Complaint Upheld Against Santander
Options
JPey
Posts: 3 Newbie
Dear All. I wonder if anyone can give me any help, guidance or suggestions.
I recently had my PPI complaint against FCIL upheld by the Ombudsman for PPI that was charged to a Debenham's store card. As the original adjudicator had refused my claim I did feel quite pleased with myself that I managed to get the Ombudsman to overturn that decision. However, the claim is being dealt with by Santander and I feel that I am being fobbed off. They had always maintained that I took the policy out in March 2000 however for the purpose of calculating my claim they say their records only start from August 2005, which begs the question as to how they knew when I supposedly agreed to the Policy. They are offering me a minimal amount which I don't feel is correct. I had the account for approximately 8-10 years and they say the PPI paid was £290 which as the interest was compounded at c. 29% doesn't seem right to me. They say that are applying "simple interest" of 15% but why not the 29% that they were charging me? And on and on it goes ....
Just wonder if anyone has any experience in attempting to get a fair settlement and how I go about trying to achieve this.
Many thanks
Jacqui
I recently had my PPI complaint against FCIL upheld by the Ombudsman for PPI that was charged to a Debenham's store card. As the original adjudicator had refused my claim I did feel quite pleased with myself that I managed to get the Ombudsman to overturn that decision. However, the claim is being dealt with by Santander and I feel that I am being fobbed off. They had always maintained that I took the policy out in March 2000 however for the purpose of calculating my claim they say their records only start from August 2005, which begs the question as to how they knew when I supposedly agreed to the Policy. They are offering me a minimal amount which I don't feel is correct. I had the account for approximately 8-10 years and they say the PPI paid was £290 which as the interest was compounded at c. 29% doesn't seem right to me. They say that are applying "simple interest" of 15% but why not the 29% that they were charging me? And on and on it goes ....
Just wonder if anyone has any experience in attempting to get a fair settlement and how I go about trying to achieve this.
Many thanks
Jacqui
0
Comments
-
Provide them with full copies of your statements... if you do not have these and sanatander do not have these then that will be the end of the matter.
Santander’s offers are in line with FOS guidelines so any objection would need to be done with evidence to support how and why they are wrong.0 -
The FOS rules on refund are 15% simple interest to a fixed year, then 8% simple after that. You don't get 29% compound interest
Santander might have a record in a system saying the account started in 2000 but do not have any records beyond say 2005 if that's all they inherited from GE Money0 -
Many thanks for your responses, much appreciated. So, if the interest is only refunded at 15% and does not take into account that the PPI payments were charged compound interest how can I ever be put back into the position as if I had never held the PPI insurance? Surely if I was charged compound this should be taken into account when calculating the refund. Is it not too easy to say "sorry no records" or should I be grateful that somehow they have found something from 2005 - what would happen if they turned around and said they had no records?
Many thanks0 -
Then you would have received token gesture based on average refunds... I have seen many FICL store cards where the refunds were only pence, so likely the average redress payout would be considerably less than you received (not that it matters)
To be brutally honest you are exceptionally fortunate that FICL have agreed to accept liability for the complaint as the sellers were not regulated at the time as such the insurer has stepped in to help (they don’t all do this and don’t have too), Santander are merely responding as they are the only party who hold any records... limited tho they may be.0 -
Many thanks for taking the time to respond, this is much appreciated. A little disappointing and without wishing to sound ungrateful it seems to make the Ombudsman's Decision and all the trouble and time that it took to get it a little pointless.
I no longer have the statements since I destroyed these years ago - no reason to keep them as I was unaware of PPI back then and it was only by chance that I learnt that it had been applied to the account. I could possibly get old bank statements and even then not sure how far back I could go and these would be at a cost and only show the amount I was paying each month. Overall a rum deal!!
Many thanks
Jacqui0 -
I no longer have the statements since I destroyed these years ago - no reason to keep them as I was unaware of PPI back then
PPI charges were listed on every monthly statement where you held a balanceand it was only by chance that I learnt that it had been applied to the account.
It would have been on the paperwork you signed when you took out the card or possibly over the phone after the sale. You cannot have PPI put on your account without your knowledge, not least because, as above, it was listed on every statementI could possibly get old bank statements and even then not sure how far back I could go and these would be at a cost and only show the amount I was paying each month. Overall a rum deal!!
Many thanks
Jacqui
Bank statements are free if you send a SAR but they won't show you if you paid PPI, just monthly payment.
Remember though, PPI was a matter of pennies - 70-80p per £100 of debt on the card. The vast majority of interest would be from your balance, not the PPI.0 -
Whilst I appreciate your frustrations, nothing untoward has happened here - firms are not required to keep records indefinitely... usually complaints cannot be made this long after the event but PPI has been given special exemption.
Also keep in mind neither Santander not FICL we’re actually responsible for selling the PPI, this was GE Money, whom Santander took over some of their lending at a later stage, as such likely only limited records were passed over.0 -
The ombudsman will have told FICL to pay you compensation as set out in the calculation for compensation in his decision.Many thanks for taking the time to respond, this is much appreciated. A little disappointing and without wishing to sound ungrateful it seems to make the Ombudsman's Decision and all the trouble and time that it took to get it a little pointless.
I no longer have the statements since I destroyed these years ago - no reason to keep them as I was unaware of PPI back then and it was only by chance that I learnt that it had been applied to the account. I could possibly get old bank statements and even then not sure how far back I could go and these would be at a cost and only show the amount I was paying each month. Overall a rum deal!!
Jacqui
See here
https://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=200440
If you feel FICL haven’t done this, you can ask the FOS to step in again. Santander should have included the FOS leaflet with their redress offer.
Contact them by phone 0800 121 6222 or email ppi@financial-ombudsman.org.uk.”
There have been a few recent decisions where FICL have made a new offer of compensation after the involvement of the FOS.
Congratulations on your success0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards