Am I entitled to compo?

millymollie

Hi there

I took out a loan thru Lombard (now RBS) years ago, fully paid off, with PPI. I lost the original paperwork for it.
I wrote to them requesting my personal info so I could pursue a refund of PPI as it was misold. They wrote back saying that without an account number they could not access my file.
I had to go thru the ICO, waited 4 months, and surprise surprise I received a grovelling letter of apology from Lombard with the necessary info.

I then wrote to RBS requesting my PPI be refunded. I waited 12 weeks and then got a letter offering me a refund of my PPI plus statutory interest. It said in the letter that they acepted no liability in this matter, and the refund was a purely goodwill gesture.

Am I entitled to compensation on top of this, or am I just entitled to just a refund of PPI plus interest?

Any help much appreciated!!!! Thank you.

amersall

Hi,they have given you full redress and that really is all you can expect,you could ask RBS if they can compensate for you having to go through the ico,this may get you £50,maybe a bit more,you wont know until you ask.

gardner1

millymollie wrote: »

Hi there

I took out a loan thru Lombard (now RBS) years ago, fully paid off, with PPI. I lost the original paperwork for it.
I wrote to them requesting my personal info so I could pursue a refund of PPI as it was misold. They wrote back saying that without an account number they could not access my file.
I had to go thru the ICO, waited 4 months, and surprise surprise I received a grovelling letter of apology from Lombard with the necessary info.

I then wrote to RBS requesting my PPI be refunded. I waited 12 weeks and then got a letter offering me a refund of my PPI plus statutory interest. It said in the letter that they acepted no liability in this matter, and the refund was a purely goodwill gesture.

Am I entitled to compensation on top of this, or am I just entitled to just a refund of PPI plus interest?

Any help much appreciated!!!! Thank you.

were you mis sold it

McKneff

Dont forget if youre a tax payer, you wont pay tax on the refund but you may well have to pay tax on the interest, so Ive read somewhere on the boards.

millymollie

Hi
yes it was mis-sold as the lady who arranged the loan on the phone said that I would probably be declined if I didnt take out the PPI, also I would have got full sick pay from the place where I was working
Cheerws

redlooney

Millymollie - when you say "years ago", how long are you talking ?

robbedofmymoney

you are entitled to get back the payments you made, the interest charged on these payments and then 8% simple interest on the amounts,

this is all they are obliged to give you.

the FOS can award compensation if the bank have messed you around and you have had to go to them for a decision, but even then its rare. the maximum i have seen awarded is £200

dunstonh

Am I entitled to compensation on top of this, or am I just entitled to just a refund of PPI plus interest?

No. They have not admitted liability. They are offering it as a goodwill payment. This means you have not provided any evidence of mis-sale and they have not found any but they are offering you a payment anyway.

if you pursue it, they are within their rights to withdraw a goodwill payment. However, the amount they have offered is in line with the defined calculation method. So, you have nothing to gain by and everything to lose by not accepting it.

the maximum i have seen awarded is £200

I saw a £400 about 9 years ago. However, that was after the spouse had died and they had been put into financial hardship. Ironically, the complaint was rejected by the FOS but they told the insurer to pay £400 for major distress.