Natwest/RBS Payout Times

mad4rda

Hi

RBS have offered me PPI refunds on a chain of loans I have had over several years (I fell into the refinance loan trap....).

Anyway, I'm over the moon about this as it totals just over £18,000. However, I'm worried about something they say in their offer letter 'On receipt we will arrange for payment to be made, subject of clearance of any arrears or indebtedness you may have with the Group'. I have an outstanding loan which isn't arrears and does not have PPI. Will they take this refund and pay it off against the loan or will the money be refunded to me directly.

I don't want to start celebrating prematurely if I will never actually have the money in my hand (although I do plan to pay a sizeable amount off the existing loan).

Is anyone able to clarify?

Thanks

RDA

P.S. I will be patient in relation to the refund process.....honest.....

dilus

mad4rda wrote: »

Hi

RBS have offered me PPI refunds on a chain of loans I have had over several years (I fell into the refinance loan trap....).

Anyway, I'm over the moon about this as it totals just over £18,000. However, I'm worried about something they say in their offer letter 'On receipt we will arrange for payment to be made, subject of clearance of any arrears or indebtedness you may have with the Group'. I have an outstanding loan which isn't arrears and does not have PPI. Will they take this refund and pay it off against the loan or will the money be refunded to me directly.

I don't want to start celebrating prematurely if I will never actually have the money in my hand (although I do plan to pay a sizeable amount off the existing loan).

Is anyone able to clarify?

Thanks

RDA

P.S. I will be patient in relation to the refund process.....honest.....

Hi mad4rda,
If the current loan is not in arrears as you say, they shouldn't use your redress to pay it off but I'm not privvy to their T&C's. I would be unhappy if they did, you could contact them and ask to clarify the situation, well done on the success

daz_c

mad4rda wrote: »

Hi

RBS have offered me PPI refunds on a chain of loans I have had over several years (I fell into the refinance loan trap....).

Anyway, I'm over the moon about this as it totals just over £18,000. However, I'm worried about something they say in their offer letter 'On receipt we will arrange for payment to be made, subject of clearance of any arrears or indebtedness you may have with the Group'. I have an outstanding loan which isn't arrears and does not have PPI. Will they take this refund and pay it off against the loan or will the money be refunded to me directly.

I don't want to start celebrating prematurely if I will never actually have the money in my hand (although I do plan to pay a sizeable amount off the existing loan).

Is anyone able to clarify?

Thanks

RDA

P.S. I will be patient in relation to the refund process.....honest.....

i also have an outstanding loan with no ppi with natwest and my payout went straight to me yesterday and none in the loan accout

daz_c

got paid the rest of my payout yesterday rbs done it in 2 parts 4 hrs apart this was on day 43 and 2 days after emailing rbs direct

dilus

daz_c wrote: »

got paid the rest of my payout yesterday rbs done it in 2 parts 4 hrs apart this was on day 43 and 2 days after emailing rbs direct

Well done daz c, congratulations :beer: and thanks for your reply :T

mad4rda

Hi

Thanks guys for your prompt answers.

I really could do with the money in my account but I am going to take the opportunity to repay a large bulk of my outstanding loan.

I only sent off my acceptance letters on Thursday so realistically not expecting any payment until January at the earliest. If it arrives earlier than that, then it would be a good Christmas.

RDA

:beer:

mazy_m

Hi all just an update mine has been paid wooooo!!!! Email Ron Teerlinks office Hesters didn't even send me an email acknowwledging a single email ( I sent 2 a day for a week!!!) I was in contact with someone from Teerlinks office who rang them up and he actually had his eyes opened to the crap we're being put through as the PPI team kept lying to him or giving him false information regarding my payment. He was told it was being processed that day and I was to be paid the next, then they had to restructure my loan. So he kept having to email me to apologise again saying they've told me the wrong information again i'm so sorry.

I was quite glad that someone high up was given the run around by them too so hopefully they'll get a kick up the backside!!

Anyhoo so he said you'll def get paid on the 11th Nov....so I waited ...no payment....emailed him to inform him...but still tried the PPI team finally got through it was like a miracle...the woman had no clue though she tried to get me to agree to her sending out ANOTHER acceptance letter because obviously the amount had changed...so I went (nicely) balistic over the phone she went on about the 4 extra weeks and when I told her I hadn't got a letter, phone call or anything from them she said oh well everyone else got that letter..I said well if they did it was a bit odd that I didn't yet I had still received post from other Natwest departments so it was an error at their end as usual and threatened to go to the FOS she sounded a bit snooty about it and said "ok you can do that but it will take you longer to get your payment." So I told him "oh no it's not to GET the payment it's the way you've HANDLED my payment....You haven't informed me that it could take longer and you didn't have the decency to inform me that it would be later and that it had to be restructed even after i'd rang up to make sure it didn't need to be restructured. The fact that you say you have the 4 extra weeks also doesn't apply as mine was being worked on a couple of weeks ago and I have proof of that. So if this isn't paid in today or by next week then that's exactly what i'll be doing!"

This was at breaktime around 10.30 and then when I checked at lunchtime around 1ish....it had been put in there and they had done some weird things with my loan!

So keep at them guys and get your money back!! Keep complaining to the emails above!!

Maz

angry_person5

Hi there, I am new to this forum as only found it yesterday. Tomorrow is my 51st day of waiting. It is so infuriating. What is RBS playing at? I have now emailed ron teerlink, stephen hester, lodged a complaint with RBS directly and BBC Watchdog. Double standards if you ask me, they wouldn't let it go anywhere near this long if it was us that owed them money. They claim to be the worlds most helpful bank, I would like to know when :-(

mad4rda

Hi

I thought I would just keep you updated on the progress of my payout with Natwest.

I received the acceptance letters on Thursday and promptly signed and put them back in the post (2nd class) the same day.

Today I got a text message confirming receipt of the acceptance letters, which says the following:

Thank you for returning your acceptance form. we would normally expect to make payment within 28 working days however due to current high volumes we are experiencing delays, potentially up to 4 weeks. Please accept our apologies for this delay and rest assured the outstanding payment will continue to accrue interest.

So now the waiting game begins.... if I'm lucky I could get the money by 15th December, otherwise it could be as late as mid January..... that's if it doesn't drag out further. However, I am an optimist!!!

RDA

:beer:

angry_person5

Adding to my comments yesterday, today I have received an email in response to the email I sent to the RBS website to complain. It states that the customer services cannot access our claims, but will pass my email to the PPI department so that they can get back to me. We will see. I only emailed them because like many of us we just cannot get any answer from the PPI Customer Concerns Team on their two numbers!! If I don't get any response from them I will continue to email the main RBS website everyday complaining day until I do. Maybe we should all do that? Its on the How to Make a Complaint screen. Don't get any joy with the PPI place directly then attack them from inside? Its day 51 for me today and still nothing. Anyway I have told Stephen Hester and Ron Teerlink that if I don't get a response from them or the PPI Department that I am going to report it to the FOS. :mad::mad::mad: