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I am about to submit a claim for PPI on Credit Cards to RBS.

I have a couple of questions that I was hoping someone might be able to offer some advice on:

 

1) The accounts in question date from 1994 until approx 2001. I submitted a SAR but no information was supplied by RBS. They state they do not hold any info as the accounts were closed more than 6 years ago. I however have statements dating from 1994 till 1998. Should I submit a claim and provide copies of statements and estimate the remainder of PPI between 1998 and 2001. Or will I only be able to claim the figures that I can prove?

 

2) When calculating interest I believe the correct method should be: Original PPI figure + contractual interest + 8%

However should the contractual interest only be applied until the account was closed and 8% charged until settlement of claim?

 

Any advice and thoughts on the above would be welcome.

 

FMC

Abbey National SAR sent 15/03/2010

RBS SAR sent 15/03/2010

Cahoot SAR sent 22/03/2010

Northern Rock SAR sent 22/03/2010

EGG SAR sent 22/03/2010

Morgan Stanley SAR sent 22/03/2010

MBNA SAR sent 22/03/2010

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Hey up I think you can claim the 8% from each date you paid until date of claim ie you paid £10 on 1\4\07 and claim 8% interest on it uptil today.

Just put it on a spreadsheet with your letter for a claim.

 

As for the contractual interest side I think the easiest way that was explained to me was that the company have already charged you that when they calculate the monthly payment you needed to make.

If you just put the amount you paid into the spreadsheet and add the 8% that side is taken care of.

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Whilst I am waiting on the ICO sorting out the remainder of my SAR I have decided to submit one of my claims to RBS for one of my credit card accounts.

 

Dear Sir/Madam,

It has recently come to my attention that the above credit card, that I had with your company, had payment protection insurance premiums and subsequent interest applied to it. The payment protection insurance was applied to the credit card by your Company, without providing me any option of agreement to or refusal of these insurances. Your Company just applied them.

I am now fully aware of the outcome of the investigations conducted by the Office of Fair Trading and the Financial Services Authority into the vast mis-selling of payment protection insurances, by financial companies, such as yourselves.

The PPI policy mentioned which were applied by you I now believe were mis-sold for the following reasons:

Not aware the cover was sold to me: This is due to the fact that I was not given the correct information when the policy was added to my credit card, as having looked at the paperwork for my credit card I now realise that I have been paying for insurance that I did not know I had taken out so could not have been explained to me.

Alternative insurance cover: My employer had a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the Credit Card).

True cost of PPI not explained: No explanation was forthcoming on any occasion on the full extent of PPI policies. There was also no explanation that the cost of the PPI premium would be added to the total balance and subsequently interest added.

Widespread PPI mis-selling: I was made aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

Wholly inappropriate PPI selling bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with credit cards. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent contractual interest on these payments payable in restitution, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

 

The claim dates from 1994 - 1996. I have copies of all the original statements so fingers crossed.

 

FMC

Abbey National SAR sent 15/03/2010

RBS SAR sent 15/03/2010

Cahoot SAR sent 22/03/2010

Northern Rock SAR sent 22/03/2010

EGG SAR sent 22/03/2010

Morgan Stanley SAR sent 22/03/2010

MBNA SAR sent 22/03/2010

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  • 1 month later...

Hi

 

I just want to double check that I have got my calculations correct when it comes to seeking a refund of PPI premiums on my credit card.

 

If I have a PPI charge of £8 dating from 19/09/2000 with a contractual rate of interest of 29% the interest alone equals £98.04 and the total ie original charge + contractual interest equals £106.04.

 

The above calculation would be performed for each monthly PPI payment from 2000 till the last PPI charge.

 

However my question is around the 8% statutory or court interest. I know this is calculated as simple interest however should it be 8% from date of payment of the £8 (original sum) or 8% from date of payment for the total figure ie £106.04 (original sum + contractual interest)

 

Any advice would be much appreciated.

 

FMC

Abbey National SAR sent 15/03/2010

RBS SAR sent 15/03/2010

Cahoot SAR sent 22/03/2010

Northern Rock SAR sent 22/03/2010

EGG SAR sent 22/03/2010

Morgan Stanley SAR sent 22/03/2010

MBNA SAR sent 22/03/2010

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Just received a reply from RBS in relation to my PPI reclaim for my credit card.

They state "that as a gesture of goodwill, and without any admission of liability the banks usual procedure would be to refund all of the premiums you have paid towards the policy over the past 6 years to date. However, as no payments have been made within this period, no refund is due."

 

They also state "I am satisfied that you would have been provided with full information about the policy, how it works and the significant policy exclusions and conditions which would have allowed you to make an informed decision to take it out."

 

Now the period that I was trying to claim for goes back to 1994 until 1996. The card was closed in 1997. I did have original copies of statements for this period. However I do not have a copy of the credit card agreement.

 

I can't even remember when the application was completed but how can they be so sure that all the information and policy exclusions were explained unless they have records proving so??

 

Any advice as to what to do next??

 

FMC

Abbey National SAR sent 15/03/2010

RBS SAR sent 15/03/2010

Cahoot SAR sent 22/03/2010

Northern Rock SAR sent 22/03/2010

EGG SAR sent 22/03/2010

Morgan Stanley SAR sent 22/03/2010

MBNA SAR sent 22/03/2010

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Any advice on what to do next after RBS refused my claim for misold PPI???

Abbey National SAR sent 15/03/2010

RBS SAR sent 15/03/2010

Cahoot SAR sent 22/03/2010

Northern Rock SAR sent 22/03/2010

EGG SAR sent 22/03/2010

Morgan Stanley SAR sent 22/03/2010

MBNA SAR sent 22/03/2010

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  • 5 months later...

Just wanted to update and summarise my thread.

 

Had a credit card with RBS from 1994 until 1996.

I had all my old statements but did not have the CCA and submitted a claim to RBS for misold PPI.

RBS refused point blank as my claim was more than 6 years old.

Submitted a claim to FOS approximately 5 months ago.

Today I received a phone call from FOS with an offer for a refund of all PPI premiums + 8% interest.

I accepted the offer.

Thanks to everyone for their help.

 

FMC

Abbey National SAR sent 15/03/2010

RBS SAR sent 15/03/2010

Cahoot SAR sent 22/03/2010

Northern Rock SAR sent 22/03/2010

EGG SAR sent 22/03/2010

Morgan Stanley SAR sent 22/03/2010

MBNA SAR sent 22/03/2010

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