PPI rebate confusion

tedward

I have had a rebate of just short of £2000 from RBS for missold PPI. The bank have used the money to put towards my loan!!!! Giving with one hand and taking away with the other. For obvious reasons I wanted it in my current account. They also owe me around £3000 for previous loans. Will this go towards paying my loan also? Can they do this or should I of been given a choice? Please advise xxx

marshallka

tedward wrote: »

I have had a rebate of just short of £2000 from RBS for missold PPI. The bank have used the money to put towards my loan!!!! Giving with one hand and taking away with the other. For obvious reasons I wanted it in my current account. They also owe me around £3000 for previous loans. Will this go towards paying my loan also? Can they do this or should I of been given a choice? Please advise xxx

Have you actually won for misselling or it a goodwill gesture? ALso have you ever been in arrears with the loans? If not then they should repay to you (on the settled loans) all that it has cost you for the ppi and also 8% statutory interest. For the loan still in place if you have no arrears or ever been in arrears it would be fair for them to repay to you the amounts of PPI that you have paid to date (and 8% statutory interest) in a cheque to you and then take the remaining PPI off the loan balance and a new loan is usually done to reflect this at the same rate and APR etc.

Hope this helps.

tedward

Thank you, i have just got back from the bank. What they chose not to explain on the phone or in the letter they sent is that the rebate would of been the potential payments had the PPI of been left on. So my loan payments have now reduced. I have taken them a letter detailing my concerns and that i want all refunds paid directly in to my current account. Im like a bee with a daffodil xxx thanks for comment xxx

dec22

tedward wrote: »

Thank you, i have just got back from the bank. What they chose not to explain on the phone or in the letter they sent is that the rebate would of been the potential payments had the PPI of been left on. So my loan payments have now reduced. I have taken them a letter detailing my concerns and that i want all refunds paid directly in to my current account. Im like a bee with a daffodil xxx thanks for comment xxx

It is right they credit any part of PPI that you haven't paid back to the loan and reduce your payments accordingly. I guess you are after the refund of payments made to date before you won your case for misselling. It normally says in their letter how much will be refunded to you and how this will be done dependent on any arrears.

Perhaps try ringing the RBS PPI office in Manchester, they have been very helpful wit my cases in the past. Haven't found the branch to be of any help at all.

Good luck, hope you get sorted soon!

tedward

Thanks again for the comment. I think they just wanted me to treck down to the bank, you would think it was the lady from the banks own money. I think they will refund it though without argument just to shut me up lol. With a bit of luck the next time im on here will be to let you know im quids in, gunna rub my lucky budda. Have a nice weekend folks xxx