RBS Loan PPI - Offer - HELP

lennonc1

Hi all,

In 2003 had £2000 loan, - checked docs last week and seen there was ppi i didnt know about so called to claim. Plus £1000 loan previous year. No docs but they say was ppi on it as well.

Details on documents - APR 16.8%
Loan - £2000
Loan insurance - £367
Total amount payable - £2980.80 including -
Interest - £588 + admin fee £25

loan repayments per month - £69.94 = over 36 months = £2517.84
insurance repayments per month-£12.84 over 36 months= £462.24

Am I right in thinking the calculation is premium of PPI £367 + 3 years interest at 16.8% + statutory 8%

Or as it was 9 years ago, add (+) 9 years interest of 16.9% ???

Im confused!! The bank has wrote and said they will give us £700 goodwill gesture payment but no liability to missold ppi......

Should I accept or write to them with my calulation breakdown and suggest that is what they owe.?

Hope this makes sense!!!!!

I have kind of worked out both together would be over £1000 0dd back but dont know how to really work it out.

Any help would be great, thanks in advance.

Ps, looking into PPI claims with Northern Rock, Legal and General, Cardiff Pinnacle. Might need help on that too....

amersall

When you win redress you get the whole PPI back as the loan is clear, the interest on the PPI is in the PPI monthly payment, as it is a goodwill gesture you may not get the 8% but £700 gives you the PPI and the interest back, did they give you the 8% and how much was it?, to get total redress you need to prove to them that this was mis sold and get them to uphold.

lennonc1

Thank you, is the interest calculated from 2003 - 2012 the 9 years not the 3 year term of loan thats where im confused..Plus still to add what the premium was on the first 1000 pound loan as no docs for that at all, so imagine half of the above. The letter form bank is on way but they told us when we called thats what it says, i will read tonight when im home and get back to you, thanks again for your help x

amersall

You are very welcome.

The 8% is paid from the start of the loan to the date they redress, this is a decreasing amount so the nearer you get to the redress date the lower the 8% is.

When you get the paperwork you may understand better what they have done, I am curious now to see how they came to the figure they gave when this includes the first loan PPI.