I'm going through the process of complaining about the Rule of 78 with the RBoS. They have told me that the formula is iaw CCA 1974, however there is no formula in there (or have I missed it), The formula is actually contained in the Consumer Agreements(Early Settlement) Regulation 1983. Now if this is the case and I signed my agreement to be governed by the CCA 1974, surely they should have specified in the terms and conditions of my loan what formula would be used in the event of an early settlement, which they haven't. Anyone had any success getting them to drop the rule of 78 and is the formula contained in the CCA 1974?

Hi I recently asked for an early settlement figure from the RBOS on an exsisting loan. And yes you guessed it, they have worked out my settlement figure using the dreaded Rule of 78. I have checked my T&Cs of the loan and it does not mention the Rule of 78 anywhere. I have wrote to them to complain and stated that they have breached the Banking code and CAP regulations by not stating clearly and without any ambiguity any added charges concerning my loan. Has anyone any experience with this or am I living a pipe dream thinking that they will change their minds and give me a pro rata rebate. Any advice would be gladly received.

Hi I recently asked for an early settlement figure from the RBOS on an exsisting loan. And yes you guessed it, they have worked out my settlement figure using the dreaded Rule of 78. I have checked my T&Cs of the loan and it does not mention the Rule of 78 anywhere. I have wrote to them to complain and stated that they have breached the Banking code and CAP regulations by not stating clearly and without any ambiguity any added charges concerning my loan. Has anyone any experience with this or am I living a pipe dream thinking that they will change their minds and give me a pro rata rebate. Any advice would be gladly received.

Sorry...made a mistake. See new thread