PPI - Claims Payment / Invalid Loan Agreement

[Ledtobelieve]

FOS has agreed to RBS in settling the single premium active PPI that they had missold as a package in my joint personal loan. FOS had also gone through the final review of the loan application that I considered invalid. FOS left it to me to accept a goodwill offer of £50.00 from RBS. I rejected RBS offer and the FOS final review because RBS had already admitted to their faults when they offered the £50.00. To me, the FOS final review had not taken into account the legal aspects of selling the loan and completing the process with a legal document. Adjudicators appeared to be unspecialised case officers. The evidence is obvious that there was no loan agreement. Although the application were signed by both applicants, but I received only a rotten photocopied version with some contents missing. After 5 years, they sent me the badly photocopied loan application (part of the contents in the application and words missing) upon my request.

A) Is there a case in taking RBS to court because FOS had closed the case when I rejected the RBS goodwill offer of £50.00? It is my intention to go down that road.
B) When the PPI claims are refunded, where does the money go to? A cheque in my name with FOS compensation calculation amount or RBS bank into my account where I owe them arrears?
c) Do I have the right to request the money to be refunded to me and not to the account or do I first take legal action against RBS regarding the invalid loan agreement (a piece of loan application / proposal with multiple errors and amendment to figures by the bank staff and without applicants' authorisation)?

Grateful for any information. Many thanks.

[Turboman]

Re: PPI - Claims Payment / Invalid Loan Agreement

I'll pm Di for you--she has wide knowledge from other sites

[di30]

Re: PPI - Claims Payment / Invalid Loan Agreement

Hiya

Cheers Turbo, will see what I can do. x

I am also having some issues with the FOS, where my current Adjudicator does not understand how our case works, I'm not happy especially as the evidence he did actually request for was put directly in front of him.

It's being moved on now to the Ombudsman, hopefully he or she will see through this, but if not in my case I don't think I will be able to take it to the court route, as its been sitting with the FOS for almost 3 years now.

But I understand in your circumstances you should be able to, and on the letter you receive from the FOS (if they do not uphold in your favour by both Adjudicator & Ombudsman) they should let you know if your able to do this.

In regards of the refund, this can vary from one bank to the other, I have never had direct dealings with this business, but if you've no arrears/missed payments it may be refunded directly to you.

I am aware that some have actually requested they wanted the refund paid directly to them, for instance if you want to use it to clear say for example a secured debt, such a mortgage arrears which is more important than that of an unsecured debt.

Going back to the arrears, if the refund is used for this, then anything remaining plus interest from experience is paid back to you.

Hopefully someone will come along soon who have had dealings with these directly via PPI, and have some clear answers for you.