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Anger- can i make a further claim
Alluringscent
Posts: 2 Newbie
Dear Forum Users
I have just started to make claims using the tools on Martin's website (The tools are excellent).So far I have heard back from RBS regarding 2 home improvement loans I took out many years ago. I have been made an offer but would like to know the following:
1.How do I know what they are offering me is correct? All they have come back with is a letter that has a sum on it and a mention of interest - there is no break down of how they came to this figure. I will write to them again, however are they supposed to send a breakdown and explanation? How do I work out if it is right?
2. Now that I know that PPI was taken I am extremely angry, as it was at a time in my life when I was thrust into the world of single parenthood. The impact of this was devastating, it led to much financial and emotional hardship (It was so bad that I often didn't have an evening meal so that I had enough to feed my children) My life has thankfully moved from that position. Can I claim for the hardship it caused at the time? If so how do I go about it?
Many thanks for your time
I would like some support with 2 questions
I have just started to make claims using the tools on Martin's website (The tools are excellent).So far I have heard back from RBS regarding 2 home improvement loans I took out many years ago. I have been made an offer but would like to know the following:
1.How do I know what they are offering me is correct? All they have come back with is a letter that has a sum on it and a mention of interest - there is no break down of how they came to this figure. I will write to them again, however are they supposed to send a breakdown and explanation? How do I work out if it is right?
2. Now that I know that PPI was taken I am extremely angry, as it was at a time in my life when I was thrust into the world of single parenthood. The impact of this was devastating, it led to much financial and emotional hardship (It was so bad that I often didn't have an evening meal so that I had enough to feed my children) My life has thankfully moved from that position. Can I claim for the hardship it caused at the time? If so how do I go about it?
Many thanks for your time
I would like some support with 2 questions
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Comments
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1.How do I know what they are offering me is correct? All they have come back with is a letter that has a sum on it and a mention of interest - there is no break down of how they came to this figure. I will write to them again, however are they supposed to send a breakdown and explanation? How do I work out if it is right?
The redress method is defined. So, a refund of premiums plus interest. You will get a breakdown as that is required for the interest declaration.2. Now that I know that PPI was taken I am extremely angry, as it was at a time in my life when I was thrust into the world of single parenthood. The impact of this was devastating, it led to much financial and emotional hardship (It was so bad that I often didn't have an evening meal so that I had enough to feed my children) My life has thankfully moved from that position. Can I claim for the hardship it caused at the time? If so how do I go about it?
It is as much your fault you have PPI. You agreed to it. it was listed on the agreement you signed. Not hidden away. It was in the main figures section showing amount borrowed and amount paid. If you didnt know you had it, it means you didnt read even the simplest things. So, no point getting angry.
No, you are not entitled to anything else as the interest payment is the compensation part.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 -
Hi Dunstonh
Thank you for your reply. A suspected I will ask for a further breakdown. As for my feelings towards PPI, over the years I have become far more educated about the world of finance.At the time I was young and naive about the financial world,at least I know where I stand
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We all live and learn and we are what we are because of our experiences. You may regret things that happened in the past but without those experiences, you would not be you today.
Have no regrets.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 -
Yep, be like Edith Piaf....Non me fac calcitrare tuum culi0
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If we were all able to make a few extra quid from being naive and angry the world would go bankrupt pretty quickly. If you are old enough to take out loans, you're old enough to do some very simple research. There are no excuses.0
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8% simple interest per year is more than you'd get from a savings account which is why the regulators deem it sufficient compensation for the miss-selling. Unfortunately there is no other compensation offered whether for distress or other problems.
With your refund, unless you have figures/paperwork to dispute the refund then the breakdown will simply show you what they are refunding you. The bank must refund you based on the rules set by the regulator so you will get what you are entitled to.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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PPI was not "taken", you agreed to it and paid it. You don't say in what way the insurance was mis-sold to you, but it won't have simply been added without your knowledge and permission. It's a myth sponsored by Claim Companies that PPI was routinely "taken". On your two loans, the PPI will have appeared on the Agreement you signed fully itemised so that you knew exactly how much you were paying.Alluringscent wrote: »Now that I know that PPI was taken I am extremely angry
Exactly how much PPI were you paying each month for it to have such a devastating impact? While the payment may well have been a contributory factor in your financial troubles, I don't see how you can pin the entire blame on an insurance policy..Alluringscent wrote: »The impact of this was devastating, it led to much financial and emotional hardship
Regardless, the Bank have agreed you were mis-sold and are refunding everything you paid plus additional interest of far more than your money could have earned in any bank account. This 8% interest is the compensatory element of your redress and you will not be receiving any more than this defined payment.
This is certainly your right but realise that. unless you can somehow show that you paid more than the Bank's records show, it will be a futile action and you'll really be none the wiser than you are currently.Alluringscent wrote: »I will ask for a further breakdown
So enjoy your redress, cease being angry and get on with your life..
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