PPI offer from first plus would you accept it?

[nilrs]

hi

 

after sending 1st letter off to first plus and getting a "we will not give you anything" letter back we left it for a few months, then dh decided to contact the ombudsman, we have now received a letter from first plus -

 

dear mr *****

 

we have recently received a letter from the Financial Ombudsman Service (FOS), asking that we issue you with a final response to your complaint regarding your payment protection policy.

 

I have reviewed the details of your complaint and remain satisfied that the details of the payment protection insurance policy were explained to you correctly. I am also still satisfied that information regarding the cover was sent to you for your consideration prior to proceeding with the arrangement.

 

Nevertheless, having considered your complaint the senior managers of Firstplus are willing to reach an agreement with you in an attempt to reach a mutually agreeable outcome.

 

we would therefore like to offer you an enhanced rebate of the insurance premium of £6,932.35 in addition to the rebate of £4,051.41 that was included in the settlement figure of your loan.

 

The enchanced rebate offer is calculated on a pro-rata basis of 78% of the insurance premium and takes into account the policy provided you with cover when your loan was in force (14 months) and the rebate is calculated on the unexpired term at the time you settled your loan (46 months).

 

I would point our that this additional refund is made with no admission of liability by either the insurers or Firstplus and is purely a gesture of goodwill.

 

so what would you do, open the box or take the money?

[nilrs]

sorry forgot to add we had to pay them around £19000.00 when we paid the loan off.

[dx100uk]

without knowing the details of your loan in the first place it would be unwise to comment.

 

are your figures calculated using the PPI spreadsheet. etc

 

dx

Edited May 9, 2009 by dx100uk

[varda]

I wouldn't accept their offer, unless you are really desperate let the FOS do their job. Firstplus seem to be making this offer to most people, me included. I refused and went to the FOS in March 2009. It may be a long wait but for justice its worth it.

[alanalana]

I have reviewed the details of your complaint and remain satisfied that the details of the payment protection insurance policy were explained to you correctly. (If they were totally convinced by this comment they would be offering nothing) I am also still satisfied that information regarding the cover was sent to you for your consideration prior to proceeding with the arrangement.

 

Nevertheless, having considered your complaint the senior managers of Firstplus are willing to reach an agreement with you in an attempt to reach a mutually agreeable outcome. (Because it will be cheaper for them than having to deal with the Financial Ombudsman Service. If you go to the FOS they will face a fee of £500 to start with and you can bet your life if the FOS uphold your claim which is more than likely you will get your PPI refund plus the interest on the premiums and the FOS would probably add on 8% statutory interest from the day the loan started up until the day you settle.

 

we would therefore like to offer you an enhanced rebate of the insurance premium of £6,932.35 in addition to the rebate of £4,051.41 that was included in the settlement figure of your loan.

 

The enchanced rebate offer is calculated on a pro-rata basis of 78% of the insurance premium and takes into account the policy provided you with cover when your loan was in force (14 months) (But did it actually provide you with cover? the exclusions would probably have precluded you from making a valid claim) and the rebate is calculated on the unexpired term at the time you settled your loan (46 months).

 

The FOS route is a long one:shock:

 

Ultimately the call is your own on whether to accept now or complain to the FOS and wait.

[pubman1]

It's a standard response - I had the same 78% offer. I went to the FOS and am waiting for them to investigate.

[KaneCole]

Yes i also had this resonse. Mine has been with the FOS since last May 08. I received an email last week and an adjudicator is now dealing with mine and reviewing all paperwork etc and will let me know the outcome in 2 to 3 weeks. I will keep you updated through my own thread when I hear something.

 

KaneCole