Rbs ppi

[gass100]

Hello,

 

Was looking for some advice on a RBS Loan PPI claim that I was successful in. I've had a loan for £25k for about 15 years now which has been re-financed several times during this period.

 

I was offered a total of about £1600 , which I accepted as checked with the ombusman who confirmed that the bank will only provide accurate information to me.

 

Since then I had previously requested a SAR which has now come through and the PPI payments seem to be a lot more that what was offered.

 

I dont really understand exactly what was paid or not as they haven't made this easy on the statement, however was looking for some advice on the following:

 

- What would the standard monthly PPI be for a loan for £25k?

- Does £1600 sound about right for a loan of this amount - I did stop the PPI in about 2006 so this would have been over about 6 year?

- Would RBS have sent me the correct figure?

- Can I now challenge this if I have already accepted as I only accepted this based on the information provided to me?

 

Any advice that can be provided would be appreciated as starting to feel like I might have been mislead by RBS with this and want to ensure that I have been reimbursed the correct figure.

 

Thanks and regards

 

J

[ims21]

If you have been misled by both the bank and fos then there is a good case to have the complaint looked at again.

 

Did fos put it in writing that the bank would only send you correct information?

 

Have you got copies of your agreements and copy statements for all of the loans?

[gass100]

Thanks for your reponse, I called the FOS and the person I spoke to advised me that this amount would be correct as the Bank would not Lie to me.

 

What I am struggling with is whether i have a case to answer as I dont know 100% if the PPI that was reimbursed was correct. I remember when I cancelled the policy the amount was more like 100's rather than pounds but I'm not sure if I am now making this up due to my memory as this was back in 2006. On the statements it states that for example one of the loans £6500 was added up front on PPI and when it was re-financed £3800 was re-imbursed to my loan so that leaves I assume £2700 that I paid off? I re-financed this loan 7 times when paying PPI so to me the figures dont add up.

 

I have called RBS and they wont confirm what these statements mean and state that as I have accepted the offer they will not investigate this further. I said that all I want is the breakdown as the figure doen't look right!!

 

Do you think that I have a case to complain and the bank could have actually provided me with the incorrect information as I believe that with the interest etc added also the figure should be a lot more than what was offered. The most on an individual account that I was offered was £700 and over 7 loan accounts £1600?

 

On the statement the individual re-payments state as follows:

 

DD Principal pay - £331.67

DD interest - £167.42

 

Do you understand what this means, as not sure what relates to PPI?

 

Thanks for your assistance

 

J

[ims21]

If you have the base data then it is possible to work out what you should have received and what has actually been received.

 

We can help you with the calculations.

 

In these cases it is easier to deal with one loan at a time.

 

So for the initial loan have you got a copy of the agreement and statements of account?

[gass100]

ok the first loan:

 

Withdrawn: £31599.36

DD principal pay: £271.38

DD Interest pay: £167.50

Dates: September 2005 - September 2006

Loan rebate: £4287.97

Early repayment: £21605.95

 

I was reimbursed the following:

 

Total PPI Premium and associated interest: £144.33

Statutory interest: £77.44

Less Tax: £15.49

Net interest: £61.95

Total offer: £206.28

 

Does this look correct to you?

 

Thanks

 

J

[ims21]

Ok that is a start...have you got a note in your SAR response anywhere as to what the amount of the PPI premium was included in that loan?

 

On the opening statement it sometimes gives the loan and PPI amounts as two individual items.

[gass100]

No all they sent me was a covering letter and then 3 statements for the accounts that I believe had the PPI included. They didn't send me the actual credit agreements either.

 

I know the loan was for £25,000.00 and the beginning of the statement states Withdrawn £31599.36 so I'm assuming that the PPI added at the beginning of the term was £61599.36.

 

Would this not be the case?

[ims21]

Yes that would sound about right.

 

So if PPI was £6,599.36 it means that 20.88% of the total loan was for PPI. In turn this means that 20.88% of each monthly repayment you made was for PPI.

 

Take hold of the attached spreadsheet.

 

Work out want 20.88% of your total monthly repayment was and list those payments in the spreadsheet giving the date of the payment and the amount.

 

Stop when you get to the point that it was refinanced by loan 2.

 

StatIntSheet v101.xls

[gass100]

I,ve done the spreadsheet based on 20.88% of the DD principal pay only and not the DD interest pay - is that correct or should i do this on the whole repayment amount?

 

Also i'm not sure if i worked it out correctly - i make 20.88% of £271.38 =£56.66? Plus the days elapsed roughly 2920?

 

If i have done this correct then the total on the spreadsheet states £1268.78.....does this sound correct as I was only given back £206.28?!!

 

J

[ims21]

I,ve done the spreadsheet based on 20.88% of the DD principal pay only and not the DD interest pay - is that correct or should i do this on the whole repayment amount?

 

The whole monthly repayment amount i.e. £438.88

 

Also i'm not sure if i worked it out correctly - i make 20.88% of £271.38 =£56.66? Plus the days elapsed roughly 2920?

 

20.88% of £438.88 is £91.64. You don't enter the days elapsed, the spreadsheet works that out for you.

 

If i have done this correct then the total on the spreadsheet states £1268.78.....does this sound correct as I was only given back £206.28?!!

 

We haven't finished yet

 

 

 

J

 

Answers in red above

[gass100]

Thanks

 

So I have completed the spreadsheet based on this information and this works out that for this particular period I am owed £1862.90.

 

Monthly repayment £438.88 at 20.88% = £91.64

 

Considering I was only offered and accepted £206.28 for this loan based on the information that RBS provided me, what can I do about this as I have accepted 7 loan PPI offers but quite clearly I have been given the incorrect information before accepting?

 

Thanks for your help with this, much appreciated

 

J

[ims21]

We haven't finished the calculations yet so we can't say what it right and what is not.

 

have you got a note of the amount of rebate received on this account when it was refinanced? It may well be in the SAR information somewhere.

[gass100]

On the statement it states "Loan Rebate" £4287.97

 

What next?

 

J

[ims21]

Earlier you said that this was from Sept 2005 to Sept 2006 which I assume is the period for which you made payments.

 

Do you have a note of the original term of the loan if it had run its full distance?

[gass100]

This was re-financed in September 2006:

 

Loan amount: £25,000.00

Withdrawn: £31599.36

Loan rebate: £4287.97

Early repayment: £21605.95

 

J

[ims21]

I am trying to work out what the PPI rebate should have been at the point it was refinanced.

 

So you made 12 payments on this account yes? (Sept 05 to Sept 06).

 

What was the original term of loan 1 i.e. how long would it have run had it not been refinanced?

[gass100]

I believe the term of the loan was 60 months

[gass100]

Sorry yes I paid for 12 months, so 48 months remaining

[ims21]

OK back in a mo

[ims21]

Something not right with the figures you have given.

 

if the loan was paid for 12 months and there were 48 remaining then that would make it a 60 month agreement.

 

60 x 438.88 comes to total repayable of £26,332.80 which is not enough to clear the opening entry of £31,599.36.

 

However, 72 months total term at £438.88 = £31,599.36 which is exactly the amount of the opening figure.

 

Is it possible you were mistaken with the term? I think it should be 72 months i.e. 6 years rather than the 5 you have suggested?

[ims21]

Having made some notes on this there are other things puzzling me too.

 

You said these loans have run over a period of about 15 years or so. We are currently working on the first loan, loan 1. You say that this started in 2005 and was refinanced in 2006.

 

2005 is only 8 years ago not 15?

 

Also you suggest that you have had this loan in one form or another for 15 years which intimates it is still running in some fashion. However, the posts thus far suggest that you have not received full transaction histories for the accounts. If it is true that there is still an account running and that no full transaction history has been included in the SAR response, then the bank have not complied with their obligation under the Data Protection Act.

 

If that is the case then you need to challenge them on this too in order that you can get all of the data to which you are entitled.

 

When was your SAR sent and what data exactly did they send you in response? Was it a full SAR that you submitted to them i.e for everything they hold on you or was it just a restricted SAR to get PPI information?

[gass100]

To be honest the information that they have provided me is not the best, there is only one credit agreement which is the last time I re-financed this loan whch was 2 years ago. The rest of the data is made up of a load of spreshsheets that make no sense and then these 3 statements of 3 of the loans that I accepted which is what has alerted me to the descrepency of the amount that I accepted.

 

In total I accepted 7 loan settlements (All re-financed) but they have not provided me with all the details. This is the 4th package that they have sent me after returning my SAR request with insufficient details and my £10 cheque. I replied back the last time stating that this is not good enough and I want the full details that the hold for me and this is what they sent me and cashed the cheque.

 

I know I removed the PPI back in around 2007 but still have the loan so that's what makes up the 15 years, so i believe that I paid PPI for half of this term.

 

The trouble I have is that I didn't keep any of the paperwork or credit agreements so I am reliant on what they are telling me.

 

So should I go back to RBS and state that the information is not sufficient and I want a full breakdown of the PPI paid on each of the loan accounts numbers or can I refer this to the Ombusman?

 

Thanks

 

J

[gass100]

Has anyone any ideas on this - should I go back to RBS or take this to the Ombudsman?

 

Thanks

 

J

[ims21]

Before getting fos involved I would be getting the detailed breakdown from the lender and also pressing them on the failed SAR issue too.