RBS have made an offer as "gesture of good will" – advice needed.

src007

Aft4b wrote: »

Personal Loan Protector Insurance Premium for £6,677. I have since requested a full copy of the credit agreement and made a complaint about the PPI through my Branch relationship manager. I had not requested PPI when I took out the loan so my complaint wasn't just about cancelling it now...[/SIZE][/FONT]

The response reads:
In the circumstances, and given the amount of time that has passed since you made your complaint, as a gesture of goodwill and without any admission of liability, the bank is prepared to make you the offer detailed below.


My Offer
The Bank is prepared to refund the insurance premiums and interest that you have paid.


We are willing to make you an offer of £455....

Another possibly is that they've missed out a decimal point in error? If you're two thirds through a £6500 policy £4500 would be closer to the mark.

The wording of the offer suggests it should be a full refund.

I would call them and ask before you sign your life away or waste time going to the FOS!

Aft4b

src007 wrote: »

Another possibly is that they've missed out a decimal point in error? If you're two thirds through a £6500 policy £4500 would be closer to the mark.

The wording of the offer suggests it should be a full refund.

I would call them and ask before you sign your life away or waste time going to the FOS!

This is what I thought (hoped) initially, but there is a break down of the offer and this amount is in the letter in three different places so unlikely to be a mistake.

I managed to get through on the phone today but was told someone will call me back within 48hours.

Something else I wanted advice on...

I've taken the full PPI premium (£6,677) and divided it by the duration of the loan (84 Months). Then multiply by the number of months that have passed (60) = £4769.40, the amount I've over paid. For the RBS letter I gather an 8% interest should also be applied to that amount, is there anything else I should be applying or taking away also?

smitchy73

You should get back all the ppi premiums(and interest) you have paid to date, as well as 8% interest on each payment from when it was made, the loan should then be reduced by the amount of the ppi and it's associated interest.

mistriladi_2

I had a similar situation as you. I took out a loan for £10K and had £3K worth of PPI added to it. I then consolidated and took out a loan for £25K and Natwest added another £5K in PPI. In the end they refunded me £12,400 which was way more than I expected, so much so I cleared their loan off.

I'm currently disputing my credit card as they offered me £95 in refunds, despite having my card from 1989 to date. They are a shady lot Natwest/RBS and I should know as i used to work for them. Contact their CEO (the email is floating about) and see if you can get a better offer.

Aft4b

mistriladi wrote: »

I had a similar situation as you. I took out a loan for £10K and had £3K worth of PPI added to it. I then consolidated and took out a loan for £25K and Natwest added another £5K in PPI. In the end they refunded me £12,400 which was way more than I expected, so much so I cleared their loan off.

I'm currently disputing my credit card as they offered me £95 in refunds, despite having my card from 1989 to date. They are a shady lot Natwest/RBS and I should know as i used to work for them. Contact their CEO (the email is floating about) and see if you can get a better offer.

Hi mistriladi,

Firstly congrats on your sucess! That would be a lovely result for me too as I'm hoping to be able to pay off the remaining part of the loan. Unfortunately RBS are pretty good at not return calls etc so I have a feeling I have a long battle ahead of me yet.

Are there any sample letters I can sent to a) the CEO at RBS and b) FSO?

Thanks in advance.