Nat West (RBS) PPI Offer

GP1983

Hi everyone

I'm new to this forum and wondered if you could help me.

I recently wrote to Nat West and asked them to provide me with details of my previous loans I have taken out with them, along with any PPI amount attached to each loan.

They sent me back some information which was basically:

LOAN1
Date opened 10/01/2007
Date closed: 26/04/2007
Loan Amount: £3,700.00
PPI Amount: £973.10

LOAN2
Date opened: 25/04/2007
Date closed: 31/07/2008
Loan Amount: £13,750.00
PPI Amount: £3,719.37

I telephone their PPI line and explained I had believed my PPI had been mis-sold for various reasons. They have now sent me a letter stating:

"On this occasions I have been unable to confirm precisely what information you were given at the time you purchased the policy. In the circumstances, as a gesture of goodwill and without any admission of liability, the Bank is prepared to make you the offer detailed below:

£1,439.39"

I'm tempted to tell them no and that I want the full amount back (aproximately £4,500).

I have called Nat West and asked them why the offer was so low and they said it was because my loan was only active for a short time so the PPI mentioned (£3,719.37) wasn't actually applied - I only paid a small amount of this before setting up a new loan which had no PPI.

Does this sound reasonable or like some excuse? Just wanted your thoughts on the matter.

Thanks in advance.

dunstonh

I'm tempted to tell them no and that I want the full amount back (aproximately £4,500).

You didnt pay £4500. Each time you repaid the loan early, they would have rebated a relativity pro rata amount back in the loan settlement figure.

Does this sound reasonable or like some excuse?

That is what happens. So, on that basis it is reasonable.

andysmith82

Hi,

Sorry for thread hijack - I've just put in a natwest / RBS claim for 3 loans.

How long did it take NW to get back to you with an offer? What were your complaint reasons?

As previous post - yes, when you consolidated the loan they will have rebated the PPI but not the interest for it. They should have paid that back to you at least as well as the 8% compensation interest.

Thanks,

A

-taff

It's the truth.

GP1983

Thank you for your replies - just wanted to check.

To be fair, Nat West were extremely quick. I applied on 17/07/2013 and they sent me out that offer on 18/07/2013! haha

andysmith82

Blimey!

They've had my compliant for 3 weeks now, so here's hoping it will still be quicker then the 8 weeks!

A

dunstonh

GP1983 wrote: »

Thank you for your replies - just wanted to check.

To be fair, Nat West were extremely quick. I applied on 17/07/2013 and they sent me out that offer on 18/07/2013! haha

Probably an auto payout as the amount is that sort of range. These are typically much quicker than those investigated.