Restitutionary damages and PPI

[BankFodder]

I think that PPI is a prime candidate for restitutionary damages.

More to come but for the moment, here is a taster.
The Consumer Forums - Banks face deluge of charges claims and massive liability

If anyone thinks that they have clear evidence of misselling to the extent that the seller has been negligent or even fraudulent - and you would like to claim through the courts, then let us know and we wil help you draft a claim for restitutionary damages.

[BankFodder]

If you have had a successful PPI claim through the Ombudsman and there has been a finding of clear mnisselling, then you might be able to continue the clam through the court and win additional compensation bny way of restitutionary damages.

The Consumer Forums - Banks face deluge of charges claims and massive liability

Let us know

[Buster78]

Umm, interesting. I would say my claim would qualify as fraudulent, what would be involved in claiming restitutionary damages? Sorry I’m not good with this sort of thing.

Edit: But I haven't been through the Ombudsman route yet.

[pompeyfaith]

My claim is with the fos and has been since december 2008 and still no nearer an outcome.

My claim for PPI is on 9 loans though the Co-op Bank going back as far as 1999.

Some of these loans were refinanced into the next and to date dispite many letters they still have not provided the PPI settlement element figures.

Because of this i am unable to correctly calculate the sum owed, but putting the settlements to one side it comes to just under £29,500.

So I am interested in going the court route for two reasons, to get the settlement info out of them and second the fos I feel is dragging there feet.

My policies were mis-sold on medical grounds due to me having a stroke which they knew about as i told them at the time.

Regards

PF

[BankFodder]

Originally Posted by Buster78

Umm, interesting. I would say my claim would qualify as fraudulent, what would be involved in claiming restitutionary damages? Sorry I’m not good with this sort of thing.

Edit: But I haven't been through the Ombudsman route yet.

You don't need to go through the fos but if you have then a finding in your favour may save you some work when bringing a court claim.

However, you would have to have clear evidence of mis selling. This means that you would have to have written evidence that they knew of your unemployment or disability etc or other reason why PPI did not apply to you.
Alternatively you would have to have clear written evidence that they did tell you that PPI was essential to get the loan etc.


In other words you must be able to prove in court that there was some misrepresentation which caused you to buy the policy and to part with your money.
The more glaring the mis-selling then the easier it would be to get restitutionary damages.
For instance, if you could show that a form had been altered, then this would be fraudulent. Not only would you almost definitely get restitutionary damages, but I expect that you would get punitive damages as well.
Punitive damages is an extra award on top which demonstrates the displeasure of the court.

[BankFodder]

The whole fos setup is a nuisance. It is not transparent, it provides only minimum awards and of course it takes far too long and there are never any explanations about anything.

The fact that the matter is already with the fos is not problem and you could quite easily decide to start taking court action.

I would suggest that the best thing to do would be to prepare your case so that you are absolutely ready to go to court -- then send the bank and the fos a warning that you will be issuing proceedings within seven days.

See what happens.

However if a seven-day deadline expired then you must take your action. It is not worth it simply to make threats in the hope that they will respond to your bluff. The only thing they understand is brute force

[Buster78]

Hi Bankfodder, thanks for replying. I think I’ll have to look into it further with regards to what I’d stand to lose if unsuccessful e.g. bank cost etc, as I have limited funds. I still haven’t received all the info from my S.A.R yet, so the only evidence I have of ‘mis-selling’ is my credit card agreement, which has the no to PPI ticked. I’ll look into and let you know.

Regards