Matt vs RBS, the PPI

[matt_smith2000]

Hello

Sorrt if I sound a bit of a halfwit on this thread, but thisis the first time i have gone into looking at my PPIs.

I phoned the bank to get my loan detail. They are:

Payment Protection was implemented on a load of £5090 taken over 5 years.

Charge for the credit was £1432.4

Insurance premium paid over 5 years £1389

Have paid roughly 31 months of instalments, with PPI at £23.15.


Obviously, i need to complete a Subject Access Request to verify exact amounts, but my questions are these:

To sort out the PPI, do I:

i) total my PPI payments thus far, i.e. 23.15 x 31 = £717.65
ii) cancel the PPI thus reducing my monthly payments by £23.15

Sorry, but I'm a bit of a PPI numpty.

[ncf355]

All of the above!

Assuming you have a legit reason to believe you have been missold the policy:

Cancel it immediately (and have a little fun listening to them try and talk you into changing your mind!)

Claim all payments so far, DONT forget to claim the interest charged on them!

[matt_smith2000]

Hello

Is there a standard preliminary letter template for PPIs that I could use? I have a lot of experience with bank charges, but this is my first PPI.

Many thanks

[reidnet]

Hi Matt,
I dont think there is a template letter as such, you are more than welcome to cut and paste the one I wrote up against Lloyds TSB. It worked for me...

http://www.consumeractiongroup.co.uk...yds-2-ppi.html

I should advertise this one as Seen on TV..lol

If you need any help just shout.

Ian

[matt_smith2000]

Thanks Ian.

Looks quite neat.

[Bicester1]

Hi

You are wellcome to cut this about also if you think it might be of any use!


http://www.consumeractiongroup.co.uk...pelim-etc.html


Bicester1

[Janet-M]

Thread title and subsequent post titles changed , potentially libelous

[marcelle]

Hey Matt

Did you cancel your policy and what did they say???? I need to cancel mine but will do so after I've received all my data so I can quote them facts and figures as at the moment I have NOTHING to go on.

[dellydaisy]

Hi marcell
Dont know if its any help but if your sure your paying ppi, then you can write and give them a months notice to cancel and see what they say???

[marcelle]

Hi Daisy... thanks for responding. Yes, I was thinking of doing that after I receive my documents from them as I don't know how much I'm paying a month in PPI whatsoever and I'd like to quote stuff in my prelim. letter.
Just finished reading your thread and I pay £282 per month including PPI so a tiny more than you.
I think you should defo pursue getting a rebate on PPI's over the last whatever years and it looks like reid is steering you in the right direction so good luck!

[reidnet]

lol me steering Daisy....Honest I never touched her your Honour..lol

Ian

[matt_smith2000]

Hello all

Sorry I've not been updating this. I had to put it on the back burner. But I'm back now!! I phoned the bank again, and they came back with a figure of £30.14 a month on top of my loan.

I sent the standard letter as follows:

believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £5090 loan at your Attercliffe, Sheffield branch branch in 2004 and also bought a payment protection policy which would cost me an extra £30.14 per month over the life of the loan. The total amount of my premiums plus interest is £1389

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, which total £1389 plus interest at 8%, which totals £310.

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.



RBS concalled the PPI, but my repayments only went down by £10. this was because, and i quote from RBOS letter:

"This is because the repayments for insurance are higher at the start of the loan, due to the risk involved, and lower at the end of the loan. Therefore the longer the loan has been operating and receiving the benefit of the protector insurance cover the less the monthly repayments reduce"

This must therefore mean I paid my insurance up front, the entire £1389.

I now wish to claim back the entire £1389.

Do we have an LBA type letter to send?


regards

[marcelle]

hey matt

I'm with rbos too and they've finally sent me my missing page i have been waiting for since around february!!!
Anyway, do you have a single premium loan with them? And did they threathen you that you must take out another loan or were they willing to cancel from the start? I'lll be sending my cancellation letter and refund letter today.

Also, i've just noticed my APR rate is 7%, this is low right considering the APR rate for overdraft borrowing is 29%?

[matt_smith2000]

They did just that. They said that they'd have to start another loan, then later on the same day, they said that they would reduce the existing loan payment, i.e. without the PPI Paymeent. Thats when i got the letter as above, which is basically the biggest con since con kind.

Looking at the Paul Walton thread, i should actually check this out.

I do have a single premium loan.

[marcelle]

Thanks Matt... and good luck with your claim!!!! I shall be following yours with interest.

[matt_smith2000]

Hello all

Quick question

I have sent the above letter out on the 17th of May.

I assume an LBA is the nxt step.

What is the time frame. Is it 2 weeks for prelim, 2 weeks for LBA.

Also, I assume the LBA template would be different. Does anybody have a copy I could plagarise.

Best Regards

[matt_smith2000]

Hello all

Its been more than 2 weeks since I sent the templated letter.

Do I now send an LBA of some sort, and is there a template?

Best Regards

Matt

[matt_smith2000]

Hello

Please look at this thread. I sent the letter out as per post 12, on the 17th May.

I'e not heard anything back yet.

What do I do now?