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RBS - PPI Claim - Advice please!
Danboats
Posts: 6 Forumite
Hoping for some advice....
I made a claim to RBS for a PPI rebate on the basis that i felt it had been missold when i applied for a credit card. This was turned down by the Bank. I have gone to the Ombudsman now and have just received a letter saying that they will investigate my complaint and get back within 12 months!
I feel i was mis-sold as i was led to believe that accepting PPI from RBS was mandatory in order to get my application approved. In addition, I had savings of circa £70k at the time (inheritance from my mother who passed away) and i didnt want to spend this but clearly had the means to cover my debt if i was laid off / became ill.
Given that i was led to believe it was mandatory, i ticked the box accepting PPI. Will this affect my claim? I feel that i was mis-sold the ppi and i also feel i didnt need it.
RBS did not ask about my personal finances and so, in my opinion, could not make an informed judgement on my suitability for ppi yet they still pushed it.
Any advice would be much appreciated.
I made a claim to RBS for a PPI rebate on the basis that i felt it had been missold when i applied for a credit card. This was turned down by the Bank. I have gone to the Ombudsman now and have just received a letter saying that they will investigate my complaint and get back within 12 months!
I feel i was mis-sold as i was led to believe that accepting PPI from RBS was mandatory in order to get my application approved. In addition, I had savings of circa £70k at the time (inheritance from my mother who passed away) and i didnt want to spend this but clearly had the means to cover my debt if i was laid off / became ill.
Given that i was led to believe it was mandatory, i ticked the box accepting PPI. Will this affect my claim? I feel that i was mis-sold the ppi and i also feel i didnt need it.
RBS did not ask about my personal finances and so, in my opinion, could not make an informed judgement on my suitability for ppi yet they still pushed it.
Any advice would be much appreciated.
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Comments
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As your case is already with the Ombudsman, there is little you can do now except forget about it until you hear from them again.Any advice would be much appreciated.
Unfortunately, the complaint reasons you have given are weak except for your huge savings. Did you have these savings at the time of the sale of PPI? Did you inform the Bank about these (as well as providing proof) as part of your complaint?
The Ombudsman process is currently taking in excess of a year and there is, of course, no guarantee that you will be successful so I wouldn't be losing any sleep over this!0 -
Duplicate thread here:
https://forums.moneysavingexpert.com/discussion/comment/59369925#Comment_593699250 -
Moneyineptitude wrote: »As your case is already with the Ombudsman, there is little you can do now except forget about it until you hear from them again.
Unfortunately, the complaint reasons you have given are weak except for your huge savings. Did you have these savings at the time of the sale of PPI? Did you inform the Bank about these (as well as providing proof) as part of your complaint?
The Ombudsman process is currently taking in excess of a year and there is, of course, no guarantee that you will be successful so I wouldn't be losing any sleep over this!
I had the savings at the time but no i never provided proof and wasnt asked. Should i contact the Ombudsman and alert them to this? I have subsequently spent these savings (mortgage on new house) but could easily get proof that i had these at the time i took the credit card.
I appreciate that the "mandatory" claim must be heard alot by the banks and ombudsman but in my case it is genuine. I cannot remember the precise detail of the conversation given the timelapse so i guess that is not going to assist me much.
Noted re timescales and im not losing sleep but obviously a rebate would be nice!!0 -
Where did you get the idea that a "rebate" would be applied? If your complaint is upheld by FOS, you will receive a full refund of the PPI you have paid and 8% simple interest!Noted re timescales and im not losing sleep but obviously a rebate would be nice!!
As this is the only strong part of your complaint, you should make the most of it by ensuring FOS has this information and supporting evidence.I had the savings at the time but no i never provided proof and wasnt asked. Should i contact the Ombudsman and alert them to this? I have subsequently spent these savings (mortgage on new house) but could easily get proof that i had these at the time i took the credit card.
As I said, nothing you can do now but wait!0 -
Moneyineptitude wrote: »Where did you get the idea that a "rebate" would be applied? If your complaint is upheld by FOS, you will receive a full refund of the PPI you have paid and 8% simple interest!
As I said, nothing you can do now but wait!
Ok, thanks...guess i will just have to wait and see then.0 -
If you ticked the box then the "preticked" argument is not available to you.
That means the evidence needs to show that the bank misled you in some way.
Unless the literature is misleading that is likely to be difficult and point to a mispurchase rather than a missale.0
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