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Hello, and hoping for some help.
I've had a claim accepted by the RBS towards PPI on my current bank account. This is an account with a present overdraught (agreed) which I am using but not in arrears to. I also have an RBS credit card against which I am persuing a PPI claim. I do not have IVA, Protected Trust Deed, nor am I Bankrupt or Sequestered.
Having "won" on my current account I am being told by the RBS that I have to sign the following agreement to get my money back;
"I/we understand that if the PPI policy on my /our overdraft is still active this will be cancelled once my/our acceptance has been processed and I/we will no longer be eligible for the cover provided by the policy.
I/we wish to accept the Bank's net offer of *****, in full and final settlement of all or any claims which I/we have against The Royal Bank of Scotland Group or any subsidiary companies in respect of my/our The Royal Bank of Scotland PPI policies for overdraft policy number OL*****
I/we understand that any statutory interest payable will be recalculated up to a maximum of 28 days from the date of this letter, i.e the 8th January.
If I/we are subject to an Individual Voluntary Arrangement (IVA), Protected Trust Deed, Bankruptcy or Sequestration, any payment will be made to the relevant account I/we hold with you. Any disbursements due under the terms of the arrangement will then be managed by the Group's Insolvency Team.
I/we understand that the offer will take into consideration any arrears on my/our account. The remaining balance, if any, will be credited to my/our Natwest/Royal Bank of Scotland current account or paid to me/us by cheque. I/we am aware that it is possible for the account to remain in arreas if the offer is not sufficient to clear the full amount on my/our account."
So....
Not knowing what any of this means, I struck out the third, fourth paragraphs, and amended the fifth paragraph to say upon receipt of a cheque from them for the whole amount, and sent it back.
To be told it has to be signed unamended, and with no amount of my asking able to explain why or reach / talk to someone who would actually negotiate this letter / or tell me how these terms actually effect my individual position.
Surely this is my money and they can just send a cheque without this nonsense?
I would appreciate perspective please and comment.
- Should i just sign
- Is the form reasonable
- Is the form unreasonable.
Ideally I want a cheque, so I can pay this into another bank entirely, I don't want the bank deciding how they repay me.
Comments please.
Also if a case of "fight it" shoudl I send this now to the Financial Omsbudman or do I have to issue notice on the bank?
Thanks all.
I've had a claim accepted by the RBS towards PPI on my current bank account. This is an account with a present overdraught (agreed) which I am using but not in arrears to. I also have an RBS credit card against which I am persuing a PPI claim. I do not have IVA, Protected Trust Deed, nor am I Bankrupt or Sequestered.
Having "won" on my current account I am being told by the RBS that I have to sign the following agreement to get my money back;
"I/we understand that if the PPI policy on my /our overdraft is still active this will be cancelled once my/our acceptance has been processed and I/we will no longer be eligible for the cover provided by the policy.
I/we wish to accept the Bank's net offer of *****, in full and final settlement of all or any claims which I/we have against The Royal Bank of Scotland Group or any subsidiary companies in respect of my/our The Royal Bank of Scotland PPI policies for overdraft policy number OL*****
I/we understand that any statutory interest payable will be recalculated up to a maximum of 28 days from the date of this letter, i.e the 8th January.
If I/we are subject to an Individual Voluntary Arrangement (IVA), Protected Trust Deed, Bankruptcy or Sequestration, any payment will be made to the relevant account I/we hold with you. Any disbursements due under the terms of the arrangement will then be managed by the Group's Insolvency Team.
I/we understand that the offer will take into consideration any arrears on my/our account. The remaining balance, if any, will be credited to my/our Natwest/Royal Bank of Scotland current account or paid to me/us by cheque. I/we am aware that it is possible for the account to remain in arreas if the offer is not sufficient to clear the full amount on my/our account."
So....
Not knowing what any of this means, I struck out the third, fourth paragraphs, and amended the fifth paragraph to say upon receipt of a cheque from them for the whole amount, and sent it back.
To be told it has to be signed unamended, and with no amount of my asking able to explain why or reach / talk to someone who would actually negotiate this letter / or tell me how these terms actually effect my individual position.
Surely this is my money and they can just send a cheque without this nonsense?
I would appreciate perspective please and comment.
- Should i just sign
- Is the form reasonable
- Is the form unreasonable.
Ideally I want a cheque, so I can pay this into another bank entirely, I don't want the bank deciding how they repay me.
Comments please.
Also if a case of "fight it" shoudl I send this now to the Financial Omsbudman or do I have to issue notice on the bank?
Thanks all.
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