FOS and PPI

[di30]

Re: FOS and PPI

This is where mine is at now TDS, the Adjudicator have not actually rejected but was unable to conclude due to a relationship issue with mine, so because of this its going to the ombudsman for review.

Well I suppose my case is like a rejection really, but you do have the opportunity to have to reviewed by someone more senior, such as the Ombudsman if your not happy with the outcome made by your Adjudicator.

Re: FOS and PPI

FAQs Businesses - our rules powers, appeals

I realise this is for businesses, but in the lack of anything contrary I can find relating to individuals I would assume the same rules apply?

Re: FOS and PPI

I'm sure someone with more knowledge will correct me but my understanding was that an Adjudication was not binding and only a final decision by an Ombudsman would be.

ah, ok, so that implies that I can still appeal to an ombudsman then. I was wondering if it can, post adjudication.

[andrew1]

Re: FOS and PPI

I think skv is correct. Also, have you thought of charging compound interest and what does anyone think about the FOS's opinion on Compound Interest payment based upon Sempra Metals v Inland revenue? Would the FOS uphold that?

[skv123]

Re: FOS and PPI

I'm sure someone with more knowledge will correct me but my understanding was that an Adjudication was not binding and only a final decision by an Ombudsman would be.

Re: FOS and PPI

well, its certainly the next step if the FOS will not / cannot help further.

would be the first time I'll have taken court action against a creditor

[SpringerSpaniel]

Re: FOS and PPI

I would have thought the FOS adjudication had some protective effective in costs, as it is binding on the defendant and they are acting in bad faith not to honour it.

Issuing a claim might well provoke them to realise it would be much cheaper to pay the FOS award in full than to have a legal battle ?

Re: FOS and PPI

Good point Springer. The problem I would have is that the bank are not divulging their methodology in calculating the PPI redress. That could mean (?) any CC claim gets moved out of the fast track onto the multi-track - despite the size of the claim. There might then be adverse costs implications, despite having the backing of a FOS adjudication.

[SpringerSpaniel]

Re: FOS and PPI

I think you can apply to a county court for enforcement of an FOS adjudication - it is binding on the bank / lender / company but not on the consumer.

Re: FOS and PPI

Simple interest only.

The problem here is that Egg sold me PPI on a loan and credit card that we subsequently consolidated into another loan. They accept they owe me PPI for the loan and card but cannot get their heads around the fact that they also owe me the cash equivalent of the PPI that was then carried over into the new loan ie which was capitalised into it as it was a sinmgle premium PPI policy. Plus interest on that of course.

The FOS understood the issue and gave a very detailed adjudication and calculation directions to the Bank. The Bank have ignored that. The FOS however seem to have gone like a limp rag in response, which is extremely frustrating.

I was wondering what the FOS position would (should) be where a settlement has been agreed and the Bank then tries to pull a fast one and offer a derisory sum.

The problem being that we agreed to settle but without knowing what the Bank's calculated repayment would be. A catch 22 and I had always thought the FOS would be there to rap Egg's knuckles but that itsn't what's happening.

[Paul210]

Re: FOS and PPI

in answer to your question, knowing FOS not a lot, but then you never know, they might surprise you.

Just to clarify, on your stat interest calculations were you using simple or compound interest?

[SpringerSpaniel]

Re: FOS and PPI

Make sure your case is reviewed by someone more senior.