PPI Offer from Mint RBS Credit Card

Cupcake_63

Could anyone please help with my question:-

We have just received an offer of £15,713.41 :j from RBS regarding our Mint credit card which we have been paying PPI for many years (probably since the mid 1990's).

We have a balance on the card of just over £2,000.00 (the card has a £10,000.00 credit limit). They said they will clear the balance on the card, but haven't said how they will return the remainder.

We have returned the form to RBS and said we will except the offer made to us and have requested they return the rest to us either by cheque or depositing directly into the bank.

Also they said that interest will be paid less the tax, but they haven't given a breakdown of the interest so we are not sure if the interest has even been added to the offer figure. Has anyone got any comments on this please?

They said in their offer that they will endeavour to settle our claim within 28 working days, but I have heard it sometimes takes a lot longer!

Thanks for any helpful comments please!

amersall

They should give you a breakdown of the redress, any money left over will be given to you.
they usually pay the interest separately so it is possible you have this to come back to you too.

Cupcake_63

Thank you for your reply, thats useful to know. Fingers crossed that will happen with the interest. Thanks again.

amersall

Fingers legs knees and eyes crossed :D

Cupcake_63

Thank you Amerall, I most certainly will keep it all crossed!! I will let you know once the payment has arrived. Thanks for the comments and help, from looking at your previous comments to other people, you really seem to have a vast knowledge of this. :T

Rochdale_Guy

That is great, well done you!
:beer:

misschicken

Hey Cupcake,

MINT may put the whole refund on your card - which would then leave it massively in credit! This happened on one of my refunds and they insisted that this was perfectly acceptable, that I should use the card to access the money and that the date they put the refund on the card was the date of final settlement. After four months of empty promises of a cheque they finally sent one, for the wrong amount. In the end they had to pay additional interest for the four months they'd been messing about as the FOS corrected them and said that their method of refund was not acceptable and that the date of settlement was when the customer receives the refund, not when MINT chose to allocate it to an account with a zero balance. Hopefully they will send you the excess automatically! If not get on the phone to them immediately.

They should however send you a breakdown of your refund and an explanation of their calculations - this will also show the tax they have taken off.

And congratulations on lovely win

Cupcake_63

Thank you, I hope they don't allocate it all to the card!!

I did put in my letter, which was sent with the acceptance form, that we didn't want that to happen and we wanted them to send the remainder to us in the form of a cheque. So we will wait to see what happens! I will certainly will be back in touch with them if they don't send the remainder to us.

Hope they don't take too long to settle this.