Miss-calculation on PPI

[wilba1234]

I made a PPI claim with the Co-op bank on a loan and received a letter with calculations on PPI that I was owed. This totalled around £6500. I signed the letter and returned it to the Co-op asking the money be credited to my current account. Around 4 weeks later I received another letter from the Co-op stating that they had miss-calculated and I was only entitled to £500. Is there anything I can do about this? Was the original offer binding as I had already signed and agreed to it?

[leclerc]

Re: Miss-calculation on PPI

I made a PPI claim with the Co-op bank on a loan and received a letter with calculations on PPI that I was owed. This totalled around £6500. I signed the letter and returned it to the Co-op asking the money be credited to my current account. Around 4 weeks later I received another letter from the Co-op stating that they had miss-calculated and I was only entitled to £500. Is there anything I can do about this? Was the original offer binding as I had already signed and agreed to it?

I do not think the offer is binding but have you double checked their figures to make sure that the £500.00 is correct?

[di30]

Re: Miss-calculation on PPI

Hi

I would make sure on the figures as leclerc suggested, but do you know how much exactly you paid of the ppi premiums?

[Bill-K]

Re: Miss-calculation on PPI

In many cases, the lenders state that their offer is in 'Full and Final Settlement.' They do not show how their offer is calculated, and yet they expect people to make an informed decision as to whether or not to accept their offer. If we later go back and say we have been advised there was an 'error,' we are told it is too late, as we accepted the offer in F&F. This works both ways - or SHOULD.

We would need to see the offer that Co-op provided you with, along with their calculations. As for 'enforcing' their offer, I'm not sure how easy that would be, if they haven't yet issued the cheque - but it would be an interesting exercise, at the very least, I reckon !!!

[wilba1234]

Re: Miss-calculation on PPI

I figured out whats happened. I live with my parents and my dad has the same name as me and we both bank with the Co-op. The Co-op have included his loans in my settlement. So therefore I am only owed £500.

Thanks to eveyone that posted.

[leclerc]

Re: Miss-calculation on PPI

I figured out whats happened. I live with my parents and my dad has the same name as me and we both bank with the Co-op. The Co-op have included his loans in my settlement. So therefore I am only owed £500.

Thanks to eveyone that posted.

this will sound cheeky but does he have a case to reclaim PPI

[wilba1234]

Re: Miss-calculation on PPI

this will sound cheeky but does he have a case to reclaim PPI

It looks like it, from the calcs it looks like he has over borrowed and been paying PPI. Gonna have a chat with him tonight.