PPi claim rejected but received a "goodwill gesture"

[ruby15]

Hi, I have put in a claim with my bank regarding the miss selling of the PPi. I have recieved a lengthy letter from them today saying that they have reviewed the claim, basically saying that I signed the agreement and application forms, they say that I was sent the loan protector certificate (which I can not ever remember seeing) They have checked the member of staffs RECOLLECTIONS who says that they would have followed the banks process blah blah blah.... That the poilicy was sold on a "non advice basis" The upshot of it all is that they are turning down my claim BUT as a gesture of goodwill they have offered me £750 without any admission of liability!!!

Now what do you think? The full insurance premium was £1263 added on at the beginning of the loan and the monthly payments are £25.95, this was taken out in 9/2004. Just wanted to know your thoughts.

Also I still owe on the loan account would they simply pay the £750 towards that account or as it was an front loaded premium would they have to repay direct to me?

[natweststaffmember]

Re: PPi claim rejected but received a "goodwill gesture"

Hi, I have put in a claim with my bank regarding the miss selling of the PPi. I have recieved a lengthy letter from them today saying that they have reviewed the claim, basically saying that I signed the agreement and application forms, they say that I was sent the loan protector certificate (which I can not ever remember seeing) They have checked the member of staffs RECOLLECTIONS who says that they would have followed the banks process blah blah blah.... That the poilicy was sold on a "non advice basis" The upshot of it all is that they are turning down my claim BUT as a gesture of goodwill they have offered me £750 without any admission of liability!!!

Now what do you think? The full insurance premium was £1263 added on at the beginning of the loan and the monthly payments are £25.95, this was taken out in 9/2004. Just wanted to know your thoughts.

Also I still owe on the loan account would they simply pay the £750 towards that account or as it was an front loaded premium would they have to repay direct to me?

What basis what it missold? Was it on the basis that it was unsuitable for you?
Apologies if it is already on the forum(I am at times lazy).

[Amy]

Re: PPi claim rejected but received a "goodwill gesture"

I would write back and inform them that their gesture of goodwill falls way short and that they should try again.

[Rambo]

Re: PPi claim rejected but received a "goodwill gesture"

Which bank are we dealing with ?.
What letter have you sent requiring a refund ?.
Was the application done in person or via phone ?.
Was a demands and needs form filled in ?.

Personally, I would NOT accept their offer, everything is up for negotiation, so lets negotiate with them lol. Their offer is way short of what should be required by you.

Rough mathmatics (Turbo will kill me lol) = 9/04 to 4/09 = 54 months. 54 x £25.95 = £1401.30. Presuming there is no variation in interest rate, that is the amount you would have paid to date and this rough calculation does not take into consideration the interest applied to the original SPI of £1263.

Its not even close !!.

[ruby15]

Re: PPi claim rejected but received a "goodwill gesture"

Many thanks for your replies. The bank in question is RBS. It was sold over the phone. The member of staff implied that taking out the ppolicy was essential for us to get the loan. Was not asked about any previous medical conditions. I was not told this was optional. As it was done over the phone I am not aware that a demands and needs form was filled in, it was simply that I had an overdraft with them and were struggling so they suggested that I had a loan to clear it. I am thinking of writing to them again telling them that this is not acceptable and unless they come back to me with a better offer then I will take it to the FOS. What do you think?

[Rambo]

Re: PPi claim rejected but received a "goodwill gesture"

It was sold over the phone.
Lets bring the distance marketing regs into play then.

The member of staff implied that taking out the ppolicy was essential for us to get the loan.
Was not asked about any previous medical conditions.
I was not told this was optional.
Have you sent DPA/SAR asking for the phone recordings ?. If you can get the above as evidence it will weigh very heavily against them.

I am thinking of writing to them again telling them that this is not acceptable and unless they come back to me with a better offer then I will take it to the FOS.
Get the evidence first ie SAR.

What do you think?
I think DPA/SAR is always the first move you make in these claims.

Please keep us updated.

[pinknico]

Re: PPi claim rejected but received a "goodwill gesture"

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[ruby15]

Re: PPi claim rejected but received a "goodwill gesture"

Thank you for your imput. i will send off the SAR asap. Will let you know how I go on.