RBS Successful PPI claim

jdean23

Hi all, just sent my letters back to RBS this morning, I had several complaints in for a loan which I just kept on consolidating, accepting no liability but offering good will gesturers for each totalling just over 7k. I'm over the moon with this! I just had a couple questions I was hoping someone might help clear up for me?

Because I still have a loan running at just under 9k with RBS will they just automatically take the amount from this? If so how will it be restructured? The loan has around 2 years left at 370 a month. Will I keep these payments and be done a lot sooner, or will they lower the payment to suit the length of the loan?

Or will it be paid direct into my RBS current account and I make that payment myself? I'd prefer this option to be honest simply because I have a few other debts I'd prefer to clear then the remaining 4.5k can go on this loan.

I've heard some people say it's sent as a cheque for you to do with as you please? Or that the bank only step in and take the money if your in arrears with any debt you have (missing payments etc, I've never missed one)

All this money is going on debt. I don't want to spend any of it. All I'd like really is to be able to direct the money to whats costing me most.

Also if anyone's had a payout from RBS how long did it roughly take?

Thank you to anyone who could help answer any of my questions

-taff

Ask them.
If you are not in arrears on your loan, you're more likely to get a cheque.

[Deleted User]

jdean23 wrote: »

the bank only step in and take the money if your in arrears with any debt you have (missing payments etc, I've never missed one)

Yes, as long as you have no arrears and have not defaulted on any debt with the Bank, your redress should be paid straight into your current account. They'd only issue a cheque if you no longer banked with them.
Well done on your success, I hope it clears your other debt.

jdean23

thanks guys. I've got a credit card which is near the limit with RBS, I wouldn't mind if they took from that as this is one of the things I'd like to clear anyways.

When you say default on the loan do you mean miss payments?

dazza12

jdean23 wrote: »

Also if anyone's had a payout from RBS how long did it roughly take?

I know two people who have recently received redress from RBS, from acceptance to payment took around 3 weeks including postage.

If they do restructure your current loan (unless they said they will in the letter it's unlikely) then it may take a few days longer.

-taff

Yes, any missed payments..

IJM

I got redress from RBS group. I have a current Natwest loan which is not in arrears, nor is it related to any of the loans for which I put in complaints.

They deposited the money directly into my Natwest current account.

I don't know if that helps answer your question.

jdean23

yeah it does thanks IJM