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Loanguard PPI Refund

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I am looking for genuine advice , been on this great site a lot , loads of interesting reading , and its time for the working class to fight back against the toffee bankers !!!


This is my first post so here goes ... i had a loan with Rbs 2004-2009 for £10k , complete with loanguard insurance ,which i believe was mis-sold cos i didn't know you could buy stand alone insurance,or that it was added at time of loan before the interest was added.i cancelled the insurance after 23 months and got my repayments for the remainder of the 60 month loan reduced .i have since written to COMPLAIN to RBS 8 weeks ago and been allocated a case manager to reclaim ALL the loanguard (PPI) back cos it was mis-sold.they said they're taking it serious and would hope to have it resolved in 8 weeks, now expired,with an update after 4 weeks.well like i said the 8 weeks have passed and i had no correspondance after the 4 week stage.

i should also point out that the PPI i did pay was front loaded using rule 78 so i paid a lot of PPI in those first 23 months.

i did metion in my complaint letter to them i would report them to the Financial ,Ombudsman .


Where do i go from here ?

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  • 2 weeks later...
  • 4 weeks later...
need to kick myself to fill in form , still no word back from RBS .


will fill in form over weekend .


note to self ... post recorded delivery


well it's now 31/10/10 and I've still not posted form to FOS , just laziness , but got offer of goodwill for over £ 2,000 from RBS yesterday . it says as gesture of goodwill they'll refund my payments plus interest .I'm not so sure the interest is in the figure.I'm so tempted to take the offer but it's Full + Final ,I don't want to be too hasty .


I could do with some advice from a moderator . I can provide all the figures as I still have the original agreement if someone can work out what i should be due back .

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Don't know if it makes a difference but from the aforementioned loan , I paid £ 5,000 back to a credit card that i used to have insurance with , since cancelled that insurance ,and now thinking of claiming the insurance back on that credit card too , if that's possible even though I now have an arrangement with them and paying no interest .


Again i woul like a moderator's view on this please

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main loan £ 10,000

insurance laon = £ 2,588

total credit = £ 12,588


total charge for credit £ 2,535.60


(i) interest £ 2,360.60

(ii)Admin fee £ 175.00


so 60 x £ 252.06 repayments

i.e main loan £ 200.24

insurance loan repayment £ 51.82



however i cancelled PPI after payment 23 and they told me to then pay the remainder (37 mths )

at £ 226 per mth



I would be gtateful if someone could work out what i should get back cos i don't trust RBS's figures.


I'm pretty sure the loan was at 7 %

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DJ . ..first payment I'm sure was January 2005 and paymeny no.60 was definetly December 2009 ,


still looking for a genius to work out a true figure of what i should get back


cos I'm not sure about what interest to charge them i.e. compound or the other one


DJ .. should i SAR them over the credit card

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I've now had a long hard think about my offer from RBS and I am goint to accept it . Simply down to financial pressures i.e. BNPL stupid schemes from last year are due in November + December.I've only just realised that they are structured differently so the money will come in handy to avoid the interest of over £ 300 not counting the bills.

So I'm going to post my form back to them tomorrow and wait for my cheque.


Look on the bright side ......... It is indeed another PPI success story :-)


Still got a question on my mind though , should I send RBS their PPI questionaire back and post my form back to FOS ? Is there any point now ?


Or send it back to FOS out of courtesy !

Edited by moneybackpleasenow
Un sure of right course to take
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