Let's talk redress to a newbie? pls

[jrtjules]

I currently have two complaints with the FOS, both have been upheld and we're at the arguing about redress stage.

 

 

On both I have asked for bank charges, etc to be returned if they were incurred as a result of being without the PPI monies.

I should add the bank charges could be a significant amount.

 

On the first loan ppi,

the adjudicator found against me, that the bank's offer of ppi repayments plus 8% interest was fair.

I have appealed this decision to the ombudsman proper.

 

 

They state that the all charges on the LOAN account have been returned,

whereas I argue that the money to pay the PPI was originating in my current account

and thus it should be IT that is restructured rather than the loan account,

with the repayment of charges, etc.

 

Similarly on the second mortgage ppi (this time the payments were directly taken from my current account).

the (different)adjudicator has asked me for my expectations with regard to redress.

 

 

I stated the same, that since the payments were taken directly from my current account,

I expected it to be restructured with the return of any charges incurred as a result of being without the PPI monies, etc etc. to which she replied

 

"

I will let be taking the information you have sent me into consideration as I investigate your complaint.

 

I will need to look into what you have told me about your current account.

This is not something that is generally considered when refunds are calculated.

 

 

You say in your email that this would be “as per [our] guidelines” but this would not be covered by our standard guidelines to businesses.

 

 

We would need to see an exceptionally clear link between the sale of the PPI policy in question,

and the fees and charges on the account, to say that the business should consider these costs.

I will need to consider the specific circumstances of your complaint to see if that would apply here.

 

I will let you know if I need any further information.

I do not know at this time how long my investigation will take but I will keep you updated."

 

What are people's general thoughts/experiences with the FOS with regard to charges incurred as a result of being without PPI monies? Are people generally getting them or not?

[jrtjules]

119 views and no one knows?

[intend]

Good point raised - do not have the answer but would like it!!

[citizenB]

119 views and no one knows?

 

Just because people look at your thread, it doesn't mean that they have an answer for you.

 

I must admit I am not quite certain what the issue is. If you are reclaiming redress of PPI, then usually the refund will either go toward the loan if it is still active or in arrears - or to you if the loan has been repaid.

 

Just because the monies for the loan come out of your current account - that will not have anything to do with the refund !. If you are claiming that by taking the monies for the loan out of your account has put your current account into arrears and caused charges on that, then I would think you are not going to win that argument ! If the loan was taken with the bank with which you had the current account, then the bank will always ensure its products are paid for first, even if it means your current account then goes into unauthorised overdraft.

[dx100uk]

never heard of that ever being successful.

[Hortz]

It is a requirement of FCA rules that when redressing your complaint,

they consider any consequential loss arising as a result of the missale of PPI.

 

 

With credit cards, it is easy to establish as the account balance can be reconstructed to what it would have been with and without the PPI and any charges resulting from the PPI can be refunded.

 

 

Current accounts are more difficult as they are not directly linked to the product.

I am not aware of anyone having much success with this approach.

 

 

You would basically need to prove that the charges were a direct result of the PPI and only the PPI,

I.e. that there was no unnecessary or non essential expenditure in your account during that time period

and the charges are not partly of your own making

(e.g it's no good blaming the PPI for your account charges

if your statements show use in takeaways, bars, cinemas etc...)