Check delivery to RBS

[dj1971]

Curly Bob,

 

You are not being thick. Banks and other credit companies set up things like PPI to be as complicated as possible, so the average Joe cannot understand it.

 

Unfortunately the text in your link is just too small to read.

 

Please try and repost with larger text.

 

If all the necessary information is there you may not need to send a SAR.

 

 

According to the FOS guidelines in order to put the customer back in the position they would have been had the PPI not been mis-sold:

 

1) The bank must refund all premiums paid under the agreement plus any associated interest. ie: Monthly repayments x no of repayments.

 

2) Pay the customer at 8% simple interest per annum on each monthly repayment from the date of repayment to the date of settlement.

 

You should have known this claiming that you used to work for the FOS.

 

DJ

Edited June 18, 2011 by MARTIN3030
See below

[dj1971]

Bob,

 

Thanks for reposting and as you suggested there is not enough information on the letter to do proper calculations.

 

Normally I would agree with you that the way forward is a SAR, but I fear RBS will just come back saying we do not hold any records as it is more than 6 years.

 

Do you have another way to obtain the information we need?

 

1) Amount of loan and/or total charge for ppi

2) Interest rate charged

3) Number of monthly repayments

 

I realise it is a long shot, but do you happen to have a copy of the loan agreement?

 

Or perhaps you could check on your bank account how much the monthly repayments were?

 

Also suspect you would have been charged PPI on the consolidated loan you took out in 2004 which they have made no mention of refunding.

 

Good luck

 

DJ

[dj1971]

Bob,

 

I can help you with the calculations for the consolidated loan. Just need to know what date this was taken out.

 

With the first loan, do you know how much you borrowed and what the interest rate was?

 

DJ

[dj1971]

Bob,

 

I am a bit pressed for time at the moment but will take at look at the calculations for you asap.

 

Looks like you have a fair idea what you are doing there though, just make sure you calculating the 8% on each monthly repayment from the date of each payment until the date they repay you.

 

Now as it is impossible to know if or even when they will settle, I would use 30th April 2011 for the purpose of this calculation.

 

DJ