PPI Reclaiming Discussion part 4

Dazzarazza

amersall wrote: »

Your very welcome, and please let us know how you get on x

Thank you very much, i will do indeed. I'll keep you all posted fingers crossed. x

di3004

Good luck Darren

Ask for help anytime.

The link to the guidelines of reclaiming below, and you will come across a FOS questionnaire, this is instead of writing a reclaiming letter, complete - save one for yourself as well, and send to who was responsible for selling this to you.
They have 8 weeks in full, also remember to post by recorded delivery for your proof of posting.

Link to the FOS questionnaire, further down the page as stage one.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

The best of luck, and please keep us posted, cheers.;)

bernie_inn

amersall wrote: »

Sorry about that, yes the ppi stays on your loan and the payments stay the same, as this ppi was put on the front of your loan over the whole term.Did you not persue your mis sell? as these policys are a rip off.If i were you i would now put a claim in for mis sell that way you get the 15000 off your loan balance and your monthly payment goes down, mis sell is the best way to go with this company as you win in the end and not them, but when you win,
(i am confident you will), you get all ppi paid to date plus interest.

If that is the case then, how can they claim that the £15,000 rebate is a full refund. on my workings £109 x 300=£32,511 and that is before any interest. Could this be a basis for reclaim?

Dazzarazza

di3004 wrote: »

Good luck Darren

Ask for help anytime.

The link to the guidelines of reclaiming below, and you will come across a FOS questionnaire, this is instead of writing a reclaiming letter, complete - save one for yourself as well, and send to who was responsible for selling this to you.
They have 8 weeks in full, also remember to post by recorded delivery for your proof of posting.

Link to the FOS questionnaire, further down the page as stage one.


The best of luck, and please keep us posted, cheers.;)

Thanks Di3004.. that's what I have used just wished I posted here earlier today so could have posted both together, as thought I'd need my policy docs before contacting Natwest.. never mind

amersall

bernie_inn wrote: »

If that is the case then, how can they claim that the £15,000 rebate is a full refund. on my workings £109 x 300=£32,511 and that is before any interest. Could this be a basis for reclaim?

Yes this is a mis sell for this very reason ,you pay this back over the term with interest, this 5 year payback of ppi (not with any interest you notice) is the carrot they dangle in front of you to make you think "oh thats good i get it back"!!!
reasons for mi sell of fp ppi

1 policy covers for 5 years

2 after 5 years you have no cover but repay the ppi with interest over the term of the loan

3 you get 5 year ppi payout back, but ppi still on loan with interest

4 you wont have been told about all of the above

if you had, then we wouldnt be having this conversation now.Write back or telephone fp, tell them you are not happy with the reply and give the reasons for mis sell and if they dont repay ppi with interest and restate the loan you will go to fos.Fos are upholding 95% of these front loaded ppi policys and dont look too kindly on these.

di3004

Dazzarazza wrote: »

Thanks Di3004.. that's what I have used just wished I posted here earlier today so could have posted both together, as thought I'd need my policy docs before contacting Natwest.. never mind

And not to worry, all will be okay.:D;)

amersall

bernie_inn wrote: »

If that is the case then, how can they claim that the £15,000 rebate is a full refund. on my workings £109 x 300=£32,511 and that is before any interest. Could this be a basis for reclaim?

Yes, you are paying £32.511 for a 5 year policy, if it is a joint policy only the first named borrower is covered for sickness death and redundancy, the second borrower is just death. And the way fp do the interest rises you will be paying much more than that!!!

Dazzarazza

One thing I have just thought of is that I had another loan with Natwest prior to my current, that had PPI, I then consolidated with my current loan. I guess I can claim for that one too? Although I can't remember the account details for that one.. I suppose a call to Natwest should resolve that problem?

amersall

Dazzarazza wrote: »

One thing I have just thought of is that I had another loan with Natwest prior to my current, that had PPI, I then consolidated with my current loan. I guess I can claim for that one too? Although I can't remember the account details for that one.. I suppose a call to Natwest should resolve that problem?

Oh yes, do both, when you consolidated first loan you would have had a rebate of ppi and they will take this amount off your win, on your letter for mi sell put that you had one loan and it was consolidated into the one you have given your account number for, and ask them to look into both of these for you. have you a settlement figure handy for this? as you could put that, also you know when you repaid the first one as the date will be the same as the second one! so use that.They should find both from this info.

di3004

Hi Darren

Yep as amersall says you can do both.
Keep them as separate reclaims though.

If you had a rebate on the other, for example they reduced the balance of the loan/ppi, you would still be entitled to the remainder of the what was left of the ppi, plus interest etc on the first one.;)