RBS - PPI Claim

[Worstutility]

Hi All!

 

I have been sending all of the letters to RBS on behalf of my partner. Too cut a long story short I sent an SAR to them requesting the PPI information enclosing the £10 cheque and they returned this fee to me advising that he had been charged £747.00 for PPI on a loan he had with them from August 2003. The loan has been paid off since 2008.

 

On 20th March we completed and sent the FOS questionnaire to them advising why it had been mis-sold. Basically, he didn't even know that he had been paying for it. At the time he took the loan out he was also told by RBS that if he took out an Advantage Gold account he would get a preferential rate for the loan.

 

I do however require help with the following:

 

How long does the RBS have to come back to us with their decision? I have been told 8 weeks but I think I have read somewhere that the FOS has granted them 12 weeks to reply to the fact that they mis-sold this. I would like to be on the ball to chase them regarding this and lodge with the FOS as the 8 weeks is coming to an end.

 

Also, would it be worth going for the Advantage Gold charges if we found out that this account had been mis-sold? Forgive me for being cynical but I don't think it was a preferential rate he had and during this time I think they were on commission to sell these accounts so feel that he may have been led up the garden path on this one!

 

Anyway, any help would be appreciated.

Regards,

Sarah

[ims21]

Hi

 

It is 8 weeks for them to respond. The 12 weeks you mention was last year....all back to the normal 8 now.

 

What charges are there in this Advantage Gold account?

 

If they told you he paid £747 how do you know that is correct? Have you got the agreement?

 

You really ought to do your own calculations of what the refund should be. You will need the figures from the agreement to do that and ideally a record of the payments and dates of payment to the loan account.

 

If you haven't got that then a full SAR should get it and in particular add a line that says the SAR is to include copies of all and any agreements you have ever had with them.

 

ims

[Worstutility]

Hi ims,

 

Thank you for such a quick response! Yes, we did get all of the information from RBS and it confirmed the PPI figure that I found from his old records. I still don't understand why we got this information without paying for it either. To explain about the loan, he just signed all of the paperwork when he took the loan out originally and didn't notice that Loanguard had been added. There was no mention of this when he applied. It wasn't until I was going through old paperwork in January and said to him was he aware of it and he hadn't a clue. I couldn't run my finances like that however.....

 

Anway, according to my paperwork and calculations they added £747.00 to a £3500 loan and because they didn't mention the Loanguard to him when he was signing, never gave him any details about the PPI or asked him about sick pay he was entitled to (he's been an NHS nurse for 15 years with good sick pay entitlement) I do think that they mis-sold this to him. Would this constitute as mis-selling?

 

I have used the simple spreadsheet with 8% for him and this calculates £1271.08 that is owed to him. Would this be the right one to use or should I look at the other one because the interest rate he was charged was more than 8%?

 

I have also checked his bank statements and when he had the Royalties account he was charged £15 per month for benefits that he didn't use apart from the "preferential rate" on his loan. He was charged these from the time he took out the loan until I spotted it in 2008 after the loan had been paid off. I know what rate he was charged for his loan but don't know how good this was compared to what it would be with this Royalties account. I may well just accept these charges and go for the PPI.

 

If there is anything more you would like to add, feel free!

Best wishes,

Sarah

[ims21]

Hi

 

You will need to use this spreadsheet

 

StatIntSheet v101.xls

 

The PPI is 17.49% of the total loan (given by 747 / 4247 x 100) and therefore 17.49% of every repayment made was for the PPI part of the loan.

 

List each payment in the spreadsheet giving the date, description and amount. When finished the box at the top right will show you what you should get back. The "Claim to" date should be today.

 

You don't need to worry about the interest rate of the loan because by doing it as a percentage of the total monthly repayment you account for the loan interest as well.

 

And yes if he was NHS employee and the PPI was put on there without knowledge then there are two very valid reasons for a mis-sale.

 

I don't think you will get very far with other account fees myself so I would stick with getting the PPI back on the loan. Cancel the AG account if you wish.

 

ims

[Worstutility]

Thank you so much - once we receive the amount owed I will happily donate to the site to help you all keep the good work going.

Many thanks again.

Sarah

[ims21]

Hi

 

If you need more help just shout here

 

ims

[Worstutility]

Dear All,

 

Thank you all so much for your help in this - we received a letter at the end of last week offering us the full amount that was due to us along with a goodwill gesture for the inconvenience caused because we had to chase this up.

 

Hopefully the cheque will be winging it's way to us as I write this but again many thanks. My donation will be paid as soon as I receive the funds.

 

Keep up the good work everyone!

[ims21]

Hi

 

This is good news...well done and congratulations.

 

Let us know when you get the funds and we will mark your thread as a Success

 

ims