Have RBS wrongly added PPI and interest

[sythe]

I refinanced an RBS loan in December 2002. The loan I took out at that time was as follows :

 

£1996.90 Refinance of existing RBS debt

£4403.10 Main loan

 

£1567.00 Loan Insurance

£2949.40 Interest

£60 Administration fee

 

The loan repayments were to be made in 60 instalments of £182.94

comprising £146.95 Loan repayment & £35.99 Loan Insurance.

 

I paid the instalments as above until Dec 2003. My business closed in January 2004 due to insolvency and I could no longer keep up with the payments. At that time I was diagnosed with fatigue and anxiety. I was not covered by the loan insurance then and never have been.

 

I made an agreement to make reduced payments and that situation continued until Dec 2007 when I received letter from two separate DCA's one of mis-quoted the outstanding balance making it much higher that I thought it should be. I stopped making any payments at that time.

 

I check through all my payment receipts and it turned out I was right. A lengthy period of communication followed between myself and the DCA ' Apex Credit Management'. At that time I decided to look through all my documentation and as a result requested the following doucuments in April 2008 :

a) Statement showing the loan funds paid in to that account.

b) Statement showing full details of sum withdrawn.

c) Copy of the original loan agreement referred to in The Royal Bank of Scotland Default Notice letter to me dated, 02-01-04.

d) Copy of the Insurance policy relating to that loan agreement

 

Eventually all the payments i'd made to the a/c where deducted from the outstanding balance. I never did recieve the documents I asked for.........and I passed my complaint on to the FOS, who are still dealing with it.

 

 

However having found the CAG website I now realise that the PPI and interest that was included in the original loan refinance should most probably have been deducted when the a/c went into default.

 

 

I wrote recently to RBS and pointed out that I still have not recieved the documnets I asked for in April 2008 but so far all I've received is a letter stating what the Main Loan amount was and one bank statement showing only a balance brought forward.

 

 

Can anyone please advise me how to proceed. krj8:O)

Edited August 4, 2009 by karenruthj8
spelling + adding more

[dx100uk]

well

my thoughts lie with a reclaim of the PPI on the existing loan & also a reclaim of the outstanding PPI from the original loan, which i bet had extra interest added on top twice.

 

alanalana or one of the more knowledgable ones might p'haps be able to calc this for you.

 

dx

[sythe]

well

my thoughts lie with a reclaim of the PPI on the existing loan & also a reclaim of the outstanding PPI from the original loan, which i bet had extra interest added on top twice.

 

alanalana or one of the more knowledgable ones might p'haps be able to calc this for you.

 

dx

 

 

Hi dx............thanks for replying so quickly. Hopefully alanalana will point me in the right direction.......looking forward to getting some help as I'm finding the whole matter very confusing.

 

kind regards

krj8 :O)

[sythe]

I've tried going to the PPI forum and downloading the PPI calculator but as the a/c is a loan that refinanced another loan I don't seem to be able to make the calculation.......any advice here would be great.

 

krj8

[sythe]

hi.............anyone........advice please???????????

[sythe]

well

my thoughts lie with a reclaim of the PPI on the existing loan & also a reclaim of the outstanding PPI from the original loan, which i bet had extra interest added on top twice.

 

alanalana or one of the more knowledgable ones might p'haps be able to calc this for you.

 

dx

 

I've tried going to the PPI forum and downloading the PPI calculator but as the a/c is a loan that refinanced another loan I don't seem to be able to make the calculation.......any advice here would be great.

[sythe]

well

my thoughts lie with a reclaim of the PPI on the existing loan & also a reclaim of the outstanding PPI from the original loan, which i bet had extra interest added on top twice.

 

alanalana or one of the more knowledgable ones might p'haps be able to calc this for you.

 

dx

 

 

Hi again dx........I've seen on other threads something called PMing someone......what is that and could I do that to alanalana to see if I can get some more advice about my situation?

[dx100uk]

alan indicates no pm's on his sig

 

 

just wait a bit

 

 

dx

[sythe]

alan indicates no pm's on his sig

 

 

just wait a bit

 

 

dx

 

okey dokey........is there anyone else who might be able to advise me.

 

It seems from the threads I've been reading, that whilst I'm stuck waiting for a response from RBS..............re:my request for documents any PPI reclaim is not possible to calculate as I need a copy of the original signed agreement etc from which to get accurate amounts.

[alanalana]

I refinanced an RBS loan in December 2002. The loan I took out at that time was as follows :

 

£1996.90 Refinance of existing RBS debt

£4403.10 Main loan

 

£1567.00 Loan Insurance

£2949.40 Interest

£60 Administration fee

 

The loan repayments were to be made in 60 instalments of £182.94

comprising £146.95 Loan repayment & £35.99 Loan Insurance.

 

I paid the instalments as above until Dec 2003. My business closed in January 2004 due to insolvency and I could no longer keep up with the payments. At that time I was diagnosed with fatigue and anxiety. I was not covered by the loan insurance then and never have been.

 

(clearly a case of mis-selling if the PPI did not cover you. Did you try to make a claim?)

 

I made an agreement to make reduced payments and that situation continued until Dec 2007 when I received letter from two separate DCA's one of mis-quoted the outstanding balance making it much higher that I thought it should be. (this is because the DCAs will add on interest after they have bought the loan arrears from RBS)I stopped making any payments at that time.

 

I check through all my payment receipts and it turned out I was right. A lengthy period of communication followed between myself and the DCA ' Apex Credit Management'. At that time I decided to look through all my documentation and as a result requested the following doucuments in April 2008 :

a) Statement showing the loan funds paid in to that account.

b) Statement showing full details of sum withdrawn.

c) Copy of the original loan agreement referred to in The Royal Bank of Scotland Default Notice letter to me dated, 02-01-04.

d) Copy of the Insurance policy relating to that loan agreement

 

Eventually all the payments i'd made to the a/c where deducted from the outstanding balance. I never did recieve the documents I asked for.........and I passed my complaint on to the FOS, who are still dealing with it.

 

 

However having found the CAG website I now realise that the PPI and interest that was included in the original loan refinance should most probably have been deducted when the a/c went into default.

 

(I agree with this and am currently in the process of claiming PPI on a defaulted account that is the subject of a debt management plan. No result yet.)

 

 

I wrote recently to RBS and pointed out that I still have not recieved the documnets I asked for in April 2008 but so far all I've received is a letter stating what the Main Loan amount was and one bank statement showing only a balance brought forward. (This is typical RBS behaviour now is the time to get busy and get your data)

 

 

Can anyone please advise me how to proceed. krj8:O)

 

Hello karenruth,

 

Firstly have you sent a Subject Access Request with the statutory fee £10.00 to RBS?

 

It would be very wise to send this request for all the data RBS hold on you as a data subject. It should produce copies of Consumer Credit Agreements on all your loans from the start and show all the details of refinancing. Costs of the loan, Costs of the PPI.

 

Here are a couple of letter templates for a SAR...

 

Full SAR for ppi and also here...

 

Data Protection Act 1998 - Subject Access Request

 

You can be specific with what data you request although the Subject Access Request is really asking for everything. The Statutory fee is £10.00 Postal Order is fine but keep the details of the number for future reference. The post office will be able to confirm when it was encashed (just call 01246 542091 they will even send written confirmation if you request it) Send all correspondence by at least recorded to be signed for so you can track delivery through Royal Mail

 

You should request the following documents:

 

A true copy of your Consumer Credit Agreement with the Terms and Conditions that were applicable at the time you took the loan/card/mortgage.

 

Copies of all statements applicable to the loan/card/mortgage.

 

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

 

Copies of all recorded telephone calls or transcripts of the recordings.

 

Copies of any notes made by bank/loan company staff in their dealings with you as a data subject.

 

Do not be fobbed off by them citing issues such as relevant filing systems.

 

If they have any records/data on you as a data subject and it is held under your name, address, post code, account number/s or any other system where the data is identifiable to you then it is a relevant filing system. Even if it is a specific serial number on microfiche records and the serial number is applicable to you.

 

If then RBS fail to comply with your SAR within 40 calendar days you can take the matter further. I complained to the Information Commissioners Office about the delay in RBS providing relevant data within the statutory time scale and the complaint was eventually upheld. I got my data and eventually a settlement.

 

Also have a look through the stickies at the top of the forum.

 

PPI - Some Notes for Claimants..

 

Mis-sold PPI? Want your money back? use these links to help

 

it is a lot of reading but there is lots of useful stuff in these links.

 

My case was similar to yours refinanced loans with PPI added to each.

 

The case of you not receiving any rebate on the PPI premiums paid or the remaining balance being left on your account is questionable as the PPI as you say will not have covered you and will not now. You should claim it back.

 

So firstly SAR, then while waiting for their response read up on the forum and get some information. Then prepare your letter claiming back the PPI. Then it will be another waiting game, up to 8 weeks and then the FOS with another complaint.

 

Please have a read through my fight with RBS.

 

***RBS PPI Claim Long fight but, WON***

 

if there is anything in here that you could use please do but of course pointed to your own particular case.

 

I hope this helps.

 

Keep posting your questions. I am away for the next 3 days but will catch up at the weekend.

 

This is a paragraph from my claim shortly to be sent.

 

This account is subject to a Debt Management Plan and although the interest has been frozen the total balance that was in arrears at the start of the debt will I feel, still contain a substantial element of the £xxxxxxx PPI start figure especially as only 8 payments of £xxxxx had been repaid making a total of £xxxxx. Again there is no evidence in the data supplied that any rebate of PPI is was made, even though I am no longer covered by PPI and therefore unable to claim. I am therefore reclaiming the payments made plus the contractual interest (compound) and 8% statutory interest (simple) on each amount. The total is £xxxxx. I will also require repayment of the balance of the PPI premium that remained at the commencement of the Debt Management Plan which is the sum of £xxxxxxxx.

 

I hope this helps to get you started on the road to getting your PPI back not just on the loan in arrears but any earlier loans that had PPI attached as single premiums.

 

 

aa

[sythe]

Hi.............I received an envelope this morning, there is no clear indication of who sent it, it contained what looks like some kind of account print out as follows :

 

CONSUMER FINANCE LOAN DETAILS 1 11AUG 18.05

SERVICING BRANCH xxxxxxxxxxxxxxxx

SERVICING ACCOUNT xxxxxxxxxxxxxxxx***BAD DEBT - 13JAN04

OPENING DATE 10DEC02 ORIGINAL TOT AMT PAYABLE 10,976.40

LOAN EXPIRES NOV07 - PRINCIPAL 6,400.00

PERIOD OF LOAN (MONTHS) 60 - TOTAL CHARGE FOR CREDIT 2,949.40

INT RATE (FLAT) 7.35 - INSURANCE PREMIUM 1,567.00

REPAYMENT AMOUNT 182.94 AMOUNT PAID TO DATE 3,418.47

NEXT PAYMENT 28AUG2009 TOT AMT OUTSTANDING 7,557.93-

MIRAS TAX RELIEF NO ARREARS AMOUNT 0.00

CURRENT PREVIOUS

NET AMT OUTSTANDING 4,969.65 5,814.90

REBATE ALLOWABLE 2, 588.28 2, 588.28

- INTEREST REBATE 1,668.10 1,668.10

- INSURANCE PREMIUM REBATE 886.25 886.25

- TAX REBATE 0.00 0.00

SETTLEMENT DATE 11JUN07 11JUN07

Can aynone explain what all that means and what I should do next?

[sythe]

Hello karenruth,

 

Firstly have you sent a Subject Access Request with the statutory fee £10.00 to RBS?.................................

 

It would be very wise to send this request for all the data RBS hold on you as a data subject. It should produce copies of Consumer Credit Agreements on all your loans from the start and show all the details of refinancing. Costs of the loan, Costs of the PPI.

I hope this helps to get you started on the road to getting your PPI back not just on the loan in arrears but any earlier loans that had PPI attached as single premiums.

aa

 

Hi.............I haven't sent the SAR letter you advised as yet but I did send the following letter recorded delivery :

 

The Royal Bank of Scotland

xxxxxxxxxxxxxxxx

Date : 06-08-09

Branch No. : xxxxxx Account No. xxxxxxxxxxxx

Account in Dispute

 

Dear Sir/Madam

With reference to the above account, please find enclosed a copy of my email to The Financial Ombudsman Service. Also a copy of my letter to you, dated 27-July-2009.

 

EMAIL TO FOS :

Upon further reflection on the whole matter of my complaint, I would like to make the following point.

 

With reference to the contining failure of The Royal Bank of Scotland to comply with my request for documents as described in my email to you dated xxxxxxxxxxx

 

Please note I wrote again to RBS, copy letter attached. I have so far received no reply.

 

The account is now in default as stated in section 78(6) If the creditor fails to comply with Subsection (1)

(a) He is not entitled , while the default continues, to enforce the agreement.

 

Therefore this account has become unenforceable at law.

 

In the event that The Royal Bank of Scotland do supply the documents requested I will then be able to address the matter of interset & PPI added to the account at the time of the Default Notice was issued.

 

I will now write to The Royal Bank of Scotland,Credit Management Services, Kendal Court, Ironmasters, Way, Telford,TF3 4DT.

In that letter, which I will send 1st class recored delivery, I will enclose a copy of this email along with the letter attached to it.

 

I hope that I have made my position clear and I look forward to hearing from you in due course.

 

I received an envelope this morning, there is no clear indication of who sent it, it contained what looks like some kind of account print out as follows :

 

CONSUMER FINANCE LOAN DETAILS 1 11AUG 18.05

SERVICING BRANCH xxxxxxxxxxxxxxxx

SERVICING ACCOUNT xxxxxxxxxxxxxxxx***BAD DEBT - 13JAN04

OPENING DATE 10DEC02 ORIGINAL TOT AMT PAYABLE 10,976.40

LOAN EXPIRES NOV07 - PRINCIPAL 6,400.00

PERIOD OF LOAN (MONTHS) 60 - TOTAL CHARGE FOR CREDIT 2,949.40

INT RATE (FLAT) 7.35 - INSURANCE PREMIUM 1,567.00

REPAYMENT AMOUNT 182.94 AMOUNT PAID TO DATE 3,418.47

NEXT PAYMENT 28AUG2009 TOT AMT OUTSTANDING 7,557.93-

MIRAS TAX RELIEF NO ARREARS AMOUNT 0.00

 

CURRENT NET AMT OUTSTANDING 4,969.65

REBATE ALLOWABLE 2, 588.28

- INTEREST REBATE 1,668.10

- INSURANCE PREMIUM REBATE 886.25

- TAX REBATE 0.00

 

 

 

PREVIOUS NET AMT OUTSTANDING 5,814.90

REBATE ALLOWABLE 2, 588.28

- INTEREST REBATE 1,668.10

- INSURANCE PREMIUM REBATE 886.25

- TAX REBATE 0.00

 

SETTLEMENT DATE 11JUN07

 

Can you explain what all that means, I think it is the first step along the way to getting the PPI and interest issue sorted out. I think I should wait to see what happens next, seems to me the ball is in their court............

 

kind regards

krj8

Edited August 17, 2009 by karenruthj8
amends