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I am trying to sort out PPI and interest added to a defaulted RBS loan. My case is currently being dealt with by the fos. I've sent 3 letters, since April 2008, to The Royal Bank of Scotland asking for the following :
a) Statement showing the loan funds paid in to that account.
b) Statement showing full details of sum withdrawn.
c) Copy of the original loan agreement referred to in The Royal Bank of Scotland Default Notice letter to me dated, xxxxxx showing the outstanding balance as xxxxx
d) Copy of the Insurance policy relating to that loan agreement
I have not received any acknowledgement from RBS of receipt of any of my letters.
However I received an envelope recently, there is no clear indication of who sent it, it contained what looks like some kind of account print out as follows :
CONSUMER FINANCE LOAN DETAILS 1 11AUG 18.05
xxxxxxx HEAD OFFICE LOANS TEAM 40
SERVICING BRANCH xxxxxxxxxxxxxx
SERVICING ACCOUNT xxxxxxxxxxxxxxxxxxxxxxx *** BAD DEBT - 13JAN04
OPENING DATE 10DEC02 ORIGINAL TOT AMT PAYABLE 10,976.40
LOAN EXPIRES NOV07 - PRINCIPAL 6,400.00
PERIOD OF LOAN (MONTHS) 60 - TOT CHARGE FOR CREDIT 2,949.40
INT RATE (FLAT) 7.35 - INSURANCE PREMIUM 1,567.00
REPAYMENT AMOUNT 182.94 AMOUNT PAID TO DATE 3,418.47
NEXT PAYMENT 28AUG2009 TOT AMT OUTSTANDING 7,557.93-
MIRAS TAX RELIEF NO ARREARS AMOUNT 0.00
CURRENT PREVIOUS
NET AMT OUTSTANDING 4,969.65 5,814.90
REBATE ALLOWABLE 2,588.28 2,588.28
- INTEREST REBATE 1,668.10 1,668.10
- INSURANCE PREMIUM REBATE 886.25 886.25
- TAX REBATE 0.00 0.00
SETTLEMENT DATE 11JUN07 11JUN07
I see that the figure shown as CURRENT NET AMT OUTSTANDING 4,969.65
is TOTAL AMT OUTSTANDING 7,557.93 minus the REBATE ALLOWABLE 2,588.25
but surely the REBATE ALLOWABLE FIGURE is lower than it should be.
I took out the loan in Deceber 2002 and made payments according the agreement until September of 2003. I told RBS that I could not afford to keep up the payments at that time. However RBS continued to take a further two payments from my bank account putting my account into overdraft, for which I was the charged.
The loan was defaulted on 12 February of 2004, at that time the amount outstanding was calculated as 8,598.18 and the rebate allowable was calculated at 2,703.32 giving a net amount outstanding of 5,894.86.
As I had made 12 payments to the loan the amount of REBATE ALLOWABLE should have been calculated from that point.
Also the loan refinanced an earlier loan and it is not clear whether PPI an interest was also added to that amount.
As I have found RBS to be extremely reluctant to supply information about all of this and I am not knowledgable enough about accountancy I am having real difficulty calculating what the NET AMOUNT OUTSTANDING should actually be.
calculating REBATE ALLOWABLE...Please help
and interest added to a defaulted RBS
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