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Let Them Knock

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Posts posted by Let Them Knock

  1. UnkinwnStuntMan

     

    It is something like 20 months since you started this thread and I replied to you.  It is good to see you are still with the plan to reach the Statute Barred date.

     

     When we stopped payments in February 2013 SB seemed so far in the future. Like you, we read other people's success stories and decided to bite the bullet and go for it.

     

    Our SB date came and went 9 days ago with not a peep out of NatWest.

     

    Keep the faith and good luck.

     

     

  2. You have had a lot of very good advice on here. Now I would like to tell you of my actual experience with my NatWest loan.

     

    My wife had a £13,400 NatWest loan and, like you, they lost her original agreement.

    We went through the same emotions as you are some 4+ years ago.

    Dare we stop paying, what might happen, etc.

     

    We stopped making payments to them back in February 2013 and guess what happened - nothing.

    It must be over two years since we last heard from them.

    The default dropped off her credit history long ago and now we are only 19 months away from the debt becoming statute barred.

     

    Your choice - but the advice we received on here was the same as you have been given, and it is working well for us.

     

    As an aside, we also made a PPI claim on this loan, which was actually three loans rolled forward and were awarded just over £10,000 (yes - ten thousand pounds) which they paid by cheque.

  3. will send a sar request then.

     

    Are the Halifax likely to have account information from 15 years ago?

     

    Chris

     

    When I sent them a SAR back in 2013 they only came back with 6 years of statements. About a year later I learned (from their communications) that they had statements back to 2001. I wrote a complaint to the data controllers saying they had not fulfilled my SAR. Lo and behold, they sent me statements back to 1998.

     

    So yes, they may well have them for 15 years or more. The difficulty is getting them to admit it.

  4. As a courtesy I think you should just write and say that you are now planning on dealing with your DMP yourself.

     

    I think you should also ask StepChange for any statements that they might have so you know what has been going on with the payments. If they are reluctant to provide this information, then you can send them a Subject Access Request.

     

    I did exactly this.

    I asked Stepchange for copies of paperwork and they were reluctant to provide much. I then said I would issue a SAR and they immediately invited me to their office to choose any documents I wanted copies of. They then photocopied them while I was there.

  5. To be fair, they are only legally obliged to keep these type of records for 6 years and that is why an SAR will only return records upto 6 years old.

     

    James

     

    Obviously not - as my post shows.

     

    Whilst they have a legal obligation to retain these records for a minimum of six years, in practice they often keep them much longer. It would not be feasible for them to purge records on a monthly basis. I got RBS stuff back to 1998.

     

    If they do keep them longer then they should send all information held (subject to a very few exceptions) in response to a SAR.

  6. I rerely post here but perhaps the following is worth a bit of thought...

     

    I sent SARs to both HBOS and RBS a couple of years ago and received credit card statements from both for the previous six years (supposedly as far back as they could go). Fortunately, this was enough for two successful PPI claims.

     

    I subsequently discovered RBS did have older statements and wrote to their Data Controller asking for them. I received an apology and a further five years of copy statements (back to 2001).

     

    Just recently, while arguing my HBOS PPI payout, I got to wondereing if they too had statements they had not sent with my SAR (even though I had no evidence they did). I thought I would 'blag' it and I wrote to the HBOS Data Controller saying they had not provided all my statements and, lo and behold, they sent me copy statements back to 2003.

     

    Two examples of credit card companies only supplying six years' worth of statements even though they had more.

     

    Of course I wouldn't dream of suggesting you write them a 'blag' letter? That would be entirely your decision. :-)

  7. Since I last posted I have complained to the CEO of RBS. My complaint was passed to the 'PPI Executive Concerns Team' in Manchester. (Yes, I know, another desk in the same quagmire).

     

    I received a reply a few days ago, as always, telling me I am wrong and they are right. With it was a print-out of PART of a spreadsheet. It has five columns:

    1. Statement date

    2. Monthly PPI

    3. Monthly rate of interest (1.39% - throughout the 8 year life of the card!!)

    4. Compound interest on premiums.

    5. 8% interest on surplus redress.

     

    Naturally it showed very similar final figures as the PPI payout I am disputing.

     

    Interestingly, from August 98 (the start date) until July 2001, their monthly PPI premiums are totally different to the actual ones on my statements. They total £52 under the actual premiums charged. They have no excuse for this as I have previously supplied them with copies of my early statements.

     

    I have reconstructed the account on two (different) spreadsheets found on here and they both show I have been underpaid some £1600, which I suspect is to do with associated compound interest, a matter I have some difficulty getting my head around.

     

    Please can anyone point me towards any relevant threads where I may learn more?

     

    Thanks all.

  8. Ok cheers dx but am I entitled to request a breakdown of the figures ? Example is for loan not credit card.

     

    And what about receipt of offer acceptance for signature ?

     

    Sending you a Loan example when you claimed against credit card PPI is just another example of RBS slippery behavior, in my opinion.

     

    I am still in 'contention' with RBS about my credit card PPI refund. I have been trying for about two years to get a breakdown from them. They will invariably say they do not keep individual calculations but... in line with FOS ... blah blah... They have underpaid me by £2000+

     

    They also paid me without any acceptance form - just a text saying they had paid £xxxx.xx

  9. you cant have both

    either:

    you get compounded int if the account is in the red [minus the PPI refund running total to that date]

    or you get stat 8% on any credit balance in that month only

    that's why the FOSrunning sheet is the best one to do but very hardwork to enter all the info.

     

    dx

     

    I obviously have not made myself clear here.

     

    The account was terminated in 2006.

     

    We have received the PPI premiums paid plus £712 in compound interest.

     

    We are still some £1400 short in compound interest (as per the above calcs).

     

    Stat interest will be due on this £1400 underpayment from 2006 until the date of payout. Hence, about £2500 in total.

     

    But, the big question is...

     

    How do I get them to accept they have underpaid me

     

    or how do I prove it to them?

  10. pers I think they are talking bowlarks..

     

     

    unless the account goes into credit compounded int is still being charged every month

     

     

    dx

     

    Totally agree. The underpayment of £1450 or so plus the resulting statutory interest comes to best part of £2,500. I just cannot get them to accept they have got it wrong or to send me their calculations.

     

    I am lost as to what to try next.

  11. Brief summary/history

    Other half's card.

     

    Commenced 1998, defaulted 2006 with interest frozen from that date.

    Default card balance was £6,500 - progressively paid/reduced to just under £5,000.

    PPI claim made October 2012 - initially refused but upheld by the FOS on adjudication.

     

    March 2014 NatWest credited £4,664 to the card, leaving a balance of £323.

    By my own (spreadsheet) calculations the payment should have been some £1450 more than they paid.

     

    Their payment was arrived at as follows:

    Refund of payment made 1998 to 2006 £2334.14

    Compound interest based on rates charged £ 712.36

    Sub total £3056.50

    Gross interest at 8% £2010.43

    Less income tax at 20% £ 402.09

    Net interest £1608.34

    Net offer £4664.84

     

    It is their compound interest figure that I cannot agree with.

    During the 8 year life of the card, monthly interest rates varied between 1.385% and 1.620%. The average card balance was about £3200.

    My calculations show the compound interest figure to be about £2077 rather than their figure of £712. This would also increase the 8% gross interest amount due by about £1000. I reckon we want about another £2500 from them (before tax)

     

    I have written to them several times asking for a breakdown of their compound interest figure and have been stonewalled each time. They say they cannot provide these (complicated) calculations but that they are in line with the FOS and FCA guidelines.

     

    Their last reply even went so far as to 'explain' to me how compound interest works. I can scarcely believe the content of it.

     

    Here is the relevant paragraph from their letter:

    As a basic look at the compound interest aspect, if you compared the monthly balance of the credit card with and without PPI and the difference was £20, then the interest element would be determined from this figure. If the monthly interest rate was 1% and 12% per annum, this would mean that the starting figure for the compound interest is 20p (1% of £20.00) if your card then ran for 5 years, the compound interest on this PPI premium would accumulate as follows, year 1 = 22p, year 2 = 25p, year 3 = 28p, year 4 = 31p, year 5 = 35p. Therefore the total amount difference in balance of £20.00 in this example would be 35p.

     

    So, this 'expert' from RBS thinks the compound interest would be 35p. Well, I calculate it to be £16.33. She seems to have worked it out at 1% per annum rather than 1% per month.

    (I am not a mathematician so if I have got this completely wrong and she is right, please, someone, tell me I am making a numpty of myself).

     

    So, ladies and gentlemen of CAG, where do I go next with this shower?

    Suggestions and comments most welcome, thanks.

  12. I am just going through a similar thing with RBS. Fortunately, I have all my statements prior to 2001. Unfortunately, mine is not worth £30k.

     

    In my case they have offered about 50% of what I calculate is due.

     

    The reason the compound interest is low may be that, by ignoring pre-2001 figures (ie the debit balance in 2001), your reconstructed account could have gone into 'the black' and you would only get 8% on that (in credit) amount rather than getting back the 20%+ they were actually charging you on a higher amount.

     

    Personally, i believe there are thousands of others out there who have been fobbed off with a fraction of what is due to them by RBS conveniently not having figures before mid 2001.

     

    You may have a longish slog with them but it should be well worth the effort.

  13. A word of warning for anyone reading this thread:

     

    Before you rely on 'included' breakdown packages, usually with your bank account or insurance company, PLEASE read the conditions. Many only have recovery up to ten miles.

     

    I am a recovery driver and often have to break this bad news to stranded motorists

    • Confused 1
  14. I wonder if this is actually happening and to what extent.

     

    My last four mortgages were all 'self-cert'. None of them ever went into arrears and all were cleared well within the term. The decision to stop offering them was, in my opinion, a 'knee-jerk' reaction by the Powers That Be. Surely it would have been better to simply restrict 'self-certs', perhaps only allowing mortgages of 70% of the property value.

     

    With the disappearance of 'self-certs' I recently had to apply for a 'conventional' mortgage.

     

    I applied for my new mortgage just after these new rules came into force and did not have any interviews with the lender. Nor did I have to give any but very basic details of my income and financial situation. I certainly did not have any 'forensic analysis' or 'hoops' to jump through. I had a short meeting with a mortgage adviser where I provided proof of my identity, address, employment status and earnings. My offer of a mortgage with Santander (Abbey, in fact) arrived yesterday.

  15. I am going through the same scenario with NatWest/RBS. Three consolidated loans - all PPI refunded. Credit card rejected PPI claim even though the cc and one loan were arranged at the same time with the same adviser.

     

    My SAR took over 4 months to be fulfilled BUT it did include bank statements back to 1998 - so they do keep records that far back. Credit card statements only went back 6 years though.

     

    Keep at them and good luck.

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