I made a claim re a Nat West credit card in mid August 2019.
I had heard nothing by November 2019 so contacted the Financial Ombudsman. The Ombudsman investigated and informed me that RBS would be making an offer of compensation and continued ‘The offer is in line with the ombudsman’s general approach where we decide that a consumer shouldn’t hav…[Read more]
Apologies, there’s a wrong word in that – it should read ‘they sent me a cheque for the amount calculated on refund of premiums of £1263 …. ‘
They did not change the amount between the call and sending the cheque.
There is no haggle with these things. The calculation is defined. And the ombudsman has accepted the calculation used is acceptable.Its not a case of permission being needed. You either accept that or you accept nothing. A binary choice.Did you borrow on the card every month of that 20 years? You only pay PPI in the months you do not pay…[Read more]
Thanks. Yes I did borrow heavily on the card for about 15 of the 20 years I had it.
So there’s no way of checking how the premium repayment element has been calculated?
The calculation normally comes. However, it won’t specify the months/amounts. It will just breakdown the premium and interest split.
Well, only if you have comprehensive documentary evidence (statements) from your own archive. You’d have to total up all the PPI amounts you paid over the years and then “check” this against the refund.
Note that PPI was a percentage of the total borrowing each month but if your account had no balance outstanding in a given month no PPI was…[Read more]