Natwest/RBS Payout Times

Dizzywithmoney

I e-mailed Stephen Hester and Ron Teerlink on Friday to say that I was still waiting for my money - they received my acceptance on 2/9/2011! I still have had no reply from either of them and still no money!! I also faex and posted a letter to them but still nothing!!! Its over 10 weeks now since they received my acceptance!!! Over 50 days!!

angry_person5

I have just checked my emails and have had a reply from Ron Teerlinks office from some woman called Nadia Farid apologising for the delay and that she has forwarded my complaint to the PPI department for them to contact me and discuss the issues I raised. Would you believe she still quoted that awful phone number should I wish to ring them in the meantime while waiting for them to contact me. I am not wasting any more money being put on hold!!!!!!:mad::mad:

Having said that, at least I got some response.

Keep at them, thats what I say

martinfg

Does anyone have a definitive answer as to how NatWest pay the amount back? I ask because today my Natwest Credit card was credited with a payment stated as PPI redress, however I have had no letter with the calculations. I also see, reading on here, that a lot of people have been paid in two parts, is this usual? Also how do they calculate interest? Do they calculate it using compound interest at the rate of the card or do they use a standard 8%. The reason I ask this is that the figure seems to be in line with what i have actually paid in premiums and with interst included I expected a little more.

Thanks in advance.

courtleigh

Hello Martinfg
Glad to hear some people are at long last getting paid-- well done! Please could you let us know how many days you had to wait?
On your letter outlining the calculation - they use the RATE of interest charged on the card per premium compuonded interest.
The 8% simple interest is only when the payment is overdue. to give you an example simple interest calculated at 8% from 1st Aug to 22nd Sept on £13 197.00 amounts to £136.83 which is taxed at 20%. netting £109
I am still waiting and on day 35-- thats why I was asking how long it took for them to credit your card?

martinfg

Courtleigh

I went through the FOSwith this one. They got in touch on 29th Aug and said I would get the redress and it would be up to 8 weeks to calculate. I received a further letter on 17th Oct stating a possible 4 week delay, and the money was credited to my card on 3rd Nov. I have not received a calculation breakdown yet so I am not sure if it is correct.

AC_Valentine

Just like to add my little experience of reclaiming my PPI back from Natwest (RBS)...

5 May 2011 - SAR to Natwest.

19 May 2011 - Letter from Natwest acknowledge receipt of SAR.

22 May 2011 – Monthly payment of £427.73 made to my loan. This repeats on 22nd of every month. I won’t repeat this throughout my timeline.

27 June 2011 - SAR documents received from RBS in full.

28 June 2011 - Letter to RBS claiming that they has mis-sold PPI on my initial loan and again when the loan was refinanced. Enclosing FOS questionnaire with my letter.

4 July 2011 - Letter from RBS. Investigating PPI claim. Respond within 16 weeks otherwise go to FOS.

26 September 2011 – Payments of £13.37 & £35.39 made against my outstanding loan leaving a balance of -£2,945.35. No explanation given for this.

7 October 2011 - Letter #1 from RBS. Claim upheld. They offer £562.01 broken down as £430.36 PPI & £131.65 statutory interest less tax.

7 October 2011 - Letter #2 from RBS. Claim upheld. They offer £6,554.01 broken down as £5,726.51 PPI & 827.50 statutory interest less tax.

10 October 2011 - Letter to RBS enclosing 2x acceptance forms.

31 October 2011 - Telephone call to RBS to chase up payment. Informed that they have not received my acceptance forms. I made copies of the originals so I will re-sign and re-send. They say this is ok.

1 November 2011 - Letter to RBS enclosing 2x acceptance forms.

7 November 2011 - Text from RBS saying payment normally within 28 days but very busy so maybe up to 4 weeks delay.

10 November 2011 - Payment of £430.36 made to my current account. Description is PPI refund.

10 November 2011 - Payment of £141.25 made to my current account. Description is net interest.

11 November 2011 - Text from RBS saying payment has been generated.

14 November 2011 - Text from RBS saying payment has been generated.

This is as far as I am up to with them. Looks like I am just waiting for payment of the second part of my PPI loan plus the interest. I presume the second text from them relates to this but I’m not 100% certain.

Also I’m still not 100% sure what the two payments in September were for. Can anyone shed any light on this?

As we speak, I have £2517.62 left on my loan with another £427.73 payment due to be made on 22 November. I’m guessing that they might be waiting for that payment to clear before making the final PPI refund payment.

courtleigh

Hi
Yesterday I emailed Stephen Hester with my complaint about the PPI team not being forthcoming, and not allowing any contact with managers/payments team etc. and that it appeared that "the first come first served basis" as told to me by the PPI team was not applicable in my case.
I had an email from the PPI team to say that payment had been made to my credit card on 9th Nov. (making it 30 days)- I have checked this evening and nothing there!!
She said if my account went into credit, as it will have done, a cheque will be generated, but she will advise when.
So I guess watch this space.!!!

Dizzywithmoney

I emailed Stephen and Hester and the other guy (cant remember his name without looking back) again today, this is the 3rd time (plus I faxed them and wrote to them). I know they received the emails as I received read receipts from both guys - but still no reponse from either of them. I am still waiting for my money too! They received my acceptance on 2/9/2011.

I dont really know what to do next there doesnt seem to be any logic in contacting them as they have just ignorned me totally. Does anyone think that now I have good reason to take this to the FOS? The only thing that puts me off is the fact that I might have to wait even longer for my money!!

I wouldnt mind its not even a massive massive amount - £2400 approx but its mine and I want it back!! Its just so frustrating!!

smitchy73

I agree Dizzy it really is so frustrating, my 28 working days is up tomorrow, and i'm getting pressure from one of their departments who I owe money too, which was being paid off but they recalled the debt from the debt collection agency, so i've basically put the ball in their own court by telling them that if they want paid they'll need to get their own ppi department to pay out and i'll happily pay the debt, and they opted to bring the debt away from the DCA, not me!!

Have now emailed Stephen Hester on Saturday, and re-forwarded the email to him and Ron Teerlink this evening after receiving three letters asking me to go to a branch last week with ID and proof of signature, this was done at the start of the complaint, then everytime we phone we are scrutinised with security questions, frankly I work in a high security civil service department and we don't get that much scrutiny!! It really is crazy.

Lets hope they get their finger out very very soon.

courtleigh

Hi
Dizzy with money- I think phone the FOS and ask them what the time limit - as I said in my email to RBS - the PPI team said that payment was made on a first come first serve basis. From reading all the posts clearly this is not happening.
Have checked my account and no payment made- so much for them saying 9th Nov.!!! it is all very odd.
I hope you get a result very soon