RBS PPI claim - seems wrong

Martha101

Hi, I am new to this so advice would be really welcome!

I have received a letter from RBS to say that as a good will gesture and without admission of liability they will give me £201 for my claim of being sold ppi I didn't need.

I am a bit confused because I was sold the policy in 1994 but they have only worked out the refund from premiums paid between Aug 2001 and Feb 2009 (when I closed the PPI) Is there a valid reason why they have left 7 years out of the calculations?

I was in the military when I opened the credit card so really would never have needed any protection at all, it was just part of the forms I had to fill in when I opened the account at the bank (Nat West)

All in all, I had the PPI for 15 years so would have thought I would have been offered more than £200. Should I accept this offer or write back to them or go to the ombudsman?
Many thanks.

dilus

Martha101 wrote: »

Hi, I am new to this so advice would be really welcome!

I have received a letter from RBS to say that as a good will gesture and without admission of liability they will give me £201 for my claim of being sold ppi I didn't need.

I am a bit confused because I was sold the policy in 1994 but they have only worked out the refund from premiums paid between Aug 2001 and Feb 2009 (when I closed the PPI) Is there a valid reason why they have left 7 years out of the calculations?

I was in the military when I opened the credit card so really would never have needed any protection at all, it was just part of the forms I had to fill in when I opened the account at the bank (Nat West)

All in all, I had the PPI for 15 years so would have thought I would have been offered more than £200. Should I accept this offer or write back to them or go to the ombudsman?
Many thanks.

Hi Martha101,
This is a "goodwill gesture" which means that records do not exist before 2001 so they can't calculate before then unless you can supply them with statements for the period 94 - 01.
Having said that the offer of £201 seems very low for the period they are paying out (7 1/2 years) Just going on the maths alone it's saying you were only paying £2.23 per month in PPI. If you know you were paying more than this per month I would question it with them

magpiecottage

Martha101 wrote: »

I was in the military when I opened the credit card so really would never have needed any protection at all

Really? Have you seen this?