OK, I moved house back in Feb 2003. Now that Im sorting my finances out it came to my attn that I wasnt recieveing the statements for my RBS card . I had sent the change of address off to them but until now it had escaped my awareness. Call it what you will, its too late to sort that now.

Anyway, I called RBS and after I sorted out that it was ME calling (the card number had changed ) they confirmed to me that luckily I had not had any transactions on the card at all in the last 3.5 years since Id moved.

THe did, however, note that there was a monthly debit going out to 'RBS Life' for over £30 a month. I was unaware of taking any additonal policies out so asked them for a contact number. This was provided.

I rang 'RBS Life' and they then confirmed that I had a policy running with themselves. I stated that to my knowledge I had not taken a policy out as I already had life Ins etc already set up - why would I double up on it! I asked for copies of the paperwork with my signature and they said that the policy was taken out over the phone! WHen I asked if they had a recording, they said that they held the tapes as part of the policy documentation/proof.

Anyway, I recieved a letter yesterday saying that a 'full refund' of £700 (ish) was being credited to my RBS card for the payments taken between Jan 04 and Jan 06. However, there are a couple of things that bother me.

a) I was lead to believe that the policy had been running longer than that by RBS. (I am still awaiting a new statement from RBS - having called them just now, it must have got lost in the post as it was sent a mth ago!) In the mean time they are looking into it for me, to see exactly what went out and when.

b) Its nice that 'RBS Life' have refunded my money 'in full', but what about all the interest that Ive been charged by RBS CC!?!?!?! Why should I be out of pocket!?!?!

Ive asked RBS CC to get me the interest rates and balance from when the Policy started toi be debited from my acct to when it finished. I then need them (and to verify myself using their interest rates) the difference in the two 'final and current to date' balance outstanding figures. THen I need to complain to 'RBS Life' using their complaints procedure about claiming the balance owed to me.

My question is (yes there is a point to his thread! ) is it easier for me to basically get the start balance for 'without policy' and run a statement of interst (as per the bank charges sheet - but with alterd interest rate(s) ) and then to work out THEIR figures (unless I ask for copies of staments for the last XX months - just to make sure that they dont give me duff figures...

Any advice???

As you hadn't actually used the card for that period of time then surely ALL payments you have made to the card between those dates is the amount you should be claiming ? or have I mis-read it. There should be no need to work anything out as the card has not been used for anything other than the policy.

As you hadn't actually used the card for that period of time then surely ALL payments you have made to the card between those dates is the amount you should be claiming ? or have I mis-read it. There should be no need to work anything out as the card has not been used for anything other than the policy.

LOL, if only.

That would be true if there was a ZERO balance to start with

As it is there was a balance oustanding to start with, so I now need to calculate all the interest from JUST the Policy.

Its a nightmare.

They told me the Apr was 18.9% and then the monthly interest rate was 1.456%. I cant work out the APR for the earlier months as I cant calculate the APR from the monthly interest rate. (If you try 1.456% x 12 it doenst equal 18.9% )

I have in front of me the balances for the months since the policy started. So I have a starting point. But thats about it. Ive asked RBS for a copy of all statements concerned and also for a copy of the calcs AND final figure in the event that the policy paymants had never been taken full stop.

I think Im going to have t wait for their figures as its waaaaaaaaaaaay outta my league to calculate these

I think you may be able to use a version of the claims Excel spreadsheet available on this forum. As you have the balances you can load them into it. I'm not really up on the finer details of the spreadsheet but I'm sure someone will come along soon and suggest how it could be used. Good luck.

Have you looked at the spreadsheets in my Chambers? Take a look, then let me know if you can use them and which bits in particular you're stuck on.

OK, an update.

Last week I banked two cheques. One for the £700(ish) they owed me in payments taken and another for £240 ish for the interest that I had been charged by RBS for the duration.

I worked it out using the std spreadsheets that we all use for the bank charges calcs, then altered the APR where required to reflect the changes in interest rates that I was paying.

The reason why I had trouble with the £700 being recieved was that they were trying to crtedit the card that they had taen the funds from. This was then superceded and they were un able to credit the expired card/acct.

I feel very happy. It just paid for my 'new' car :)