RBS loan PPI advice

daisychain9

Back in March 2003 I took out a loan with RBS to pay off a credit card I had with them, I don't have any of the paperwork but I do have bank statements showing all the payments coming off and an Early Settlement Statement. I think from what I've read on here that it sounds like my loan was Front Loaded, can anyone advise if it sounds like it was. I can't remember over what term it was for but I paid £255.89 a month (20 payments = total paid £5117.80) before I settled it.

I settled this loan early in December 2004 for £5886.66 and the breakdown of the settlement (dated 19 Oct 2004) was;

Total amount now outstanding £7932.59
Rebate Allowabe - Interest (and Admin fee) rebate £1021.55
Insurance Premium Payable £562.61
Tax Rebate (MIRAS) £1584.16
Net Amount Outstanding £6348.43

Thanks for any advise you can give

amersall

This was front loaded ppi and is a good reason for mis sell, if you win redress they will take the rebate they gave you back and any monies left over will come to you.
Not sure what the tax was though, i have not come across this before.
Look here for other reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
Use any more that apply to you.
http://www.rbs.co.uk/global/h/contact-us.ashx

daisychain9

amersall wrote: »

This was front loaded ppi and is a good reason for mis sell, if you win redress they will take the rebate they gave you back and any monies left over will come to you.
Not sure what the tax was though, i have not come across this before.
Look here for other reasons for mis sell
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2
Use any more that apply to you.
http://www.rbs.co.uk/global/h/contact-us.ashx

Thanks amersall, from what i've picked up on here I thought it was but wanted to be sure

I've just realised that the tax figure is the rebate allowance interest and the Insurance premium payable added together.

Thanks again