PPI compensation offer with NatWest

[Kingston36]

Hi,

NatWest have upheld my husbands PPI claim. It is a claim from a card opened in 1993, the PPi was on the account until 2012. Monthly ppi ranged from £24.05 to £76. Monthly interest rate on card was 1.237% for the majority of the time although did rise to a maximum of 1.667%.

He did pay his card off every now and then

Initial offer from NatWest was £13,400. I've just gone back and rejected this. Wondered if anyone can have a look at my calculations (I have a spreadsheet). I've worked it out on ppi x monthly interest rate x number of months until the card was repaid x 8% compensation interest.

Also, anyone any ideas on how to argue the figure with the bank. I've sent my letter back saying I don't agree and including my spreadsheet of how I've worked it out.

Thanks for any help.

[EXC]

Re: PPI compensation offer with NatWest

I'll give [MENTION=189]Turboman[/MENTION] a shout.

[Kingston36]

Re: PPI compensation offer with NatWest

I'll give @Turboman a shout.

Thanks, I've received a letter from natwest today saying that their figure is correct but it's massively short of what I've calculated. My figure is that large I think I must have made a mistake somewhere.

any help appreciated

[Debt Camel]

Re: PPI compensation offer with NatWest

Well how about a sanity check - what does the total PPI paid add up to? Obviously the refund will be a lot more than that! And what have Natwest offered?

[Kingston36]

Re: PPI compensation offer with NatWest

Well how about a sanity check - what does the total PPI paid add up to? Obviously the refund will be a lot more than that! And what have Natwest offered?

Evening

I've received a letter back from RBS quickest response received at any point during this case!! Its almost as if they were waiting for it! They've stated that I have used a straightline premium estimation whereas they have used a sharp curve estimate i.e not much ppi on hte first 12 months and they think that the first year may have be an interest free period (which I accept). However I do find it funny that they don't keep historical data on their company's credit card interest rates then and whether interest free periods where offered.

PPI premiums paid between 1993 and 2012 are £5,334.57 (NatWests figure), whereas I calculated it at £6,002.67 or if I deduct the first years premium £5,714.07

Any help appreciated

Cheers

[Debt Camel]

Re: PPI compensation offer with NatWest

You could reply asking for full details of how they calculated this, otherwise you will be referring the case to the FOS. That would mean a considerable delay though - possibly over a year.