Anger- can i make a further claim

Alluringscent · 24 September 2018 at 6:56PM

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

dunstonh · 24 September 2018 at 7:02PM

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.

Alluringscent · 24 September 2018 at 7:19PM

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
Thanks

dunstonh · 24 September 2018 at 9:15PM

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.

-taff · 24 September 2018 at 9:49PM

Yep, be like Edith Piaf....

[Deleted User] · 24 September 2018 at 11:46PM

-taff wrote: »

Yep, be like Edith Piaf....

Did she have PPI?

Lioness_Twinkletoes · 25 September 2018 at 6:31AM

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.

Nasqueron · 25 September 2018 at 10:01AM

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.

[Deleted User] · 25 September 2018 at 10:04AM

Alluringscent wrote: »

Now that I know that PPI was taken I am extremely angry

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: »

The impact of this was devastating, it led to much financial and emotional hardship

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..
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.

Alluringscent wrote: »

I will ask for a further breakdown

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.

So enjoy your redress, cease being angry and get on with your life..

Anger- can i make a further claim

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