Yes I have copies of the original letters and agreements of when the loans were originally paid...
Dear Sir or Madam,
Application Refs:
+++++++++++
++++++++++++
Loan Account Number:
++++++++
I purchased the loan guard policies from you the first on the ++++++when I took out a loan and a second on the +++++++++ when the loan was extended. I was miss-sold the loan guard policies.
I am ++++++++++ National and I am not eligible for jobseekers allowance, and would be unable to use the policy. I made the fact that I am ++++++++++ to your member of staff when the policy was sold.
I was unaware that the policy was optional, and was made to believe I needed to take the insurance. As soon as this was explained to me by my partner in +++++ I went into the RBS branch in ++++++++ to attempt to cancel the policy. The sales advisor tried to sell me another loan with more insurance instead of cancelling the insurance policy. After taking advice from the FSA I successfully cancelled the loan guard policy in writing in a letter dated ++++++++++++.
Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.
I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.
I have included a schedule of payments that were made and a basic calculation of interest, however as this loan was extended I understand that total amount I paid for loan guard is much higher than in the schedule I have provided.
Yours faithfully
£43.10 £43.10
£43.10 £86.49
£43.10 £130.16
£43.10 £174.13
£43.10 £218.39
£59.29 £279.14
£59.29 £340.29
£59.29 £401.85
£59.29 £463.82
£59.29 £526.20
£59.29 £589.00
£59.29 £652.21
£59.29 £715.85
£59.29 £779.91
£59.29 £844.40
£59.29 £909.32
£59.29 £974.68
£59.29 £1,040.46
£59.29 £1,106.69
£59.29 £1,173.36
£59.29 £1,240.47
£59.29 £1,308.03
£59.29 £1,376.04
£59.29 £1,444.50
£59.29 £1,513.42
£59.29 £1,582.80
£59.29 £1,652.64
£59.29 £1,722.95
£59.29 £1,793.73
£59.29 £1,864.98
£1,877.41
£1,889.93
£1,902.53
£1,915.21
£1,927.98
£1,940.83
£1,953.77
£1,966.79
£1,979.91
£1,993.11
£2,006.39
£2,019.77
£2,033.23
£2,046.79
£2,060.43
£2,074.17
£2,088.00
£2,101.92
£2,115.93
£2,130.04
£2,144.24
£2,158.53
£2,172.92
£2,187.41
£2,201.99
£2,216.67
£2,231.45
£2,246.33
£2,261.30
£2,276.38
£2,291.55
£2,306.83
£2,322.21
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Would you add anything else?
who should I post this too?
have I made any mistakes?
The initial PPI was £43.10, this went up to £59.29 when the loan was extended (at a much higher rate ) I have calculated the interest at 8% but I'm not sure if I have the maths right. Also I havent mentioned the numerous other ignored letters. Feels like I am barking up a non existent tree. The letter doesn't feel formal enough, it doesn't seem direct enough..
Thanks