RBS GOGW Offer - what next?

stu91

Hi Everyone!

Ive been discussing my account with RBS regarding PPI and the other day a letter came through my door stating the following:

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

Now that is a good start, however, I am concerned that I am being fobbed off with the offer and that it is merely a gesture of good will to try to make me go away at the earliest instance, so I would like your expert help to tell me if they have missed anything out of their calculations and if it is worth persuing to recoup the entire amount plus interest or not in this instance.

The other banks I have made PPI claims to have paid me interest for the number of years I have had the mis-sold ppi on top of the offer so I was expecting the same thing from these guys but they seem to have another tactic...

Please find their calculations below:

Refund of premiums paid between 15 june 2003 - May 2005 £67.51

Compound interest on premiums, based upon interest rate charged on credit card £2.54

Total Refund Due £70.05

Gross Interest at FOS rate £13.41

Less Tax at 20% £2.67

Net Interest £10.74

Total Offer £80.79

Not a massive thing I know but your help is much appreciated - also if you say to go back to them and try to get more please can you provide a letter template of the things I should be stating to get the best response to this offer or do I just go straight to the FOS?

Thank you for reading / helping me with this in advance!

sava05

I would not ask for advice from them three, they know who they are, it would depend on what you owed on the credit card balance each month out standing. The more you owe each month on the credit card the more PPI refund plus 8% simple you receive. If your balance was low each month you wont get much.

-taff

They are not upholding your complaint, they're offering you a goodwill gesture, and as such, can offer what they want to.
Do you have any paperwork to say exactly what you paid? If you don't, you can't really dispute their offer.If you do, you can. Do you have statements etc?

They appear to have calculated your redress in line with FOS recommendations, so without knowing how much you actually paid, I can't say accept or decline.

PPI is charged on the outstanding balance on a credit card so if you had a small balance or paid it off in full every month, you won't have paid much.

treesinwind

If the offer was calculated in line with FOS guidelines, the 8% would be a lot higher, as they have to pay that from the date of account closure to the date of payment. It is usual to calculate goodwill payments in line with FOS guidelines, though obviously not compulsory, so it's definitely worth asking about it.

ktcov

Hi,

I work in PPI mis-selling complaints and we reject complaints but offer a full refund (plus interest of course) as a goodwill gesture if the premiums are below a certain amount (but no evidence of mis-selling has been found). This may also be the case in your situation.

If you know the premiums then you will know whether it is a full refund or not, and whether to accept the offer. As someone else said, if the balance was low then the premiums will be low and so the amount due to you will also be low.

Hope this helps a little.

Katie

billyjmes1

I have also had a letter from RBS for a loan with PPI.this week having phoned them up three weeks ago.

"In the circumstances as a gesture of goodwill & without any admission of liability the bank is prepared to make you the offer detailed below"


I thought the offer was poor considering it was for a loan of $3000 & PPI added in 1997.

Is a PPI settlement likely to be more if it is is my case from 1997?, how do they calculate the settlement?

Do I ask for my account details/ PPI before accepting?

Any help??

-taff

A gesture of goodwill means they can offer what they like. It sounds as if there isn't any paperwork left to see what you paid. Do you have your own? If there isn't any, they will offer you an average amount, it seems ot be £1500 for loans.

You should have asked for your account details bvefore complaining because now, you either accept their offer, decline it and go to the FOS, or decline it and send a SAR to see what info there is left.

While you're deciding what to do be aware that because it is a goodwill offer, they can withdraw it if they want to.

misschicken

Also for credit cards the 8% is only applied for the periods of time you account was in credit, not when you still had any money outstanding on your card.