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    • jasper123
    • By jasper123 2nd Dec 17, 8:23 PM
    • 11Posts
    • 0Thanks
    PPI offer
    • #1
    • 2nd Dec 17, 8:23 PM
    PPI offer 2nd Dec 17 at 8:23 PM

    I've recently received a PPI offer of £986 from RBS for PPI on an Access Credit Card dating 1990 - 2002. Given this credit card was well used (I was in my 20s and slightly irresponsible) it seems low. According to PPI calculators this amounts to having a balance of just £65 per month! I wish!!

    I've yet to receive a formal offer (it's in the post) but I asked the lady I spoke to whether the offer included a detailed breakdown on how they'd come to the final figure. She said no but that she would submit a formal request to another dept to acquire this information.

    So my question is:

    Given it is so long ago, do banks guestimate what is owed if there are no records available?

    Although I should point out that they supplied me with not only my credit card number but also the period I had PPI (I did not supply this) so I'm guessing they would have detailed data to pull on and therefore the offer is fair?

    Any advice would be great
Page 1
    • sun73
    • By sun73 2nd Dec 17, 8:45 PM
    • 358 Posts
    • 116 Thanks
    • #2
    • 2nd Dec 17, 8:45 PM
    • #2
    • 2nd Dec 17, 8:45 PM
    RBS like several other major banks say that credit card transaction information is not available before 2001, so unless you can provide evidence like credit card statements from 1990 to 2000 to show your actual spending on the card and PPI charges, the bank will calculate the redress on the records they do have from 2001-02. Their offer does sound low, but wait for the breakdown and if you don't agree you could ask FOS to look at it.
    • dunstonh
    • By dunstonh 2nd Dec 17, 9:30 PM
    • 89,930 Posts
    • 56,605 Thanks
    • #3
    • 2nd Dec 17, 9:30 PM
    • #3
    • 2nd Dec 17, 9:30 PM
    ccording to PPI calculators this amounts to having a balance of just £65 per month! I wish!!
    Dont take any notice of them. They are well known for overstating the mark. Most of these are there to try and get you to sign up with a claims company. So, they overdo it.
    Given it is so long ago, do banks guestimate what is owed if there are no records available?
    Where records no longer exist, there is a calculation method that can be used. Indeed, several depending on circumstances. Sometimes the PPi paid it not available but the outstanding balance is. So, they can calculate it from that. However, if no balances exist, they average what they can see you paid over the period. This can lead to some people getting more than they should and others getting less. But its the best that can be done.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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