RBS PPI Offer Wrong

BlueBox

Hi
just recieved a letter from RBS offering me £957.61 from 15/01/99 to 15/06/12 i have worked out that i payed them over £2,000 in PPI also i read on this forum plus other forums that people have been payed more as same year as i took out my ppi. What should i do next Thanks

jdwmfc

BlueBox wrote: »

Hi
just recieved a letter from RBS offering me £957.61 from 15/01/99 to 15/06/12 i have worked out that i payed them over £2,000 in PPI also i read on this forum plus other forums that people have been payed more as same year as i took out my ppi. What should i do next Thanks

How do you know you paid over £2000 in PPI?
What evidence did you give them,
It doesn't matter what others got as each loan amount and PPI is different. Was it front loaded or monthly premiums?

[Deleted User]

BlueBox wrote: »

just recieved a letter from RBS offering me £957.61 from 15/01/99 to 15/06/12

It's very likely they no longer have records of payments from as far back as thirteen and a half years ago. They have doubtless offered on the basis of the average paid to others.

As jdwmfc said, what evidence can you provide that you paid £2000? You'd need to have statements etc as proof.

BlueBox

on the letter they sent me says i started paying PPI from 1999 till 2012 and payment started from £10 month and now its around £14

jdwmfc

If that is the case then if it started Jan 1999 and went to Jan 2012 then you have paid £1560 in PPI at £10 a month minimum that is without interest at the 8% simple.
I would write back and ask for a full breakdown of their calculations to explain how they have arrived at that amount.

[Deleted User]

jdwmfc wrote: »

I would write back and ask for a full breakdown of their calculations to explain how they have arrived at that amount.

It's very likely they no longer have records of payments from as far back as thirteen and a half years ago. They have doubtless offered on the basis of the average paid to others.
However, in order to be certain, I agree the OP should contact the Bank and ask for a breakdown.

jdwmfc

Moneyineptitude wrote: »

It's very likely they no longer have records of payments from as far back as thirteen and a half years ago. They have doubtless offered on the basis of the average paid to others.
However, in order to be certain, I agree the OP should contact the Bank and ask for a breakdown.

I agree but if they have sent a letter saying he paid £10 a month then their calculation does seem unfair.

[Deleted User]

jdwmfc wrote: »

I agree but if they have sent a letter saying he paid £10 a month then their calculation does seem unfair.

Probably £10 from when their records start.
I don't think we've been given the full picture here....

jdwmfc

Yes is there anything that you have not told us?

BlueBox

Moneyineptitude wrote: »

Probably £10 from when their records start.
I don't think we've been given the full picture here....

No it not them saying i payed £10 i remember at that time it £10 they where charging but have no proof but will ask for break down i got nothing to hide

Here is a breakdown from the letter



Refund of premiums between 15/01/99 to 15/06/12 £530.84

Compound intertest premiums based interest rate charged on CC £187.05

Refundof erroneous overlimit fees paid 15/01/99 and 15/06/12 £168.00

Coumpound interest on erroneous fees ased upon interest rate changed on CC £55.93

Total refund Due £941.82
Gross interest at FOS rate £19.74
Less tax at 20% £3.95
Net interest £15.79

Total offer £957.61

jdwmfc

Is this a credit card?