Re: Latest Update on PPI Judicial Review - NO APPEAL - get your claims in......
This has been a constant annoyance to me, too, EXC. My argument has always been that - in order for a claimant to decide whether or not to accept an offer in full and final settlement - he needs to be able to make an informed decision. Such a decision cannot be made without knowing what the offer actually is - and how it has been calculated.
All too often, we have found claimants being offered amounts which do not tally with our own calculations. But because we have not been allowed to see how the offers have been calculated, we have no option other than to conclude that the amounts are incorrect, and suggest that the claimant rejects it.
When such 'calculations' are provided, they are generally no more than a list of the elements of each offer - and certainly do NOT show how these elements have been calculated.
It is my understanding of Disp/App 3.9.4 that, if an understandable explanation of how the redress had been calculated is NOT provided, then the claim has not actually been settled in full.
Disp/App 3.9.4:-
Originally posted by EXC
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All too often, we have found claimants being offered amounts which do not tally with our own calculations. But because we have not been allowed to see how the offers have been calculated, we have no option other than to conclude that the amounts are incorrect, and suggest that the claimant rejects it.
When such 'calculations' are provided, they are generally no more than a list of the elements of each offer - and certainly do NOT show how these elements have been calculated.
It is my understanding of Disp/App 3.9.4 that, if an understandable explanation of how the redress had been calculated is NOT provided, then the claim has not actually been settled in full.
Disp/App 3.9.4:-
The firm should make any offer of redress to the complainant in a fair and balanced way. In particular, the firm should explain clearly to the complainant the basis for the redress offered including how any compensation is calculated and, where relevant, the rescheduling of the loan, and the consequences of accepting the offer of redress.
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