maynie
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Everything posted by maynie
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Natwest have made me a goodwill offer on a credit card which goes back to 1996. I think the interest is too low - they are sending me a detailed breakdown so I can check. Neither they nor I have ny data prior to 2001 and they haven't offered me anything for 1996-2001, which obviously doesn't meet the FOS guidelines. Just wondered if anyone had ever persuaded them to up their offer or if I'm going to need go to FOS.
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True, I was being a bit foolish to assume he would be telling the truth!
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There's no breach of data protection as he only used publicly available sources. He has made himself look a bit of a fool, playing the big finance guy with the secret info based on, umm, google maps.
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Did you tell them you were self employed?
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Ok, I can see from that the spreadsheet uses the same interest rate all the way through. The figures Cap One have used vary the interest rate from month to month and it is sometimes as low as 10%, which makes a significant difference to the compound interest. You have the monthly interest rate figures, so you can check whether their breakdown uses the right interest rate for each month. The few I checked were within the range you suggested in your first post, so I suspect they may be accurate. Their breakdown is calculated in line with the FOS rules, so if the interest rates are right it is right. That means it meets what the regulators recommend. I don't know whether you could get more in court, hopefully someone who knows about that can help you.
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They have given you compound on the contractual interest. If you have entered the same PPI payments I would guess the monthly interest charges must be different. How much have you calculated they owe you? Can you post the spreadsheet?
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Ok, I have noticed that on your very first post you mention that your monthly interest rate varied from 0.80 to 1.18%. I did a couple more random calculations and the contractual interest fitted within that range for all of them.
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I just calculated one random month and it seemed to be about 14% contractual interest. In your post at 12.44 you said they appear to have given 8% contractual interest. Was that based solely on the fact that the total.contractual interest is similar to the 8% interest?
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The 8% is only right if the contractual interest is right, as that affects when the reconstructed card goes into credit. Was it a fairly low interest card?
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On page 2 you posted the calculation breakdown they sent you. Have you put that into a spreadsheet and used it to calculate how much contractual interest they are offering on each monthly payment?
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NATWEST success............or not
maynie replied to suvin50's topic in Payment Protection Insurance (PPI)
Weird and clearly wrong of them. You should be getting a load of compound interest too. Do you think the PPI bit itself is about accurate? About 40 months paying around £58 a month? I have no idea what you do next, call the FOS I'd guess, but there will be much wiser people to advise you! -
Natwest Credit Card / Loan PPI **WON £14k**
maynie replied to gingerdave27's topic in Payment Protection Insurance (PPI)
Wow, well done! Did they calculate your missing credit card statements using the average of the year following the missing statements or the average over the whole life of the card? -
Then I'm a bit confused! You have the statements going back to 2000, so those tell you how much PPI you paid. What additional questions do you need the bank to answer now? (Apart from where your refund is ) Or is it not a complete set of statements?
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Is there more than one credit card account? I thought you had the statements going back to 2000, so that should end the confusion. But did you have several card accounts running concurrently? Could they be talking about different card accounts?
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It sounds like a terrible series of errors on your records. Do any of them actually impact on your PPI claim? I'd try to sort the problem out into two piles - calculations for your PPI claim and errors on your data file to create a complaint with the bank/ICO about. Are the bank actually refusing to take into account all your credit card statements in their calculation for PPI? Have you written to them saying you have these statements and they need to take them into account in their calculation?
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So initially the bank said they only had data going back 6 years, but then they found a full set of statements going back 13 years? And now they are refusing to calculate your PPI refund based on those statements? I understand there are lots of other issues about errors in the records, but is that the key problem?
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Do they actually say in writing that they hold the data but won't look at it? Or is it that they hold 13 years of data on your bank account but not on your credit card and the two separate arms of the organisation are doing totally different things? If it's the former you need to call the Information Commissioner helpline, as it is totally wrong. In fact, if you can speak to the bank's own data controller, they will probably agree that it is is totally wrong. if it's the latter it is probably still worth talking to the ICO. I'm amazed that the PPI issue hasn't triggered some full investigations by the ICO, as there are clearly massive issues with data control within the banks.
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The odd thing that happened with the headers is a function of some internet browsers. They identify fields that look similar and offer to prefill them with phrases you have used before in similar fields.
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Do you have proof that the full 5678.74 was paid? Maybe if you have a bank statement from then? How much do Natwest say the settlement figure was?
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There are people here who are really good with the calculations. Maybe if you posted all the details on how it affects your PPI claim, they could help?
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PPI Natwest and RBS Claim 1993 to 2012
maynie replied to mancitymel's topic in Payment Protection Insurance (PPI)
How did you get on? What's weird is that they have given you some data going back to 2001, so doesn't that mean they have already taken some info from the archive for you? -
Isn't it irrelevant that they called? You said earlier in the thread that you were likely to have been self employed at the time, so the advisor didn't make sure it was suitable for your needs and it was missold. All they have done is prove it was an advised sale.
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PPI Natwest and RBS Claim 1993 to 2012
maynie replied to mancitymel's topic in Payment Protection Insurance (PPI)
Good luck! -
If the amount of PPI paid is right, the interest on it is right. 8% simple interest for 13 years. The amount of PPI paid sounds fairly plausible for a 12 month £500 loan, but obviously it depends whether it was single premium and what the interest rate was.
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PPI Natwest and RBS Claim 1993 to 2012
maynie replied to mancitymel's topic in Payment Protection Insurance (PPI)
I am interested in this as I have a complaint in with RBS about a Natwest credit card with similar dates. I have read a decision from FOS that states they where they are doing the calculation they use the average PPI payment for the first year for which statements are available to calculate the PPI where no statements are available. From looking at your spreadsheet this is what RBS have done, so they are complying with what FOS suggest. It's just bad luck that that year was a low PPI year for you. Have you asked them about the Natwest archive? From what I have read the archive holds all the 1992ish to 2002 data.
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