Hi there,
I have recently had a PPI COMPLAINT upheld with RBS
I recieved my final outcome letter today but I am still left feeling slightly confused and wonder if I
am owed a bit more. i don't have all the information on the personal loan like interest rate but feel that it doesnt quit add up
I took out a loan on May 2nd 2007 - £1000
I then apparently took out another loan on 27th May 2007 - £ 1500 to cover the first loan (i can't remember why this was done)
This being a chain loan
I was always under the impression that I only took out a loan of £1000 at this time so this confuses me
I paid my final payment for the loan on March 27th 2012
I was paying payments of £37.78 over 5 years / 60 months so this totals to £2229.02 that I paid for the whole loan of £1000
the rest being a combination of interest and PPI ( £1229.02)
The banks offer is for the first Loan
PPI REFUND £8.19
STATUTORY INTEREST £6.68
20% TAX £1.34
NET offer £13.53
The banks offer for second loan
PPI REFUND £59.44
STATUTORY INTEREST £36.41
20% TAX £7.28
NET offer £88.57
now i'm really sorry if i have got it all wrong but I just feel a bit confused with this out come. This would make the total PPI PAID £67.63 Over 5 years and the itnerest being £1161.39?
in the letter they do not break down my interest and ppi so that its clear. if anyone can make sense of this I would be grateful !
Kind regards