Loan PPI - RBS

dec22

You'll need to see what the letter says and if it is still not clear maybe do a SAR (subject access request) which costs ten pounds but should give you copies of all your agreements so you can check whether there is PPI or not. I didn't do a SAR, I just asked for copies which they duly provided (took a few months though) even on my older ones.

It also depends on who answers the phone at the PPI complaints office, sometimes very helpful, sometimes clueless.

Good luck!!:)

kittycat65

dec22 wrote: »

It also depends on who answers the phone at the PPI complaints office, sometimes very helpful, sometimes clueless.

Good luck!!:)

Thanks for the reply

They did already tell me that I had PPI on the first loan but not on any of the others. I just find it strange that they would offer on the latest, most recent loan first and not calculate on the first one, which was then consolidated a further five times.

I must admit, the chap I spoke to was very helpful, but not entirely confident he was telling me the right thing. Letters still haven't arrived. Patience never was my strong point!!

kittycat65

Really grateful if someone could help.......

Letter now recieved from RBS. As you will see from the posts above this was a consolidated loan chain and they acknowledge that, saying that "an investigation into all loans within this chain has been carried out" They have said the following:

In the circumstances, and given the amount of time that has passed since you made your complaint (July!?) as a gesture of goodwill and without any admission of liability, the Bank is prepared to make you the offer detailed below.

Loan amount - £7,000 Feb 00 - Mar 01 Offer = £842.18
Loan amount - £15,000 Mar 01 - Sep 02 Offer = £319.60
Loan amount - £19,000 Sep 02 - May 04 Offer = £208.90
Loan amount - £21,000 May 04 - Nov 04 Offer = £59.59
Loan amount - £22,000 Nov 04 - Dec 07 Offer = £230.04
Loan amount - £25,000 Dec 07 - present Offer = £197.88

The total they are offering is £1,858.19.

I can't help but feel hugely disappointed by this. Does this sound right? It certainly doesn't seem so given some of the results others have posted here.

Grateful for any help/advice.

Kitty

kittycat65

Any advice folks as to next step folks??

Should also have said the amounts above include interest and 8%.

Thanks.

Kitty.

dec22

It does seem low given the value of the loans but it is very difficult without all the related PPI premium costs per loan to say whether it is right or wrong. PPI costs vary by loan, bank and personal circumstances.

Have you requested copies of the loan agreements so that you can identify how much PPI cost you per month on each of the loans and then also the amount of PPI rebate you were given on reloan? I would ask RBS for their calculations so that you can understand how they have arrived at the numbers they are offering.

kittycat65

Thanks for the reply dec.

I haven't asked for the loan agreements but I am going to now. I take it this will be the SAR request? What is bothering me most about it is the fact they have said they are making this offer as a "goodwill gesture"; nowhere do they make any mention upholding my complaint - which makes me think there may be more money in it.

Kitty

pollypocket

Hi kittycat,

I think I am in a similar situation to you re my Natwest Loans. Earlier ones had PPI on, consolidated, front loaded etc.

When I sent my SAR to Natwest they sent a letter back (not full SAR) with details of my loans with them and it actually stated the insurance premium at the outset of the loan - does your letter state this? I think the calculations above are made from premiums that have you actually paid.

Hopefully one of the regular posters will be along soon and they may be able to help re the above calculations.

Thanks to your post I am going to get onto Natwest on Monday to see where they are at with my calim. Fingers crossed!!

Sarahbecky

Hi
i've just had my RBS offer same circumstances as you. about 7 loans all consolidated, equaling about £850. One offer on a particular loan was about £8,its because some of the loans were only in operation for say 4 months and then they'd ring trying to get commission and say oh do you want to increase your loan, now you cant get anything from them.

Thats why my highest offer is £350 on one loan, and they've taken the tax off as well so it saves worrying.

I also did a questionnaire for my husband because 2 of the early loans, talking roundabout 2000- 2003, he was first named on the loan / PPI, so I think i've only got half a premium refunded. Thats what they said on the phone at the PPI he had 2 loans where he was first named and i had 3 where i was first named so had to do questionnaires for him, mine I did over the phone. I assume they havent finished with his yet, as the letters were all addressed to me. So we may have a bit more to come.

As to whether i'll see any of the money, because I still have RBS loan, and credit cards and overdraft, so its take your pick what they'll pay off, unless it goes in current account and nearly clears my overdraft off.

I was rejected for overdraft loan cover claim though, again sold it, but didnt need it because for once I actually wasnt overdrawn and was still employed in the NHS with the sickness and redundancy cover we have. But i think I only paid it for a year, so at the most might have paid £30.

Also tried to claim credit card charges from Capital one, that was rejected as well. I dont know whether I have the heart to fight RBS for their CC charges, even though on a bad month i've been charged 3 lots of £12, but I might have a think about that yet.

Havent heard about my mortgage loan guard claim though, but am not expecting much success with that as it wasnt front loaded.

Bev

[Deleted User]

Sarahbecky wrote: »

As to whether i'll see any of the money, because I still have RBS loan, and credit cards and overdraft, so its take your pick what they'll pay off,

The Bank will only offset your redress against loans or credit cards which have payment arrears or have defaulted.

claire1567

Hi Can anyone offer me some advice ???

here goes ...we got into some money problems afew years ago and ended up being taken to court about our natwest account and a loan we had with them , we reached an arrangement with the courts on how much we would repay which we have been doing and have not missed any paymnts . We recently went through a company to see if we had any PPI they came back with three but we werent owed anything !! never mind we thought but hen on friday last week we recieved two letters from RBS natwest saying they have ahd a look and owe us some money !!! but the company we asked to look didnt do this one as i have telephoned and asked !? the thing is do we accept the offer and will we get the money or will they just take it off our balance we owe ???? really dont know wot to do and how did we manage to get this letter ? it is genuine as i have checked on line ..any help please .