PPI Reclaiming Discussion part 4

marshallka

Portofino wrote: »

Were you told the original amount was to be £1900? Is the loan still active (assuming it was a loan) and the rest has been taken off the loan and the loan recalculated without it perhaps? If its not settled then you only get back what you have actually been out of pocket for since the beginning of the loan and the rest is used to reduce the balance. Also how was this redress sent to you? Did you have a letter with this amount in and also what about 8% statutory interest? Did you ask for that too? Sorry for the questions. Just trying to understand.


Hi, the loan is paid off. I paid it early. basically they said they would put me back to the position had I not taken out PPI. That was in the first letter. Then today I got the cheque with no explanation as to how they reached this decision.

You really need a breakdown of how the refund was calculated and also a breakdown of the settlement of the loan. This will then tell you if you actually got the rest rebated when you settled early. I would write to them for this information and ask them about the 8% statutory interest and whether that has been included also.

Let us know how you go on.;)

Portofino_2

Cool thanks. Will do. Will cash the cheque first ;-)

goonersimon

di3004 wrote: »

Hello and welcome.;)

They are entitled to 8 weeks, so if you hear absolutely nothing by the full 8 weeks, you are entitled to take your complaint to the Financial ombudsman.
Good luck and hope you receive some good news soon, please let us know how you get on.

Thanks for the advice, I'll keep my peepers peeled on the doormat.

I'm normally pretty unlucky with things like this, but at least I have a response of sorts.

Fingers crossed!

marshallka

Portofino wrote: »

Cool thanks. Will do. Will cash the cheque first ;-)

I would give them a ring first about that one. It should be OK if you have not signed anything full and final as its harder arguing once you have. Not saying you will not win (if there is a discrepancy) but it may make it harder.

Portofino_2

Another quick Q: RBS have responded to my SAR request re 3 loans. They say that they can't provide me with the agreements etc as they were taken out over 7 yrs ago. However they have provided me with the account numbers which I presume means they hold some info. All were single premium policies which is grounds for mis-selling. Do you think I can submit my claim using the account numbers (I don't have the agreements). I have been successful with RBS on one loan on the same grounds (albeit I had some info on that one).

What do you think?

marshallka

Portofino wrote: »

Another quick Q: RBS have responded to my SAR request re 3 loans. They say that they can't provide me with the agreements etc as they were taken out over 7 yrs ago. However they have provided me with the account numbers which I presume means they hold some info. All were single premium policies which is grounds for mis-selling. Do you think I can submit my claim using the account numbers (I don't have the agreements). I have been successful with RBS on one loan on the same grounds (albeit I had some info on that one).

What do you think?

Give it a go. They should still hold them if settled within the last 6 years though.

Portofino_2

Do you reckon they must have something if they can generate the account numbers/sort codes?

marshallka

Portofino wrote: »

Do you reckon they must have something if they can generate the account numbers/sort codes?

Yes, they should hold all info if settled within the last 6 years. They do have to provide if you had not settled but when settled requesting them under the CCA (from my understanding) they are allowed to not comply (IE section 78/79 If no debt is owing).

You can actually request a SAR from them though and this is all the information they held on you (often this includes the CCA's). It does however cost you £10 and they have 40 days to supply. Personally I would just get on with the complaints in that if you know the dates of the loans, what you are complaining about, and the account numbers then you should be OK.

A SAR template letter is here
http://forums.moneysavingexpert.com/showthread.html?t=1475553

Portofino_2

OK, this info

Portofino_2

OK, this info came on the back of my SAR request so they appear not to have the info I need. I will give it a go!