to anyway, as I was getting full sick pay!).

    Can anyone tell me if they have had a similar experience and firstly if they are trying to Ďlow ballí me, secondly if I should take this to the FOS or just reply to the them querying the other PPI policy? Thirdly, if I do take this to the FOS, could they rescind their offer completely? Is there a time limit on accepting this ífull and finalí offer?

    Any advice would be great, as you may guess from my questions I really donít have much knowledge on these things, if it would be better just take the offer and feel relieved Iíve gotten any blood out of this stone thatís fine with me, but given what Iíve read about this company, the fact theyíve just thrown a grand at me straight away seems odd?
Page 1
    • zx81
    • By zx81 9th Nov 19, 11:01 AM
    • 24,092 Posts
    • 26,802 Thanks
    zx81
    • #2
    • 9th Nov 19, 11:01 AM
    • #2
    • 9th Nov 19, 11:01 AM
    What does the letter say?

    If you complaint has been upheld, then there's nothing to negotiate, as redress is defined and their balls will be neither high nor low.

    If it's just a goodwill gesture, you can either accept it or reject it and go to FOS. You'll then either end up with full redress if your complaint is upheld or nothing at all.
    • Matt3818
    • By Matt3818 9th Nov 19, 11:09 AM
    • 5 Posts
    • 1 Thanks
    Matt3818
    • #3
    • 9th Nov 19, 11:09 AM
    • #3
    • 9th Nov 19, 11:09 AM
    Hi, thanks for the quickly reply, I think you've answered my question, I’d rather not throw away a grand, but like I say, they’ve only made reference to the ‘life’ PPI.

    The letter reads:

    I write with reference to your complaint concerning the purchase of Payment Protection Insurance. I have now looked into the issues that you have raised.

    I have reviewed the case and in this instance, I am upholding your complaint and agree to refund the premiums that have been paid towards the Payment Protection Insurance Life. In addition, we will add the statutory interest amount of 8%. (It should be noted that we do not actually charge any interest on these premiums).

    I would be grateful if you could sign the bottom of the copy of this letter as confirmation that you are prepared to accept this as full and final settlement of your complaint and return it to me. I will then arrange for the refund to be sent to you via BACs. Please confirm bank details on the bottom of this letter.

    To me this reads that they accept the claim on the life PPI, but they made me take out 2 separate PPI policies, and they don’t make any reference to the other PPI policy.

    Would you advise pushing it further and risk losing what they’ve offered? Or just fill in the form and call it a day? Thanks
    • zx81
    • By zx81 9th Nov 19, 11:12 AM
    • 24,092 Posts
    • 26,802 Thanks
    zx81
    • #4
    • 9th Nov 19, 11:12 AM
    • #4
    • 9th Nov 19, 11:12 AM
    It sounds as if it covers your full complaint, but the only way to find out is to ask them.

    If they've not reviewed one or more of the policies, they will do that separately. Accepting redress for one policy won't impact the others.
    • Matt3818
    • By Matt3818 9th Nov 19, 11:15 AM
    • 5 Posts
    • 1 Thanks
    Matt3818
    • #5
    • 9th Nov 19, 11:15 AM
    • #5
    • 9th Nov 19, 11:15 AM
    Ah right, I didn’t know that, so this relates to just the life PPI and I will get a separate letter regarding the sickness PPI? Thanks.
    • Matt3818
    • By Matt3818 9th Nov 19, 11:22 AM
    • 5 Posts
    • 1 Thanks
    Matt3818
    • #6
    • 9th Nov 19, 11:22 AM
    • #6
    • 9th Nov 19, 11:22 AM
    The thing that has me suspicious is the wording on the payment acceptance form, it says:

    I accept (sum) in full and final settlement of my complaint reference number (ref number) (Re: Account number: (account number).

    I only made one complaint covering both PPI policies, but from what you’re saying, if I question this and they refuse to accept liability on the sickness PPI, and I take it to the FOS, I could end up with nothing?
    • zx81
    • By zx81 9th Nov 19, 11:53 AM
    • 24,092 Posts
    • 26,802 Thanks
    zx81
    • #7
    • 9th Nov 19, 11:53 AM
    • #7
    • 9th Nov 19, 11:53 AM
    No, that's not what I said. It closes off the redress for the policy it relates to, not the others.

    And legally defined redress can't be withdrawn. You also wouldn't take it to FOS, as they will tell you it's legally defined.

    So you just accept it and ask them about any other policies.
    • Matt3818
    • By Matt3818 9th Nov 19, 1:54 PM
    • 5 Posts
    • 1 Thanks
    Matt3818
    • #8
    • 9th Nov 19, 1:54 PM
    • #8
    • 9th Nov 19, 1:54 PM
    Ah right, okay thanks for the replies & info zx81, Iíll get in touch with them directly.
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