RBS offer

dippynina

I have just received a letter from FOS saying that although they haven't completed their investigation RBS are willing to make an offer to settle our PPI complaint - which is fantastic news. I had a Mint credit card which I took out in 2002 and because of financial difficulty was passed to a debt collectors but then was paid off at reduced amount to debt collectors in Dec 2007. Will this effect the final decision? The FOS also sent me this information on how compensation is calculated.
a. reconstruct the account be removing PPI premiums and any interest or charges in respect of those premiums.
b. If that produces a credit balance of any period, credit interest on that balance for that period at 8% simple per year
c. pay the customer interest on that difference between the revised closing balance and the original closing balance.
d. pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment and
e. send the customer details of how the revised balance, the difference and the interest were calculated.

I am trying to get my head around this info but struggling a bit. Can anyone explain it in simpler terms? Will the fact that it was passed to a debt collectors have any bearing on compensation?
When they say they are willing to 'make an offer' does it just mean a goodwill gesture? The reason I ask this is because I need to sign a form from FOS confirming that I am happy to accept settlement but I am unsure what to do without an actual figure. I assume when RBS do get in touch they will give me a breakdown of calculations but FOS stated this may take up to 8 weeks.
Any advice would be greatly appreciated.

di3004

dippynina wrote: »

I have just received a letter from FOS saying that although they haven't completed their investigation RBS are willing to make an offer to settle our PPI complaint - which is fantastic news. I had a Mint credit card which I took out in 2002 and because of financial difficulty was passed to a debt collectors but then was paid off at reduced amount to debt collectors in Dec 2007. Will this effect the final decision? The FOS also sent me this information on how compensation is calculated.
a. reconstruct the account be removing PPI premiums and any interest or charges in respect of those premiums.
b. If that produces a credit balance of any period, credit interest on that balance for that period at 8% simple per year
c. pay the customer interest on that difference between the revised closing balance and the original closing balance.
d. pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment and
e. send the customer details of how the revised balance, the difference and the interest were calculated.

I am trying to get my head around this info but struggling a bit. Can anyone explain it in simpler terms? Will the fact that it was passed to a debt collectors have any bearing on compensation?
When they say they are willing to 'make an offer' does it just mean a goodwill gesture? The reason I ask this is because I need to sign a form from FOS confirming that I am happy to accept settlement but I am unsure what to do without an actual figure. I assume when RBS do get in touch they will give me a breakdown of calculations but FOS stated this may take up to 8 weeks.
Any advice would be greatly appreciated.

This is great news, well done and Congratulations.:beer::T:T

If this account is settled then the money should be refunded directly to you in forms of a cheque.

If still running, then basically it looks like the FOS have suggested they reduce the payments by the amount of PPI due to you and the interest.
They can refund towards any arrears and if anything remaining should come back to you.

(maybe someone else will clarify this for you).
The 8% is normally awarded because you have been deprived of your money, and its what a court would normally award.

And they should send you a written breakdown of calculations of how much PPI to be paid and interest, showing how they done this.

If an offer, the business may not have actually admitted liability, in this case they can offer you a reasonable offer, or they can still offer to put you back in the position as if you did not have PPI in the first place.

I hear it can take up to 8 weeks, but there is no harm in trying to chase the figures up before this is you want to.

Good luck, and maybe someone else will post up to post in details of your post as well.;)X