BANK recalculated & reclaimed PPI payment

LILB_2

Hi - new to the Forum so would appreciate it if anyone has had similar experience if they would share what they did-
I had 2 loans with Lombard and received PPI repayment of £8k for one and was sent a cheque for £4k for the second. I banked the cheques but then the £4k cheque was returned unpaid by my bank. Further discussions with RBS - they advised that they had recalculated the payments and the £8k payment was incorrectly calculated so they will reduce the £4k payment to approx £800 to compensate - has anyone had a similar experience?:(

amersall

If the original amounts were mis calculated, then they can adjust these,what were the original calculations?.

[Deleted User]

LILB wrote: »

Further discussions with RBS - they advised that they had recalculated the payments and the £8k payment was incorrectly calculated so they will reduce the £4k payment to approx £800 to compensate - has anyone had a similar experience?:(

If the Bank made an error then they are allowed to correct it. Just a pity that they realised prior to cashing your second cheque.

LILB_2

would it have made a difference if the cheque had been cashed:? It was banked but before clearing they cancelled the £4k cheque - as I had paid things on the strength of the cheque and it will cost me more money in interest do I have any redress do you know?

amersall

If the cheque had been cashed, you would still owe them the money, you could contact them and let them know that the error has cost you and ask what they intend to do, you may not get any joy but I would try, they should have calculated this correctly from the start,get the calculations and see if they have worked these out right.