I'm giving them 10 days. Going to fax it tomorrow. I'll have the Ombudsman forms filled in ready for when i get their responce. Does anyone know how quickly Ombudsman are dealing with complaints lately? I expect they are snowed under

Cheers AA PF has done one of his famous spreadsheets for me. I think I FINALLY understand the calculations. I've been looking on the web for the formula to calculate compound interest and my calculation now comes out very close to PF's spreadsheet. My understanding is I get the ppi plus interest they charged me back. and then I can either ask for 8% stat (simple) interest OR 7.9% (same rate they charged me) contractual (compound) interest. I am asking for the 7.9% compound as it works out slightly more. I am just in the middle of writing my response to Natwest. I'm saying i don't accept their offer as full and final settlement. However I do accept it as partial payment and spelling out exactly what else I want them to pay etc. I'll let you know how i go on. Don't think they will accept it to be honest, based on what they said when i spoke to them on the phone.

Arh right ok. That confirms what i'd been thinking. My next issue is; i've just found out that my monthly payments have varied a bit. a few times i missed payments and then caught up the following month, and i've also been making reduced payments for the past 10 months. Does anyone know if that effects the amount of contractual/compound interest i claim for?

Hi AA Thanks for replying. You and PF have been a huge help. I'm really confused by all this. I know the initial cost of the ppi and then they charged me 7.9%. Then as far as i know the total cost gets divided up into 60 equal payments. They have offered me what i have paid to date and will adjust my future monthly payments to take into account the remaining ppi payments i won't be making. So they are giving me the ppi, plus the interest they charged me back. So I then say I want contractual interest on top of that, at 7.9%. and this is basically because i have in theory loaned them the money. Is that right? And i don't understand where the statutory interest comes into it? If i write back saying i accept it as partial payment and the refuse to give my the interest, will it not create problems if i go to the Ombudsman that i have already accepted a partial payment from them?

If i get what PF has calculated, I owe you guys some drinky poo's!!! Thanks everyone for the help so far

Does anyone know of any draft letters for rejecting their offer and asking for a full refund plus compound interest? I'm really struggling trying to word it correctly

that would be a massive help. I'll pm you in a few mins with the details if thats ok

Hi PF Thanks for the reply. I'm really confused by all this. My original ppi policy was about £4200. Then interest at 7.9% (same as the loan), took total cost of the ppi to £5100 ish. So far, I'd paid approx £4k of the £5100. So can i claim £4k plus simple interest? and how do you calculate simple interest? as i am going to tell them how much i want back.

Also.... Has anyone else received compound interest from Natwest / RBS without having to involve the FOS?

I'm thinking of writing back to Natwest saying I want the interest. Does anyone know how best to word it? and how long I should give them to reply?

Thanks LDG Just read your thread. WELL DONE!!!! Is there anyone on, who could work out the compound interest for me? Also, I read the online PPI resource, calculating compensation stuff and i can't make out from that, if the bank should be offering the 8% compound interest on what you have already paid, or not; or is that something the FOS give you in addition. What I think i'm trying to say is, if they offer you a full refund but not the compound interest, can you still go to the FOS and if so, what are the chances the FOS will decide in your favour?

Thanks for the info alanalana. I've read quite a few of your posts on ppi and it was those that prompted me to try to claim. I got a response today. They have said they're unable to confirm what information was and wasn't given to me, therefore are making a gesture of goodwill offer without any admission of liability. They've offered me what I have paid to date. (approx £4000). I asked about compound interest, but they said they don't offer it and i would have to go to the ombudsman to get it. If I accept, they will pay it into my loan account (as I am in arrears) and anything left after clearing the arrears they will transfer to my current account. Once thats been done and my account is unfrozen, they will rework what is left and reduce my monthly payment. They have assured me I will get the full cost of the policy back, part with the offer and part with reduced future payments. What do you guys think? I reckon the compound interest should be approx £750. Should i give up on the interest or should i go to the ombudsman. Can i even go to the ombudsman with what they are offering?

Hi birchave0 Thanks for replying. The loan was taken out in 2005. I sent a SAR regarding something else and when they sent all the paperwork back, i found i was paying PPI. I was certainly never advised it could be purchased elsewhere, I have existing medical conditions that i wasn't asked about and my employer gives full sick pay etc. I contacted them and they have recently sent me a 4 week letter. So another 4 weeks to go!!!

Hi all Got another "Notice of intended litigation" letter from Moorcroft. What do you recommend i do? In response to my SAR, Natwest Card Services said they had been unable to obtain a copy of the original application form and that they had forwarded my request for information under the Credit Consumer Act 1974 onto the relevant department. That was approx 4 weeks ago. Not had anything from Natwest since then. I wrote to Moorcroft approx 4 weeks ago. Sent recorded delivery, asking them to confirm receipt of the letter and to note the account is being disputed and i am awaiting info from Natwest. They received the letter. But never replied. Any suggestions as to the next step i take? I'm starting to stress again

Hi I sent an SAR to Natwest regarding another matter and when the paperwork was returned, I found I had PPI cover on a loan. I believe i was misold PPI. So i wrote to the branch where i got the loan on 31 July 09. Letter was delivered on 01 Aug 09. They finally sent me acknowledgement letter around 20 August. I believe they have 8 weeks to investigate and after 8 weeks, I can go to the Ombudsman. Does anyone know if the 8 weeks starts on 01 Aug 09 or 20 Aug 09. I didn't put any figures in my letter. If the 8 weeks starts on 01 Aug 09, I'm thinking of writing to them again, just to stress that I've not had a 4 week update as they promise and that 8 weeks is up on such a date and i want full resolution by that date or am going to ombudsman. What do you thiink about sending this? Also, if i do send it, should i say how much i expect? Does anyone know how to calculate what the refund would be? I tried using the calculator on here, but didn't understand it.