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Thread: Should I accept PPI offer

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    Default Should I accept PPI offer

    I have today received this letter from RBS re a Nat West credit Card. It was sent on 5th May before the decision not to appeal was given today.


    05 May 2011
    Dear XXXXX


    Payment Protection Insurance Policy in association with NatWest Credit Card Number ending xxxx
    You will be pleased to know that I have now finished my review into the concerns that you raised about your Payment Protection Insurance Policy. Your concerns are important to us.
    This is why we ensure sufficient time is taken to comp
    lete a thorough investigation of the issues that you raised.

    Your concerns
    I believe that your concerns can be summarised as follows:
    · You cannot remember any discussion about PPI but know it was added to your
    credit card account.

    · You were not told of the limitations of the policy as far as self employed status was
    concerned nor of the effect of pre
    -existing medical conditions.

    · At no time were the benefits and terms of the insurance explained to you.
    · You were not informed that you could arrange other separate insurance.
    You kindly took the time to complete and return our the Financial Ombudsman Service's questionnaire the contents of which have been taken into consideration when carrying out my investigation.
    My investigation
    It is my responsibility to review the circumstances surrounding your purchase of the policy. This means I have examined the records available from the time of the sale as well as considering your comments. I have done this in order to check that you were made aware of how the policy worked and to confirm you were given all the information you needed to
    make an informed decision
    to proceed with it.

    On this occasion I have been unable to confirm precisely what information you were given at the time you purchased the policy. In the circumstances, as a gesture of goodwill and without any admission of liability, the Bank is prepared to make you the offer detailed below.
    My offer
    The Bank is prepared to refund the insurance premiums and interest that you have paid on the policy over the last six years prior to the date of receipt of your complaint and any subsequent premiums applied thereafter to date. Details of our offer are provided in the table below:

    (A) The total amount paid in relation to the Payment Protection
    Insurance premiums within the last six years from the receipt of
    £455.35
    your complaint and any subsequent premiums
    (B) Monthly variable card interest paid on the Payment Protection
    £234.17
    Insurance premiums
    Our offer = (A) + (B)
    £689.52
    If you are subject to alternative fiduciary arrangements such as an IVA or Protected trust deed, any payment we make will be made to your credit card account. Any disbursements due under the terms of the arrangement will then be managed by the Credit Card Insolvency Team.
    Please note that this money will be automatically credited to your card balance. If however your card is no longer active we will send you a cheque.
    As you have made a complaint about the way in which the policy was sold to you, please be aware the Payment Protection Insurance Policy on your Credit Card will be cancelled once you have accepted this offer if this has not already been done. This will result in you no longer being eligible for the benefits provided by the policy.
    What can you do next?
    I trust that you will find my comments helpful and that my offer fully resolves your concerns. However, if you are not satisfied, you can refer this matter to the Financial Ombudsman Service for further investigation. The services they offer are set out in the enclosed booklet "Your complaint and the ombudsman". Their contact details are as follows: details etc....

    Should you decide to refer your complaint to the Financial Ombudsman Service (FOS), it is a requirement that you do so within six months from the date of this letter. This offer will remain available to you until the option to complain to the Financial Ombudsman Service has expired.

    To accept my offer, all you need to do is sign and return the declaration at the end of this letter. Please do not make any amendments as this will result in the form being null and void. On receipt the offer amount will be credited to your card balance. If however your card is no longer active we will send you a cheque. We will endeavour to make payment within 28 working days of receipt of the acceptance form.
    I look forward to hearing from you but should you have any questions please do not hesitate to get in touch.



    What should my reply be? Is that a reasonable offer and do they only have to go back 6 years?

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    Default Re: Should I accept PPI offer

    Greetings Flossie,

    Right it seems they are only offering redress since when the FSA was brought in as regulator to the Financial Industry.

    Your claim is not limited to 6 years though and you can claim back more than 6 yrs, but in doing this you would need to show the proof.

    First questions are how long have you been paying the PPI

    Do you have any proof beyond 6 yrs like statements.

    Have you done a SAR (Subject Access Request) letter to the lender requesting all info they hold relating to the account.
    ------------------------------- merged -------------------------------
    Seems they have not offered the 8% statutory interest
    Last edited by pompeyfaith; 9th May 2011 at 20:32:PM. Reason: Automerged Doublepost
    If you think nobody cares if you're alive, try missing a couple of payments.




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    Default Re: Should I accept PPI offer

    Flossie,

    So you can find this thread in future go to Quick Links on this page then click Subscribed Threads.
    If you think nobody cares if you're alive, try missing a couple of payments.




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    Default Re: Should I accept PPI offer

    I would reply like this:

    Dear Sir/Madam ( you can use the name of the sender)

    Thank you for your offer but I refuse and ask you to reconsider on the following grounds.

    The offer made did not cover the full period I was paying the premiums to you so does not return me to the position I should now be in.

    I have been paying for this worthless policy since ........ with no benefit to me.

    The offer did not include Statutory Interest at 8% this must be paid as it is compensation for denying me of my funds for which you have had for a considerable time and earning interest on.

    I must draw you attention to the Judicial Review brought by the British Banking Association which was lost on all grounds last month and as off today no appeal will be made.

    I now wish my complaint to be assessed on the grounds the BBA was challenging namely ICOBS as per the FSA handbook and implemented December 2010.

    I look forward to your swift response

    Yours Sincerely
    There you go something like that but feel free to add/remove as you see fit.
    If you think nobody cares if you're alive, try missing a couple of payments.




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    Default Re: Should I accept PPI offer

    Thank you so much - that is a very helpful reply. I will try and find old statements or old bank statements, which will be in the loft!
    I will send the letter you propose and let you know what happens.

    I did not do a SAR as the card is current and assumed they would go back to the start if they felt it was mis-sold. More fool me.

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    Default Re: Should I accept PPI offer

    I have found statements dating back to 2002, which is more likely the date the card was taken out. I will add this to the letter and let you know their eventual reply. Thank you.

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    Default Re: Should I accept PPI offer

    Quote Originally Posted by flossie View Post
    I have found statements dating back to 2002, which is more likely the date the card was taken out. I will add this to the letter and let you know their eventual reply. Thank you.
    Please, do not forget to reclaim the interest, as well as the PPI premiums;
    your statements will reveal the rate of interest charged on each and every PPI premium payment date.

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    Default Re: Should I accept PPI offer

    Please, do not forget to reclaim the interest, as well as the PPI premiums;
    your statements will reveal the rate of interest charged on each and every PPI premium payment date


    Indeed if the PPI is listed on the statement before the interest then you have paid it on the PPI at the rate quoted.
    If you think nobody cares if you're alive, try missing a couple of payments.




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    Default Re: Should I accept PPI offer

    I have 2 other claims with Nat West for loans which were put on hold for the JR. Is the fact they made an offer on the credit card, without accepting any liability their letter said, a good omen for paying out on the loans.
    Surely they would not make any offer, even a "goodwill jesture" if they didn't think I had a case for mis-selling?

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    Default Re: Should I accept PPI offer

    Flossie,

    Have you read this:

    http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

    It will greatly help you in your claims appendix 4 sets out the "common failings and what constitutes a missell.
    ------------------------------- merged -------------------------------
    Surely they would not make any offer, even a "goodwill jesture" if they didn't think I had a case for mis-selling?
    Quite true and I have used that argument in my own claims.

    It stands to reason if they felt that they had done no wrong no offer at all would be made, they are a bank after all.
    Last edited by pompeyfaith; 10th May 2011 at 09:53:AM. Reason: Automerged Doublepost
    If you think nobody cares if you're alive, try missing a couple of payments.




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    Default Re: Should I accept PPI offer

    Quote Originally Posted by pompeyfaith View Post
    Flossie,

    Have you read this:

    http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

    It will greatly help you in your claims appendix 4 sets out the "common failings and what constitutes a missell.

    Yes I have read that recently when I saw it on your other thread. I had sent in my FOS questionnaires some time ago and luckily had covered many of the mis-selling points in my claims - ie self-employed, previous medical conditions, front loading on loans etc.
    I have already received refunds from Argos, Capital One, Beneficial Bank (now HFC), and Debenhams store card (Santander) . All the remining ones except MBNA on hold due to JR.

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    Default Re: Should I accept PPI offer

    Sorry duplicate post so deleted.
    Last edited by flossie; 10th May 2011 at 14:52:PM. Reason: Duplicate post deleted

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    Default Re: Should I accept PPI offer

    Received a letter from NatWest and they are refusing to pay over and above their original offer. They state that if not happy take it to the FOS.
    For a matter of under £100 I will probably not bother as I know how long the wait will be. Still I am not happy with them!

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