RBS PPI offer. Should I Accept?

shhh2000

Hello wise ones. I got a letter from RBS listing 5 loans I had taken out with Natwest with start dates between Jun2001 and May2008 with an invitation to make a claim. These loans probably ranged from £7500 and £15000 and most likely one rolled into another and consolidated debts.
I claimed, stating that: PPI hadn't properly been explained, the implication was that I was more likely to get the loan if I took out PPI, for some if the time I was part-time employed and part-time freelance and the t&c's weren't properly explained for this scenario, and it wasn't explained that consolidation loans weren't treated differently (still don't understand this bit but they asked the question!).
I have received letter offering me refund of PPI premiums and interest of £934.86 and statutory interest £434.89.
I can't remember which loans may have had PPI. Is this a fair offer and should I accept, decline or ask for more info?
Thanks in advance. Louise

amersall

When you repay a loan early you receive a rebate of the PPI, depends what the PPI was, the dates the loans were re-done and the rebates.

Without the above info, no one can say if the offer is fair, ask for a breakdown.

You get all the PPI back for all loans (assuming they are all settled) less all the rebates from each plus the 8%.

Mart1308

Can someone help,got rbs offer on ppi for 7400, these are closed loans but am in arrears with current loan,will I get to keep the 8% interest or will they keep the lot?

[Deleted User]

Mart1308 wrote: »

will I get to keep the 8% interest or will they keep the lot?

The Bank can certainly offset the redress against any outstanding sum in arrears. You'll have to wait for the Bank to inform you what they propose to do...

amersall

Mart1308 wrote: »

Can someone help,got rbs offer on ppi for 7400, these are closed loans but am in arrears with current loan,will I get to keep the 8% interest or will they keep the lot?

Do you have £7,400 arrears on the open loan?.

If the current loan had PPI on, they will remove the whole of the PPI from the balance, this will reduce the balance and the monthly payment will go down by the PPI monthly amount, this will reduce the arrears anyway, make sure they re-work this loan.

Mart1308

There's no ppi on current loan and think I'm about 6200 in arrears,im in an iva,read somewhere you get to keep interest though.any replies much appreciated

-taff

Thy can keep the interest to if they want to.
They may give you all of it, or the interest. or none of it. You'll have to wait and see.

Mart1308

Thanks for that,was just seeing what the outcome maybe.

shhh2000

shhh2000 wrote: »

Hello wise ones. I got a letter from RBS listing 5 loans I had taken out with Natwest with start dates between Jun2001 and May2008 with an invitation to make a claim. These loans probably ranged from £7500 and £15000 and most likely one rolled into another and consolidated debts.
I claimed, stating that: PPI hadn't properly been explained, the implication was that I was more likely to get the loan if I took out PPI, for some if the time I was part-time employed and part-time freelance and the t&c's weren't properly explained for this scenario, and it wasn't explained that consolidation loans weren't treated differently (still don't understand this bit but they asked the question!).
I have received letter offering me refund of PPI premiums and interest of £934.86 and statutory interest £434.89.
I can't remember which loans may have had PPI. Is this a fair offer and should I accept, decline or ask for more info?
Thanks in advance. Louise

Dear all,

I thought I would requote my original question because others joined my thread on another topic.
I am told by RBS that I paid £273.88 on a loan starting 25.11.05; £238.88 on a loan starting 8.7.05; £422.16 on a loan starting 16.5.08. They have there fore repaid the PPI totalling £924.92 plus 9.94 interest on premiums and compensation of £434.89 giving a total offer to me of £1282.78. Should I accept?

dunstonh

shhh2000 wrote: »

Dear all,

I thought I would requote my original question because others joined my thread on another topic.
I am told by RBS that I paid £273.88 on a loan starting 25.11.05; £238.88 on a loan starting 8.7.05; £422.16 on a loan starting 16.5.08. They have there fore repaid the PPI totalling £924.92 plus 9.94 interest on premiums and compensation of £434.89 giving a total offer to me of £1282.78. Should I accept?

Is there any reason why you think that information is wrong?

shhh2000

I have no reason to think the information is wrong but then again I have no reason to think they have offered a reasonable offer.
On reading these boards there appear to be some who are advised to go back and ask for more. I would be happy to accept what is offered but as this is my first PPI reclaim I would appreciate the advice of the more experienced forum members.