RESULT - I hope.

[kerching3]

Hi folks. Last year i posted this thread regarding what i thought was a mis-sold PPI http://www.consumeractiongroup.co.uk/forum/natwest-bank/200921-nat-west-mortgage-protection.html#post2186244

 

Today out of the blue i got a phone call from the FSO stating that the RBS/NW were willing to make me an offer.

 

Just wondered what the forum think i should accept, from reading other threads it would appear the first offer is usually turned down and negotiations take place.

 

I have no idea what to expect. IIRC we were paying something like £10 per month for the 10 years we had the PPI but it is now 13 years since we started the policy. I have no idea if the interest is compounded up, is there compensation for loss of enjoyment of the money, do i claim charges for writing letters.................?

 

Although i haven,t won the war yet i feel as though i may have won the first battle. Chuffed? You bet i am!!!!

[BankFodder]

What this means is that RBS have put you through the hoops. You have passed all the endurance tests and have show that you are prepared to go the distance. Now RBS realise that they have lost the case so they are anxious to make you some minimum offer so that you will withdraw the comaplint and it doesn't go into statistics.

 

I suggest that you respond and say that you are not prepared to accept any secret offer and so until they disclose fulls details and you find that they are making a proposal which is fully acceptable to you - as a matter of liability and not as a matter of goodwill, you want the matter to continue and you want a full decision from the Ombudsman and that they shold be aware that if the final award is not sufficient that you will be happy to go to the County Court.

 

Don't forget that RBS was probably one of two banks - Llloyds is probably the other which the FSA found are paying commissins to their staff to frustrate your claims or to reduce payouts.

 

Don't trust them - and frankly don't trust the FOS either. They simply want the case off their files.

[BankFodder]

Incidentally, you can also tell them that in future you want everything done in writing. No more cosy little phone calls. This includes any details of any offer. IN WRITING!!!

[spark911]

Hopefully they will offer to compensate you to the extent that it was as if you never paid for the PPI (so premiums, interest paid on premiums and then some damages). If they offer this I don't think you will get any more out of them, as that'd be a fair compensation!

[pompeyfaith]

Hopefully

 

That is a big word which does not hold true with RBS I would strongly suggest you do as bankfodder says.

 

PF

[kerching3]

Well not quite the offer i was hoping for. Bank Fodder it is as if you can predict the future.

 

They were prepared, through a letter from the FOS, to refund any premiums i have paid during the last 6 years from the date i made my complaint with an interest rate of 8% simple, whatever that means. As the policy had run its course about 3 years ago they would only be refunding between 3-4 years payments of a 10 year policy. I politely declined!

 

Looks like this may go the distance.