Mis-calculation

[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 asI had already signed and agreed to it?

[citizenB]

So they miscalculated by £6,000 ?

 

Did you do your own calculations prior to sending your claim in ?

 

I will flag your thread for the PPI people.

[wilba1234]

Apparently so! I have not done any calculations myself but I intend to investigate further. Do you think that there is any chance that I could still claim the original £6500?

[citizenB]

Wait for people with more knowledge to look in on you.

 

Most of them will be at their day jobs at the moment, so you will likely see people respond later on this evening.

[IdaInFife]

I am sure they could withdraw their offer at any time. If they had actually paid it out would be different.

 

You must have some idea roughly how much would be due as there is a massive difference of £500 and £6500.

[wilba1234]

TBH I really dont know. I didnt have any of the paper work for the loan. I can't say how much PPI I was paying or how long for.

[IdaInFife]

You will need to send a sar to them to get all the info so you can do your own calculations to check it.,

[ims21]

Hi

 

When was this loan taken out?

 

Is it still live or has it been paid off?

 

As Ida says, SAR would be the best bet (template is in the CAG library, top left in green). Make sure you add a line that says it is to include copies of all and any agreements you have ever had with them.

 

Also get the lender to provide you with a copy of their detailed workings.

[Fur]

what would be the position if they had paid out the £6500 and then wanted it back?

[citizenB]

what would be the position if they had paid out the £6500 and then wanted it back?

 

I think they might have had a hard time explaining this away had they actually issued the cheque.

 

It is quite interesting.. that they can make such a huge error in their calculations.. makes you wonder if this might not extend to other areas .. such as the totting up of credit card accounts or loans ??

[wilba1234]

I figured out whats happened. I live with my parents and I have the same name as my dad 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.