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This is an update from the fos. I do not have a date but this post is to let claimants know you should also ask for compensation when you submit a claim for mis-sold PPI. You should IMO in your complaint list the reasons you wish to claim the compensation.
I asked my adjudicator about compensation but was told I would be unlikely to receive anything for hours sat on a computer, writing letters, postage, paper, ink, and worrying about the whole issue.
I now intend to go back to the FOS and complain requesting compensation claim be reconsidered on my two claims.
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I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Notice the the fos has not closed it doors to developing these heads of damage. If you have been obliged to pay higher interest for a loan than which is being offered to you in respect of your refund (probably 8%), you should consider arguing to the FOS that you shoujld receive this higher rate on the basis that had nod you not paid the premiums, you would not have needed to borrow so much.
You should point out to the FOS that it would be grossly unfair if the lender was only requireed to pay you 8% interest while at the same time lending you money at, say, 15% - or whatever higher rate you were being charged.
It would be very interesting if the FOS was prepared to make awards on that basis.
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
Agreed. I have been busy making notes ready to prepare a letter to the Chief Ombudsman on this very subject.
The issue as I see it is, banks or other financial institutions will give you a loan, mortgage etc. They will somehow get the PPI added on to the Loan/mortgage and usually as a single premium. They will then add on the interest and it will be (Contractual rate for the life of the Loan/Mortgage)
The PPI as we see in 90% of cases has been mis-sold for one reason or another.
Consumer finds out about this, a lot of the time via this website.
Consumer follows supportive advice from site members and submits a claim and rightly asks for the refund of the premiums they have paid plus the interest at the contractual rate (only fair if the banks have charged the consumer contractual rate on PPI) and then the 8% statutory which is what a court can apply if the case goes in favour of the creditor.
The fos as I understand it have sometimes upheld the claim for contractual and others not but research is required to establish the truth on this.
It would appear that a lot of consumers are getting a lot of refunds by complaining to the FOS (No costs, not a lot of paperwork and Court timescales). The only issue from me is the fact there seems to be a variety of different results from different adjudicators which indicates further training requirements within the FOS to ensure new staff are following the training guidelines required for staff.
Complicated further by the growth of the complaints being submitted as more people become aware of the massive PPI ripoff that has been taking place for the past number of years.
The FOS seem to be now addressing all of the issues but I have a few more to enlighten them on, namely if a person gets into difficulties with debt due possibly to the additional heavy burden of expensive PPI and they end up on a debt management plan, it seems as the plan kicks in any PPI is cancelled but no rebate on the outstanding PPI that has been paid seems to be forthcoming with an automatic rebate.
Sorry to be so long with this post but you will see I have a passion to fight the mis-selling of PPI.
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
I have just phoned the fos and spoke to an adjudicator that dealt with one of my claims. I asked the question about compensation only to be told I had signed the acceptance of the offer as full and final settlement.
So if you have PPI claims in with the FOS and you feel you have been treated unfairly in line with the FOS guidelines..
You should IMO ask them to consider awarding you a compensation fee for all the hassle before you sign any acceptance to settle your complaint.
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
So are we saying that you could claim compensation to help pay for charges on an account that you may not have had, if you weren't paying extra for PPI?
IF YOU FEEL I HAVE HELPED YOU AT ALL PLEASE FEEL FREE TO TIP MY SCALES.
NATWEST PPI SUCCESS £490 25/08/09
NATWEST PPI 2nd CLAIM WON £1135 02/10/09
A & L PPI £395 WON
CREATION CLAIM PARTIAL REFUND £1825 01/04/10 NOW OFF TO FOS FOR THE REST
BARCLAYCARD STILL PENDING
LITTLEWOODS DCA . DEBT WIPED OUT AND CREDIT FILE UPDATED 23/09/09
FOS Compensation available *put in a claim*
. I do not have a date but this post is to let claimants know you should also ask for compensation when you submit a claim for mis-sold PPI
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