Assisted Negotiation: Financial dispute - PPI case study
- Financial disputes include PPI’s, the claimant a Hampshire based fabrication company. Had been awarded a substantial contract to install air conditioning ductwork. In order to fund the materials required for the contract, they approached their bank for a loan. During their discussions they were advised that they should take out PPI cover. The claimant advised that they had felt pressured into taking the PPI as a condition of securing the loan.
- Many years had passed prior to the claimant making a claim against the defendant bank. Upon submission of the appropriate forms, and following the assisted negotiations of the mediator the defendant bank made an offer of £14,000 in settlement of the claim. The claimant accepted the offer, through mediation they could clearly see getting £14,000 was better than risking this matter at a trial.
Facts & figures
- The assisted negotiation took just 3 hours compared to the eight years this dispute had already gone on.
- The mediation cost to each party was NIL, as the mediator carried out the negotiations on a pro-bono basis. A good result for both parties when compared to the thousands the they would have spent on legal fees had they continued with Court action.