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Help/Advice Needed On NatWest/RBS Credit Card PPI Offer


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Hi.

 

I'm hoping someone who knows what they are doing can help with some advice, on the next steps I should take in relation to my complaint for mis-sold PPI on a Credit Card with NatWest.

 

I've received a Final Decision letter from RBS which upheld my complaint, and making me an offer in redress.

 

I was a slightly confused as to how they had arrived at the figure, and so contacted them to request a breakdown of their calculations, particularly in relation to the compound interest part.

 

I've attached a word document (Letter From RBS NatWest.doc) which contains the wording I received in response, along with their "breakdown", which to me seems to be of little help in providing clarification.

 

Now that they have finally told me (it wasn't mentioned in the original Final Decision Letter) that they are "guessing" at some of it as they do not hold the data further back than 2001,

 

I'm planning on providing further evidence in the form of some extra statements that I have found for months prior to that date. Whilst not fully completing the picture, hopefully it will help them to come to a more exact calculation.

 

I've also attached a spreadsheet detailing all the amounts that are known, and where there are unknowns (those cells highlighted yellow, for months marked with an 'x' in column A) I've added in a nominal calculated figure to make the sheet work throughout.

 

I'd appreciate it greatly, if someone could take a look at the spreadsheet to firstly check that I've completed it and the compound interest and statutory interest is worked out correct, and if so, then secondly that the numbers that I've added make sense, and are suitable, or if I should do something else to fill in the blanks.

 

Finally, I noticed that on the spreadsheet that the interest stops accruing whenever no monthly payment is made for PPI (I finally got them to cancel it after a long fight earlier this year), and I wondered if someone can just confirm that this is right, or if the interest would continue whilst the credit card is still in force and the whle sorry tale has finished?

 

Thanks in advance for your help.

Edited by SaintlyOne
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Well, that's what the spreadsheet that I downloaded from here seems to suggest.

 

:???:

 

But I've no idea really, hense my post in the hope that someone who knows what they're doing will help me out by offering their expert opinion.

 

:help:

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your calculations seem way out to me

 

I would suggest as you do not have all the statements

 

using an average of 20%

 

that you redo your spreadsheet using

 

FosCISheet v101.xls

 

 

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It is just possible that this could be a significant payout considering how far back we are looking here.

 

In 2011 my payout was just over £30k for an account going back to 1989/90.

 

I'll see if I can get some time to look at the spreadsheet over the weekend.

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1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

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wow, that would be a fantastic refund if accurate. I am sure ims will be able to work it out for you.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thanks ims.

 

Even if I've got something basic fundamentally wrong with the spreadsheet, any pointers at all in the right directions would be great.

 

 

And thanks OldRouge for the other sheet to try ........ at 20% it still worked out the compound interest at being in excess of £30k in total.

And over £16K just for the payments post 2001 included in the RBS letter.

 

Thats why I'm confused. For RBS are suggesting the total Compound interest included their "estimated" missing months/amount is just £2.4k????

Edited by SaintlyOne
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I am just going through a similar thing with RBS. Fortunately, I have all my statements prior to 2001. Unfortunately, mine is not worth £30k.

 

In my case they have offered about 50% of what I calculate is due.

 

The reason the compound interest is low may be that, by ignoring pre-2001 figures (ie the debit balance in 2001), your reconstructed account could have gone into 'the black' and you would only get 8% on that (in credit) amount rather than getting back the 20%+ they were actually charging you on a higher amount.

 

Personally, i believe there are thousands of others out there who have been fobbed off with a fraction of what is due to them by RBS conveniently not having figures before mid 2001.

 

You may have a longish slog with them but it should be well worth the effort.

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

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I'm resigned to the fact that everything seems to be a long hard slog with RBS. :boxing:

 

It took nearly a year, and a complaint to the I.C.O, before they would give me just the info back to 2001. And thats on a card that's still in force today. :frusty:

 

I'm still hoping someone here can help me by giving the spready the once over to see if the calcs on it are correct though, or if not point me towards some expert i can PM.

:pray2:

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Any penalty charges on the credit cards btw?

they could be worth a fortune too

PLEASE HELP US TO KEEP THIS SITE RUNNING

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The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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I'm still hoping someone here can help me by giving the spready the once over to see if the calcs on it are correct though, or if not point me towards some expert i can PM.

:pray2:

 

Ah, ims did say he might be able to do this for you. I am sorry, he has been otherwise engaged for a few days.. I will send him a gentle reminder for you.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thanks citizenB, I'll wait patiently for ims to find the time to help. :oops:

 

Penalty charges Sabre? How so???

Read my SabretoothSheep v Natwest thread :)

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?423796-SabreSheep-Vs-Natwest-Moorcroft&p=4643176#post4643176

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

 

The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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  • 2 weeks later...
  • 2 weeks later...

Hello

 

Apologies for the absence.

 

Just going to look through things and will be back later this evening.

 

Sometimes these claims going back aways are not as simple as they may first seem and a little "extra" work is involved. Much depends on the behaviour of the account over time.

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

Instructions

 

I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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