natwest PPI claim

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nick_75
nick_75 Posts: 6 Forumite
in Reclaim PPI & other insurance
hi i recently filled in natwests questionaire form for a PPI claim, they wrote back rejecting my claim as i had signed the PPI forms on the loan agreement, i dont remember being told about the insurance and would have refused it had i have known about it, it was a single premium of £891.17... as they have refused this claim and i have signed the forms, is it worth persuing it further ??

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  • dunstonh
    dunstonh Posts: 116,500 Forumite
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    You can take it further if you wish. You will be asked to supply evidence to support your allegations and they will be asked to supply evidence to support their response. The evidence will be looked at and a decision made based on that.

    There is nothing wrong with having PPI. Its about how it was sold and set up. You are going to struggle on your current complaint as it is just a verbal allegation and your recollection is poor. Evidence appears to be against you.

    You may well be better taking the single premium with interest charged on it approach as that is more successful. PPI should ideally be monthly, or if front loaded, not have interest charged on it. Most front loaded has interest charged on it. FOS doesnt like front loaded with interest charged.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • nick_75
    nick_75 Posts: 6 Forumite
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    thanks for your response the letter i have states that
    insurance was purchased as a single premium of £891.17
    it also illistrates interest is payable at a rate of 20.4% APR
    there are 60 monthly payment of £88.73 comprising loan repayment of £65.75 and insurance loan repayments of £22.98... they word it a bit confusing
  • nick_75
    nick_75 Posts: 6 Forumite
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    im wondering if its worth getting a company to persue it rather than on my own as they may have more luck ?
  • dunstonh
    dunstonh Posts: 116,500 Forumite
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    m wondering if its worth getting a company to persue it rather than on my own as they may have more luck ?

    Claims companies use the same free of charge complaints process you use and tend to use a one-size fits all template. Template letters tend to have a lower success rate than personalised letters and claims companies do not increase your chance of complaint. They reduce it.

    It doesnt matter anyway as they will just refer the claims company to their earlier response.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • amersall
    amersall Posts: 17,006 Forumite
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    Reject the reasons for refusing your claim and let them know that this PPI was a single premium and paid over the loan term with interest.
  • nick_75
    nick_75 Posts: 6 Forumite
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    do you think i should go back to the bank with this or straight to the financial ombudsman as they have suggested in their response
  • amersall
    amersall Posts: 17,006 Forumite
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    If it was not the final response from the bank then write back to them, if it was then send it to FOS.
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