RBS offer on 25 year old loan

Pertwee1967

Hi everyone

Following on advice from site I have obtained details of PPI from an RBS loan and they have offered me £430 compensation. Not sure if that's fair or not as the details they supplied are limited to following

PPI paid £180
Duration 18 months
Date of loan settled October 1993


Anybody have similar claims that might give me a guide.?

Thanks
p

[Deleted User]

It's not a question of fair.

Redress is defined, so unless you can prove you paid more, that's the redress.

[Deleted User]

Pertwee1967 wrote: »

Following on advice from site I have obtained details of PPI from an RBS loan and they have offered me £430 compensation. Not sure if that's fair or not

You need to understand that you'll only receive a refund of monies you actually paid. The Bank's records show you paid £180 for a PPI policy from 1992-1993 when the loan was settled. It's difficult to see how you might dispute this unless you have documentary proof that you paid more. The remainder of your redress is 8% simple interest and, again, this is not somehow negotiable.

So it's not a question of "fairness" or of what others may have received.

Pertwee1967

Thanks for your responses, i have since found more detail and using the base PPI disclosed by RBS have been able to calculate the principle it arose from, although I do now question the calculation.

[Deleted User]

Pertwee1967 wrote: »

I do now question the calculation.

The redress is 8% simple interest on the £180 you originally paid. What is it you are "questioning"? Are you, perhaps, failing to realise that early closure of the loan in question will have resulted in a rebate of the PPI?

If you want to, you can ask the Bank for a full breakdown of their calculations, but I have yet to hear of anyone finding that the calculation method is wrong.

As before, the only way you will be getting any more is if you can show you paid more than is being refunded.