How long?

RichPyke

A bit of background first...
Wanted to pay loan off early last June. Got settlement figure and that brought to my attention that the PPI was mis-sold due to not being told it was all upfront and non refundable if repayed early.
RBS said No when I complained.
Went to FOS in about August 2009. It took until May 2010 for them to get back to me and say someone is looking at my case and I would hear in a few weeks... I didn't.
Contacted FOS about 4 weeks ago as I hadn't heard anything and was informed that they have decided in my favour and now waiting for RBS to sort out the figures.

What I want to know is how long does it usually take for the bank to do their part? Who do I need to chase up, FOS or RBS?


P.S. A few other bits which may be of use to me. If anyone can calculate it, if the PPI was roughly £95 a month and I have paid ~60 payments (5 years) how much am I looking at receiving back? Also, as I tried clearing the loan early last year, can I use that settlement figure less the payments made while this has been going on? (why should I be penalised for their mess up?)

di3004

RichPyke wrote: »

A bit of background first...
Wanted to pay loan off early last June. Got settlement figure and that brought to my attention that the PPI was mis-sold due to not being told it was all upfront and non refundable if repayed early.
RBS said No when I complained.
Went to FOS in about August 2009. It took until May 2010 for them to get back to me and say someone is looking at my case and I would hear in a few weeks... I didn't.
Contacted FOS about 4 weeks ago as I hadn't heard anything and was informed that they have decided in my favour and now waiting for RBS to sort out the figures.

What I want to know is how long does it usually take for the bank to do their part? Who do I need to chase up, FOS or RBS?


P.S. A few other bits which may be of use to me. If anyone can calculate it, if the PPI was roughly £95 a month and I have paid ~60 payments (5 years) how much am I looking at receiving back? Also, as I tried clearing the loan early last year, can I use that settlement figure less the payments made while this has been going on? (why should I be penalised for their mess up?)

Hi Rich

That is great news, Congratulations!:beer:

I'm sure someone will be here at some point to take a look at the figures for you, although more details may be needed, they will ask you when they're here.;)

I would leave it in the hands of the FOS now, you should receive letter from the FOS to confirm they have been in touch with the bank to resolve this for you, and then the FOS normally say, if you hear nothing by 4 weeks of their letter then to contact the FOS, then they chase this up for you.

I know banks can vary in timescales, but do keep in touch with your adjudicator often for updates.
Hope your not waiting too long now, fingers crossed.:):beer:

RichPyke

The last letter I got from the FOS was before May. They phones in May. Heard nothing since so chased them up. Heard nothing since and that was 4 weeks ago. Should I chase it again?

Really need this to hurry up so I can pay the loan off before I apply for a mortgage and buy a house (which is planned for now!)

di3004

RichPyke wrote: »

The last letter I got from the FOS was before May. They phones in May. Heard nothing since so chased them up. Heard nothing since and that was 4 weeks ago. Should I chase it again?

Really need this to hurry up so I can pay the loan off before I apply for a mortgage and buy a house (which is planned for now!)

Hi Rich

Considering they gave you the outcome details sometime ago, I would defo get in touch with them about this, we are almost in September, so I would defo ask for an update, also explain your situation as above, good luck.;)

dec22

The Adjudicator writes to RBS and then normally gives them 2 weeks to respond. RBS areknown to be a little slow so they give them a little longer rather than delay the process by sending it to the Ombudsman for a final decision. They then send the RBS response (provided they agree with FOS to refund) to another team in FOS that will review the terms of the offer which takes another 4-6 weeks. Once this has been approved, the Adjudicatorwill send an offer letter out to you to sign. Upon return, the FOS will forward signed acceptance to RBS who are dealing quite promptly with claims and calculations. i have just written in successes as i have just won a Direct Line (RBS) claim and a claim for an RBS loan. The Direct Line claim took forever, Adjudicator was exceedingly slow. other RBS claim has been dealt with speedily by different Adjudicator. Cheque from Direct Line took 3 weeks and RBS have said payment will be in account at the end of the week (only taken a week).

I phoned Adjudicator once per week or you could e-mail but I never got a response from the slow one, also was a little vague on the phone.

Good luck!!

RichPyke

Thanks, I will start phoning him every week for an update on it as I started the claim last June with RBS and FOS last August. At least I get a further 12 months of 8% interest on the overpayments made which isn't bad...

RichPyke

As if he was reading, I got the letter through Thursday last week... Signed the form saying I accept how they will calculate the refund and sent back Friday...

Let's hope this next bit is faster than the first bit.

Working it out, although not really sure if I have done it right, I will receive back just over £7,000 (61 months paying £96.26 too much(£5,871.86), plus 8% interest (£1,213.52 without charging interest on interest, so maybe more if they do) comes to £7,085.38)

Loan settlement, based on loan without PPI @ 6.4% APR using Dualcalc (is it reliable, I read it was) is £4866.45 so that's the loan paid and £2k towards the house :-) Worst case, settlement figure for the loan with ppi in 2 months time is around £6,000 plus 2 months payment is still under the refund so whatever happens, the loan is gone and I am debt free (until the mortgage is applied for!)

Thanks to everyone for the help!

di3004

Well done to you Rich, a lot of money there to come back anyway.:beer:
and if you want someone to check the amounts for you, I'm sure they would be happy to, good luck.;)