Requesting breakdown for upheld PPI complaint

streetcat

Hi all

My Father has just had letters back from RBS upholding his complaint for 3 previous loans held with them.

Example of offer layout:

Total refund of PPI premium & associated interest paid to date: £2,487.56

Statutory interest (gross interest at 8% added to each PPI premium payment, from the date of each payment): £2,225.07

Less income tax on statutory interest (20%): -£445.01

NET OFFER: £4,267.62


He doesn't have any paperwork for these loans, but I know some people on here have said you have a right to ask for a breakdown of how they calculated the redress.

Will this breakdown request give us enough info to check that he's being provided the right amount, or should we have done a SAR request? More specifically, what info can I expect from asking for a breakdown?

Ps. I know some of the excel spreadsheets available online do the calculations for you, but wouldn't i need to know every payment made, dates payments made etc; which I'm guessing I wouldn't get from their breakdown

-taff

They usually add breakdown of how PPI was applied to loans You can ask.

They are unlikely to have got it wrong unless no paperwork exists, in which case, as SAR will show you nothing.

[Deleted User]

streetcat wrote: »

Will this breakdown request give us enough info to check that he's being provided the right amount, or should we have done a SAR request? More specifically, what info can I expect from asking for a breakdown?

You can expect exactly how they calculated the figure to be detailed, but there will be nothing to "check" without paperwork from your father's own archive.

Basically, it's a pointless exercise unless you don't understand the redress calculation or you can somehow show you paid more than they are offering.

You'll find far more information at the link below than the Bank will ever provide;
https://forums.moneysavingexpert.com/discussion/1596473

streetcat wrote: »

I know some of the excel spreadsheets available online do the calculations for you, but wouldn't i need to know every payment made, dates payments made etc; which I'm guessing I wouldn't get from their breakdown

Correct.

streetcat

Thanks to all.

That's what I thought to be honest. I guess I'll leave it up to him to decide if he wants to see if they have any information to SAR, in order to then have an archive to check their calculations against.

Not that this is relevant to my original question, but they did included a statement in his 'Declaration and Acceptance Letter' (which is to be returned), stating "I understand any statutory interest payable will be recalculated up to a maximum of 28 days from the date of this letter i.e. 28 February 2014". I assume that is standard and accepted practice, and they are not doing something they shouldn't by setting such deadline? I only ask because I know some banks have set certain deadlines which break rules, albeit, this doesn't seem like one of them

[Deleted User]

streetcat wrote: »

That's what I thought to be honest. I guess I'll leave it up to him to decide if he wants to see if they have any information to SAR, in order to then have an archive to check their calculations against.

In the circumstances, this would be a waste of £10.

streetcat wrote: »

"I understand any statutory interest payable will be recalculated up to a maximum of 28 days from the date of this letter i.e. 28 February 2014".

I don't understand why you are only asking this after the deadline has already passed?

streetcat

Moneyineptitude wrote: »

In the circumstances, this would be a waste of £10.


How so? Please can you elaborate

I don't understand why you are only asking this after the deadline has already passed?

Deadline hasn't passed. 28 days from date of this letter I.e. 28th February is that date of the letter

[Deleted User]

streetcat wrote: »

Deadline hasn't passed. 28 days from date of this letter I.e. 28th February is that date of the letter

Ah, you made it seem as if the 28th February was 28 days after the letter.

Any SAR would be a waste of £10 of your redress because it wouldn't yield anything that you'd be able to "check"

streetcat

That's exactly how they worded it. Threw me at first too, but the date on the letter is dated as 28 Feb, so that's how I knew.

You say that the SAR wouldn't yield anything that I could check. But it would give us the monthly repayment date and amount, and all the other loan info. So we can check, using the widely accessible spreadsheet, that they have calculated correctly. He has no idea what he even paid in PPI. So if they told him he paid £1000 in PPI as opposed to £2487, for example, he wouldn't know any different.

The point incoming from is trying to ensure that they have calculated correctly and the redress is the correct amount we are due. I suppose from the respect of trust being lost.

But as I said, it's not my decision. I'll leave that up to my Father to decide if he wants to get the info or trust the amounts they are saying.