RBS Bank loan reclaiming. Help Please ;-)

[mjr001]

I have a personal loan finishing next month, £9500 over 5 years, this had PPI on when sold.

I phoned the bank regarding this and they said to write to the branch if i wish to try to reclaim the PPI on the personal loan.

I have drafted a letter, but wish to add something about when i took the loan out i was employed and then went self employed afterwards, which possibly meant that the PPI would not cover me, which i am not sure it does (but was never told anything about the terms of it)but unsure how to word it. please help, also anything else to add to it which may stop them telling me to get lost !

[garlok]

Re: RBS Bank loan reclaiming. Help Please ;-)

Hi mjr,

I'm not sure about the self employment AFTER the date of inception of the loan. I would have thought it was a very tenuous argument to try and say it was "mis-sold" because of self employment anywhere in the letter. You say you were actually in normal employment at the time the PPI was taken out with the loan.

Just my thoughts, see what Di and the others say on this.

regards
Garlok

[Never-In-Doubt]

Re: RBS Bank loan reclaiming. Help Please ;-)

send a PM to di, she has most the templates

[di30]

Re: RBS Bank loan reclaiming. Help Please ;-)

Hi there

I would try to get hold of the policy booklet details, if you do not have these - they should send this free of charge in the post.

The policy should explain about what your covered for, the exclusions and so on.
I am aware that some will cover for self employment, but this does not apply to all businesses.

It's a great letter and as long as it covers all ground of what applies to you that is fine.

But, in regards of the self employment, maybe you should not actually point that out a such on the list of reasons why you were mis sold, (do not list this with the other reasons you given) but state further down in your letter, that apart from the reasons you believe you were mis sold, you became self employed further down the line (year) and now aware that you would not have been eligible anyway.

You could also state that you would have raised this issue up by now, but now realising you were mis sold the PPI on the reasons given, that if you had known - or if the policy was discussed with you in simple terms that you would have cancelled it as well.

(Hope that makes sense).

[pompeyfaith]

Re: RBS Bank loan reclaiming. Help Please ;-)

Bear in mind the policy book details have to relate to the time the PPI was taken out as they do like CCA's get changed.

[Never-In-Doubt]

Re: RBS Bank loan reclaiming. Help Please ;-)

Sorry keep forgetting Pompey can do reclaims as well

* sorry mate

[pompeyfaith]

Re: RBS Bank loan reclaiming. Help Please ;-)

No worries Niddy lol

[MattyA]

Re: RBS Bank loan reclaiming. Help Please ;-)

Hi - I wouldnt bother with the self - employed bit ,as they could argue that you should have told them about your change in circumstances etc etc wriggle wriggle....

I would reword it & go down the route that you were told that you the PPI wasnt optional and that you would not have been approved if you didnt take it out.

I would also labour the point that you were employed at the time and had over cover in place, both via your employer & personally - despite explaining this you were told that you had to take out their cover.

How did you take out this loan? face to face in a branch / over the telephone/ postal form or over the internet.

Also was the PPI 'front loaded' (added to the loan sum at the begining) - this is now illegal an reason enough alone for a mis-sell success.

Worked for me anyways ;-)


Matty

[MattyA]

Re: RBS Bank loan reclaiming. Help Please ;-)

Hi there

I would try to get hold of the policy booklet details, if you do not have these - they should send this free of charge in the post.

The policy should explain about what your covered for, the exclusions and so on.
I am aware that some will cover for self employment, but this does not apply to all businesses.

It's a great letter and as long as it covers all ground of what applies to you that is fine.

But, in regards of the self employment, maybe you should not actually point that out a such on the list of reasons why you were mis sold, (do not list this with the other reasons you given) but state further down in your letter, that apart from the reasons you believe you were mis sold, you became self employed further down the line (year) and now aware that you would not have been eligible anyway.

You could also state that you would have raised this issue up by now, but now realising you were mis sold the PPI on the reasons given, that if you had known - or if the policy was discussed with you in simple terms that you would have cancelled it as well.

(Hope that makes sense).

Wasnt having a pop at Di byBTW.

If you do decide to include your self employed status in the complaint do it as Di says - shes spot on saying to add it in After the mis-selling reasons......maybe you became aware of the unsuitablity of this product as a self employed person after an independant review of your finances......?

Good luck.

Matty

[mjr001]

Re: RBS Bank loan reclaiming. Help Please ;-)

Letter and FOS paperwork sent to RBS, manchester.
lets see what happens next, i hear RBS can be a pain with PPI claims, dont know if this is true
M

[mjr001]

Re: RBS Bank loan reclaiming. Help Please ;-)

decided to leave out anything to do with self employment
M

[di30]

Re: RBS Bank loan reclaiming. Help Please ;-)

The best of luck.

[MattyA]

Re: RBS Bank loan reclaiming. Help Please ;-)

Letter and FOS paperwork sent to RBS, manchester.
lets see what happens next, i hear RBS can be a pain with PPI claims, dont know if this is true
M

Good luck.

I struggled with them - they will do anything to delay the process , but stick with it & you will get there in the end.
Keep on at 'em.

Matty

[mjr001]

Re: RBS Bank loan reclaiming. Help Please ;-)

Good luck.

I struggled with them - they will do anything to delay the process , but stick with it & you will get there in the end.
Keep on at 'em.

Matty

You say you struggled, what did they do?
what reasons did you give to them for reclaiming the PPI ?
how long did the whole process take from start to finish
many thanks
M

[mjr001]

Re: RBS Bank loan reclaiming. Help Please ;-)

just a quick update....

received a letter from RBS, it basically says we are sorry your unhappy with the PPI (yeah right..bet you are)

We take this matter very seriously (well pay me from the £1m bonus your CEO got shafted on then...)

We will colect information at the time the policy was started including documentation and speak to the member of staff that sold the policy (The member of staff was 12 and had to count up using his fingers...The idiot probably cant remember what he had to eat yesterday)

Then goes on to say about financial hardship blah,blah, blah and to contact the providors if this is the case (asked for help before and was told to get stuffed, now going UE route on the credit cards, that'll show em)

M