PPI Delays

LocoLoco

Hello, this is my first post about the dreaded PPI and I expect it's a familiar tale!

I referred my complaint to the ombudsman a year ago after following the advice on the site. The offer made by RBS was for less money than I had paid on an insurance policy I didn't even know I'd taken out so the matter went to the ombudsman.

The ombudsman has done very little other than forward another letter to me from RBS which still offers an amount much lower than the amount I've overpaid. I've asked them to explain the figures they are suggesting as they don't tally with anything I've got and don't make any sense to me. That was around six weeks ago and I've heard nothing.

So my questions are: so far the ombudsman seems to be pretty useless. Is that usually the case? When I questioned the offer they were putting forward the chap said they just act as adjudicators and weren't involved in putting the offer together, they just forwarded what RBS wrote. I'd assumed the ombudsman actually checked it all out and made sure you were offered an appropriate refund, but is that not the case?

Second question: how important is it to get them to admit liability? They're making their offer 'as a gesture of goodwill without liability'. I was outraged by this; their clerk added PPI to my loan without me even realising (it was only when I enquired about repaying the loan early I found out I'd borrowed another £1500) and to add insult to injury the ppi covers my repayments if I lose my job and I don't work! My son is disabled and I'm his full time carer, which the clerk was fully aware of and checked through my income and saw it only consists of disability benefits for my child; I've not had a wage go into my account for six years now. I feel very strongly that they should admit liability but is that unlikely and does it matter anyway?

My third and last question: can someone explain to me how you work out the interest owed? I read another thread about how refunds are calculated which said it's 8% on each payment up until the date of settlement and used an example of £50 per month. Do you work out 8% per month for each payment or is it done on a daily basis, four weekly or some other way. Sorry to ask something that is probably ridiculous but I have no idea

I would be very grateful for any advice you can give me! Is it also usual to request £300 compensation as mentioned in the thread on calculations as well? Is that a sort of standard fee?

Many thanks!

marshallka

In regards to FOS and goodwill payments then this has obviously not been adjudicated as the adjudicator would have to rule either complaint upheld or not upheld. Obviously he is not getting involved and just passing on to you what RBS passed onto you before it went to FOS so really you have been waiting for nothing. If he adjudicates for you and rules in your favour then he would ask the business to put you back into the position as if you never had the PPI and 8% statutory interest on top. This can be worked out as whereby they would look at the PPI part of your repayments and then the date each repayment was made and then add 8% interest from the date you made them to todays date and so on and then they would look at what is left to pay on the PPI and redo the loan without it (at the same rate) and then reduce the balance and repayments in line. Or work out the loan with the PPI and what you have paid and then work it without the PPI and then pay over the difference plus 8% from date.

I would get back to your "adjudicator" and state that your complaint WAS that you were missold the insurance and you want them to adjudicate and if they uphold it to ask the business to put you back into the position as if you never had the PPI and not to "pass on" and already unaccepted "goodwill" offer.

Good luck

LocoLoco

Marshallka, thank you so much for this, I have just emailed them and asked them to settle the matter as it stands, many thanks for your help :j