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RBS taking my interest to put towards my loan

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  • #1

    RBS taking my interest to put towards my loan

    Hi Everyone,

    Can someone let me know if RBS are allowed to take the interest back that they have paid me on my PPI claim. They have put amounts into my bank account minus the interest and the interest accrued they have taken off my loan account. I am not in debt with my loan I am in dispute about them trying to charge twice in one month for moving my pay date I in fact have not missed one payment and this is under investigation. I cannot believe that the interest that they owe me they can take back and take off my loan. I'm not actually saying I wasnt going to do this but that's my choice surely they cant decide off their own back that my interest accrued should go towards the loan that I have a set date to pay them back on!!!!!!!!!!

    Thanks rather annoyed and confused.com
    Tags: None
  • #2
    Re: RBS taking my interest to put towards my loan

    If you were not in arrears then no they have no right. I would seek professional legal advice about this if i was you though.
    Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.

    By using my advice in any form, you agreed to waive all rights to hold myself or any persons representing myself of any liability.

    If you PM me, make sure to include a link to your thread as I don't give out advice in private. All PMs that are sent in missuse (including but not limited to phishing, spam) of the PM application and/or PMs that are threatening or abusive will be reported to the Site Team and if necessary to the police and/or relevant Authority.

    I AM SO GOING TO GET BANNED BY CEL FOR POSTING terrible humour POSTS.

    The Governess; 6th March 2012 GRRRRRR

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    • #3
      Re: RBS taking my interest to put towards my loan

      ok thx teaboy will do as I do have quite a bit of money in my bank account now from my PPI claim lol x

      Comment

      • #4
        Re: RBS taking my interest to put towards my loan

        actually whats the stance if I'm not bothered with what they've done shouldnt the interest on my loan payments go down or the date of my loan be brought forward??

        Thx

        Comment

        • #5
          Re: RBS taking my interest to put towards my loan

          Yes the total amount due on the loan (including total interest payable) should be reduced, whather this is reduced over the remaining repayment dates, or on the last repayment date(s). Though legally you could argue that their actions amounts to a breach of the Consumer credit agreement for the loan as the repayment terms and total interest has been varied without your consent as a result of the banks unreasonable and possibly fraudulent action of apply interest due on sum awarded for missold PPI been added as a payment towards the loan, without you consent for them to do so. To be honest the fact they do that is scandalous, though they will argue the right to appropriation. Though if they do, you can simply argue back that they had no right to appropriation as you were not in arrears with your loan repayments and therefore where not in breach or in default of the loan agreement, as such they were not entitled to said amount in PPI interest under the loan agreement.

          A letter to you MP supporting your stance would be one angle instead of legal action, though you can claim a further 8% interest on the amount they paid towards the debt since you still have not received it.
          Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.

          By using my advice in any form, you agreed to waive all rights to hold myself or any persons representing myself of any liability.

          If you PM me, make sure to include a link to your thread as I don't give out advice in private. All PMs that are sent in missuse (including but not limited to phishing, spam) of the PM application and/or PMs that are threatening or abusive will be reported to the Site Team and if necessary to the police and/or relevant Authority.

          I AM SO GOING TO GET BANNED BY CEL FOR POSTING terrible humour POSTS.

          The Governess; 6th March 2012 GRRRRRR

          Comment

          • #6
            Re: RBS taking my interest to put towards my loan

            Gr8 advice thx teaboy this is the best site for advice I've come across respect to all you members xx

            Comment

            • #7
              Re: RBS taking my interest to put towards my loan

              Originally posted by teaboy2 View Post
              If you were not in arrears then no they have no right. I would seek professional legal advice about this if i was you though.
              Totally agree!

              Comment

              • #8
                Re: RBS taking my interest to put towards my loan

                Hi
                I take it that it was the same account that you reclaimed form that was credited with the interest. If so this is quite correct.

                The purpose of redress is to return the account to the position it would have been in if the PPI payments had not been made.
                Obviously if they had not been made the contractual interest would not have been charged , so to redress this must be re credited to the account.
                The principle sums paid would have course been repaid plus any statutory interst due.

                D
                • 1 thank

                Comment

                • #9
                  Re: RBS taking my interest to put towards my loan

                  Actually, my bad - the interest I thought had been taken has, in fact, not been taken - the seperate interest payments off my ppi has been paid into my account today and the interest taken off my loan was what has accumulated due to the ppi so not only have I got my ppi claim back i have also had £2k taken off my loan - talk about a result but I have to say without your advice on this site I wouldnt have had a clue so once again thank you all

                  • 1 thank

                  Comment

                  • #10
                    Re: RBS taking my interest to put towards my loan

                    Having said that I am still in dispute over them trying to take two payments in one month off me for changing my loan date from the 15th to the 31st so will keep you upated on that one - I'm due to find out on the 3rd

                    Comment

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