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£3000 loan

pistol_pete_2
pistol_pete_2 Posts: 2 Newbie
in Reclaim PPI & other insurance
Hello just signed up , great site.I am looking for some help as I am pretty new to this type of thing.Took out a personal loan for £3000 with Ulster Bank which is part of the RBS group. Put a claim in for mis-sold ppi. and have received a letter back, offering a good will gesture of £750. I honestly can`t remember much about the premiums or repayments but just wanted to know from anyone out there if this offer is reasonable for that ammount of loan. Forgot to say that the loan was over 36 months. Any help , information, or advice would be very much appreciated. thank you.

Comments

  • dilus
    dilus Posts: 1,046 Forumite
    pistol_pete wrote: »
    Hello just signed up , great site.I am looking for some help as I am pretty new to this type of thing.Took out a personal loan for £3000 with Ulster Bank which is part of the RBS group. Put a claim in for mis-sold ppi. and have received a letter back, offering a good will gesture of £750. I honestly can`t remember much about the premiums or repayments but just wanted to know from anyone out there if this offer is reasonable for that ammount of loan. Forgot to say that the loan was over 36 months. Any help , information, or advice would be very much appreciated. thank you.

    Hi Pete,
    They have offered you a "goodwill gesture" this means they have no records of the loan to go by in order to give you "full redress"
    Unless you can back up your case with evidence of how much you were paying (original agreement will show this) then you will have to accept it. It's not a bad offer on a £3,000 loan as far as goodwill gestures go but you might be entitled to a bit more if you had evidence
    How long ago was the loan finished?
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
  • pistol_pete_2
    pistol_pete_2 Posts: 2 Newbie
    The loan was paid out about 2 years ago. I didnt think £750 was too bad for 3 grand loan.Do you think I should accept.Thanks for the reply.
  • dilus
    dilus Posts: 1,046 Forumite
    pistol_pete wrote: »
    The loan was paid out about 2 years ago. I didnt think £750 was too bad for 3 grand loan.Do you think I should accept.Thanks for the reply.

    If it only finished 2 years ago they should still have records, did they explain why it was just a goodwill gesture and not a full uphold?

    If not I think it would be worth putting a SAR into them for a one off fee of £10 and they will have to supply you with all records they have for you within 40 days
    You know the loan was for £3000+ interest, so if the SAR comes back, hopefully it will show how much the total loan cost and from that you will see how much PPI you actually paid. If it looks like it was more than £750 it would be worth questioning their offer. It might be worth the £10 just to say for certain that they are not trying to get off light.
    Goodwill gestures do not include any 8% interest so you could be losing out on two fronts ;)
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Take a look at this dilus, I am gobsmacked.

    https://forums.moneysavingexpert.com/discussion/3864101
  • dilus
    dilus Posts: 1,046 Forumite
    amersall wrote: »
    Take a look at this dilus, I am gobsmacked.

    https://forums.moneysavingexpert.com/discussion/3864101

    Yes, just did a minute ago :eek: Absolutely disgraceful, the advice you have given is spot on ;) Beggars belief :mad:
    Successes
    Sainsbury's/BOS £6,400 Paid :)
    MBNA £3,600 Paid :)
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    dilus wrote: »
    Yes, just did a minute ago :eek: Absolutely disgraceful, the advice you have given is spot on ;) Beggars belief :mad:
    What next, I wonder?
This discussion has been closed.
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