Is RBS PPI 8% Interest Included as Standard ?

*cassius*

I got my letter this morning with a refund of £991 from RBS as a refund on ppi payments many thanks to the board for all the great advice that has been posted on here with how to claim

I only have one question in relation to the payment, the letter i received doesnt make any mention of the 8% interest nor does it break down the refund as to what was paid out by me originally with regards to the loan and ppi payments on it, can i request that the calculations for this be sent to me so i can double check the interest is included or is it RBS policy not to give the 8% interest ? would it be worth me ringing the FOS and requesting they speak with them to confirm if the 8% interest is included ?

roonaldo

it sounds like they havent included 8% interest, it sounds more like a gesture of goodwill payment to make you go away, then a full redress (refund of all premiums and 8% interest)

*cassius*

would the FOS look into this for me or would i be banging my head against the wall trying to get the interest paid, if i did cash the cheque would it automatically stop me from getting the interest if i challenged this ?

amersall

Ask RBS for a breakdown of the refund,if they have not given you the 8% it may not be worth trying to get this as the interest may not be a great deal,and the waiting time for FOS can be well over a year.
If you bank the cheque then you have accepted this and will not be able to later challenge them for the 8%.

If you know what the ppi monthly payments were,then work the 8% out here.
http://www.moneysavingexpert.com/reclaim/bank-charges#calc
Put each monthly ppi payment and the year for all those you have made,this will keep a running total and you will know if it is worth persuing or to take the offer.

*cassius*

thanks for that amersall, i think ill given them a ring on monday and ask for a written breakdown of all the charges to be sent to me and work out from there whether it would be worth it.
i originally wasnt told about the ppi when the loan was sold to me and cancelled it after approximately a year and a half so unsure what my exact amount would be, hopefully the written breakdown will make my mind up, ill hold off cashing the cheque just yet

*cassius*

i rang rbs today, they informed me that the 8% interest is included with the ppi and gave me the facts and figures of each amounts and that this is a full refund of everything that was originally paid by me. ill consider it closed and enjoy the money. thanks for everyones help

amersall

*cassius* wrote: »

i rang rbs today, they informed me that the 8% interest is included with the ppi and gave me the facts and figures of each amounts and that this is a full refund of everything that was originally paid by me. ill consider it closed and enjoy the money. thanks for everyones help

That is good,glad you sorted it.