Can I claim ppi in financial hardship!???

[Gemma]

Hi guys..
I am currently claiming for ppi with my current rbs loan through fob .. They have sent me a BLIND OFFER! but not sure ofthe figure..
Iam currently in financial hardship with rbs for this particular loan ..
Could anyone tell me if I will receive the money owed directly to myself , or if rbs will make me may off the areas owed within the fanancial hardship !?
Thanks x

[di30]

Re: Can I claim ppi in financial hardship!???

Hi guys..
I am currently claiming for ppi with my current rbs loan through fob .. They have sent me a BLIND OFFER! but not sure ofthe figure..
Iam currently in financial hardship with rbs for this particular loan ..
Could anyone tell me if I will receive the money owed directly to myself , or if rbs will make me may off the areas owed within the fanancial hardship !?
Thanks x

Hello there

In regards of my own experience on an ongoing loan ppi when we were in hardship they did refund the amount towards the arrears, although we did receive the interest by a payment of cheque directly to us.

However, this may differ from one bank to another, but I'm sure someone else will be able to confirm, the best of luck.

[Paul210]

Re: Can I claim ppi in financial hardship!???

RBS policy is to apply all of refund against any arrears, LTSB are the only lender I know who pay the 8% interest to the claimant, all ther rest will offset where accounts are in arrears.

[Ledtobelieve]

Re: Can I claim ppi in financial hardship!???

I am in the same predicament. Just spoken to a RBS staff this morning. RBS will use the method set out by FOS and the PPI refund (all payments made so far) plus the 8% interest will be used to settle the arrears. Also, RBS said that if I reject the method of FOS, I cannot deal with them directly afterwards. I will still need to go back to FOS if there is an issue with the RBS calculation, restruturing of the loan, etc... FOS said that I need to cancel the PPI if I agree to their method.

I am not sure if I am going down the right route...
1. Check the amount in arrears
2. Calculate the PPI amount in arrears and minus from the total arrears to reach the amount owed to date. Checked with RBS Credit Management Services on the arrears - PPI and personal loan
3. Calculate the amount of PPI payment made to date
4. Calculate the outstanding amount of the personal loan excluding the PPI - still doubtful

I did a rough check to see if RBS is refunding the right amount using the right method a) to pay the arrears and b) pay the balance of the refund into my account. Hope someone could tell me about the method of calculation of the outstanding loan amount minus the PPI.

I have paid 3.5 years with the agreed amounts and less for about 2.5 years for a personal loan plus PPI - £25k. £6875 was the PPI in the £25k. The personal and PPI loan repayment period is for 84 months and set at 7.8% APR. For the 2.5 years, I think there was no interest charged. I was repaying £383.86 for the personal loan and £105.57 for PPI for 3.5 years and £57.85 (leading to arrears) for 2.5 years. The amount in arrears is £5,963. I am still doubtful about my calculation on how much is the oustanding loan after restructuring and when the PPI is cancelled. I feel it is not straightforward in the calculations.

Appreciate if someone could shed some light on the calculation of the outstanding loan after the PPI refund, restructuring, etc.... Thanks.

[Paul210]

Re: Can I claim ppi in financial hardship!???

I am in the same predicament. Just spoken to a RBS staff this morning. RBS will use the method set out by FOS and the PPI refund (all payments made so far) plus the 8% interest will be used to settle the arrears. Also, RBS said that if I reject the method of FOS, I cannot deal with them directly afterwards. I will still need to go back to FOS if there is an issue with the RBS calculation, restruturing of the loan, etc... FOS said that I need to cancel the PPI if I agree to their method.

I am not sure if I am going down the right route...
1. Check the amount in arrears
2. Calculate the PPI amount in arrears and minus from the total arrears to reach the amount owed to date. Checked with RBS Credit Management Services on the arrears - PPI and personal loan
3. Calculate the amount of PPI payment made to date
4. Calculate the outstanding amount of the personal loan excluding the PPI - still doubtful

I did a rough check to see if RBS is refunding the right amount using the right method a) to pay the arrears and b) pay the balance of the refund into my account. Hope someone could tell me about the method of calculation of the outstanding loan amount minus the PPI.

I have paid 3.5 years with the agreed amounts and less for about 2.5 years for a personal loan plus PPI - £25k. £6875 was the PPI in the £25k. The personal and PPI loan repayment period is for 84 months and set at 7.8% APR. For the 2.5 years, I think there was no interest charged. I was repaying £383.86 for the personal loan and £105.57 for PPI for 3.5 years and £57.85 (leading to arrears) for 2.5 years. The amount in arrears is £5,963. I am still doubtful about my calculation on how much is the oustanding loan after restructuring and when the PPI is cancelled. I feel it is not straightforward in the calculations.

Appreciate if someone could shed some light on the calculation of the outstanding loan after the PPI refund, restructuring, etc.... Thanks.

If rbs defaulted the balance as a result of the arrears then technically the whole balance may be used as arrears and all the refund would be offset. This doesnt happen in every RBS case but I have seen it a number of times before, particularly where the acocunt had been passed to a debt collection agency rather then collected in house.