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RBS - Another payment Coming After Sucessful Claim
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incesticde
Posts: 466 Forumite
Hi Folks,
Last year I successfully claimed PPI from RBS and received a total of about £5,000. All well and good
Just this morning I have received a letter saying following a recalculation I am owed £2000 more and they will be sending me a cheque in due course.
I think this re-calculation is due to the following ruling re commission for selling ppi's :
http://www.thisismoney.co.uk/money/news/article-3419769/Banks-face-new-5bn-PPI-bill-Flood-new-claims-way-triggered-High-Court-ruling.html
Now obviously I'm not complaining (and I'm looking forward to getting the cheque), I was just wondering if anyone else had a similar surprise? And is it due to the above reason
Thanks
Last year I successfully claimed PPI from RBS and received a total of about £5,000. All well and good
Just this morning I have received a letter saying following a recalculation I am owed £2000 more and they will be sending me a cheque in due course.
I think this re-calculation is due to the following ruling re commission for selling ppi's :
http://www.thisismoney.co.uk/money/news/article-3419769/Banks-face-new-5bn-PPI-bill-Flood-new-claims-way-triggered-High-Court-ruling.html
Now obviously I'm not complaining (and I'm looking forward to getting the cheque), I was just wondering if anyone else had a similar surprise? And is it due to the above reason
Thanks
"I don't want to sound cold and un-caring, but I am those things so that's the way it comes out" - Bill Hicks
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Comments
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I believe the Plevin case only affects people who were rejected for PPI complaints and is only going to affect a relatively small number of people as it is only in cases where commission was very high
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Nasqueron is correct. The Plevin ruling will have no impact on complaints that have previously been upheld.
Plevin only applies on rejected complaints where the commission on the PPI was greater than 50%. The excess above 50% would be refunded. Whereas, on a successful complaint, the whole premium is refunded.
A number of banks were told to go back over old complaints where wrong calculations may have been made or the wrong decisions made. This included those that paid out under comparative redress instead of full redress.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Letter says it's due to calculation of redress review"I don't want to sound cold and un-caring, but I am those things so that's the way it comes out" - Bill Hicks0
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Can I ask was it loan or credit card PPI? Thanks0
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it was a loan
hth"I don't want to sound cold and un-caring, but I am those things so that's the way it comes out" - Bill Hicks0
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