PPI Reclaiming Discussion part 4

Gareth_Darke

Hi Guys

Some advice please. I initially complained some time ago and have been through the processes that this site have mentioned. The initial offer came through from Natwest today.

We were seeking a full refund of our single premium PPI on our loan, after we found out that it does not cover contract workers for certain criteria. However when we were negotiating the loan, the adviser advised that we were covered.

The response from Natwest / RBS, is that "The Policy was provided on a 'non-advice' basis." And they have included copies of the original documents, signed by myself. This also includes a confirmation of eligibility stating:

"Is the customer working at least16 hours per week in the UK(for PTLs aged 18-65 at commencement ov cover)
Note: To claim for unemployment, contract workers must have been working with the same employer for 24 months or had the contract renewed at least once in 12 months. Further details..." blah blah blah!

This form is ticked signed and dated in the relevant places by myself. We only ticked this box on the advice given which stated that we were covered.

They conclude that "...the group is prepared to offer you a payment of £750 as a gesture of goodwill..."

This happens to be only 10% of the single premium we were trying to reclaim.

A Couple of questions:

1. Is this a standard letter to try and put us off?
2. The policy booklet states that if we were to simply cancel the PPI we would get 68% of the premium back (Approx £5100). Are they trying to "Buy us off" hoping that we will not notice, effectivley "Damage limitation" by the bank.
3.

Gareth_Darke

Hi Guys

Some advice please. I initially complained some time ago and have been through the processes that this site have mentioned. The initial offer came through from Natwest today.

We were seeking a full refund of our single premium PPI on our loan, after we found out that it does not cover contract workers for certain criteria. However when we were negotiating the loan, the adviser advised that we were covered.

The response from Natwest / RBS, is that "The Policy was provided on a 'non-advice' basis." And they have included copies of the original documents, signed by myself. This also includes a confirmation of eligibility stating:

"Is the customer working at least16 hours per week in the UK(for PTLs aged 18-65 at commencement of cover)
Note: To claim for unemployment, contract workers must have been working with the same employer for 24 months or had the contract renewed at least once in 12 months. Further details..." blah blah blah!

This form is ticked signed and dated in the relevant places by myself. We only ticked this box on the advice given which stated that we were covered.

They conclude that "...the group is prepared to offer you a payment of £750 as a gesture of goodwill..."

This happens to be only 10% of the single premium we were trying to reclaim.

A Couple of questions:

1. Is this a standard letter to try and put us off?

2. The policy booklet states that if we were to simply cancel the PPI we would get 68% of the premium back (Approx £5100). Are they trying to "Buy us off" hoping that we will not notice, effectively "Damage limitation" by the bank.

3. Do we just progress with the Ombudsman route? (We have already written to them, the reply from Natwest / RBS crossed in the post, and we have a ref number.)

Any advice would be useful!!!!!


Cheers in advance

Gareth_Darke

Sorry dont know what happened there?

Gareth

shamrock7

SLN14 wrote: »

I have just started claiming back my PPI from various lenders that I have had loans/credit cards from in the past.

I posted my first letters on 17th July, today I received a letter back from Welcome Finance, which states that they do not feel they can accept my complaint, as they do not have sufficient information. Therefore they attached a questionnaire fro me to return, which asks the following; when I first became aware I had a complaint, how did I take out the policy, my exact reasons for the complaint, what I remember from the time I took the policy, what documentation I was given, details about my job.

However this loan was only taken out last September when my partner and I ran into some financial difficulties and needed a loan to help us out, unfortunately these were the only lender on the market at the time that we could borrow from, so to be accepted for the £18k loan we took out the PPI.

What more information could they possibly want, I would of thought the loan agreement documentation should be fairly close to hand, anyway should I return the questionnaire or should I just send a letter back?

Can anyone please advise?

In my experience with Welcome they haven't got a leg to stand on and as the loan was only taken last year they should have sufficient information with your name and address. Dont fill in this form. Simply send another letter, phone first if you want to speak to them stating should they not be able to help you in the timescale you will take your complaint to the FOS. They made me take out a loan with PPI as I was made to understand that no PPI, No loan. My complaint was before the regulation unfortunately. They have been regulated since FEB 2003 so you have a case and they are paying out especially after FOS become involved. Good Luck. Be very firm!

shamrock7

di3004 wrote: »

Hi there

Lloyds TSB should be able to provide you with all details of the SAR going back as far as 6 years if you live in England or Wales and Scotland 5 years, so you should have no problem there.
Remember to add the £10 for this request by either cheque or postal order payment and they have 40 days to comply, and post by recorded delivery.
It does not matter if any accounts are closed.
I was lucky enough to receive documentation going back even further than 6 years, and that was Lloyds TSB as well, good luck.
http://forums.moneysavingexpert.com/showthread.html?t=1475553

It is only £10 you require to enclose for the whole of the SAR.

Hi Di
I sent a SAR to LTSB and they sent me a letter 2 days ago saying they would be in touch within the 40 days. All my loans are 10-15 years old. How far back were yours if you dont mind me asking?
Thanks!

amersall

Gareth_Darke wrote: »

Hi Guys

Some advice please. I initially complained some time ago and have been through the processes that this site have mentioned. The initial offer came through from Natwest today.

We were seeking a full refund of our single premium PPI on our loan, after we found out that it does not cover contract workers for certain criteria. However when we were negotiating the loan, the adviser advised that we were covered.

The response from Natwest / RBS, is that "The Policy was provided on a 'non-advice' basis." And they have included copies of the original documents, signed by myself. This also includes a confirmation of eligibility stating:

"Is the customer working at least16 hours per week in the UK(for PTLs aged 18-65 at commencement of cover)
Note: To claim for unemployment, contract workers must have been working with the same employer for 24 months or had the contract renewed at least once in 12 months. Further details..." blah blah blah!

This form is ticked signed and dated in the relevant places by myself. We only ticked this box on the advice given which stated that we were covered.

They conclude that "...the group is prepared to offer you a payment of £750 as a gesture of goodwill..."

This happens to be only 10% of the single premium we were trying to reclaim.

A Couple of questions:

1. Is this a standard letter to try and put us off?

2. The policy booklet states that if we were to simply cancel the PPI we would get 68% of the premium back (Approx £5100). Are they trying to "Buy us off" hoping that we will not notice, effectively "Damage limitation" by the bank.

3. Do we just progress with the Ombudsman route? (We have already written to them, the reply from Natwest / RBS crossed in the post, and we have a ref number.)

Any advice would be useful!!!!!


Cheers in advance

hi there,this is a standard fob off letter, banks dont know what good will is, go with ombudsman, keep at it, when you get a reply post on here and we will help all we can. dont let them get away with this, and certainly dont cancel the ins and accept that offer, that is just as big a rip off as ppi, you will be better off if you win mis sell

shooby1

Gareth_Darke wrote: »

Hi Guys

Some advice please. I initially complained some time ago and have been through the processes that this site have mentioned. The initial offer came through from Natwest today.

We were seeking a full refund of our single premium PPI on our loan, after we found out that it does not cover contract workers for certain criteria. However when we were negotiating the loan, the adviser advised that we were covered.

The response from Natwest / RBS, is that "The Policy was provided on a 'non-advice' basis." And they have included copies of the original documents, signed by myself. This also includes a confirmation of eligibility stating:

"Is the customer working at least16 hours per week in the UK(for PTLs aged 18-65 at commencement of cover)
Note: To claim for unemployment, contract workers must have been working with the same employer for 24 months or had the contract renewed at least once in 12 months. Further details..." blah blah blah!

This form is ticked signed and dated in the relevant places by myself. We only ticked this box on the advice given which stated that we were covered.

They conclude that "...the group is prepared to offer you a payment of £750 as a gesture of goodwill..."

This happens to be only 10% of the single premium we were trying to reclaim.

A Couple of questions:

1. Is this a standard letter to try and put us off?

2. The policy booklet states that if we were to simply cancel the PPI we would get 68% of the premium back (Approx £5100). Are they trying to "Buy us off" hoping that we will not notice, effectively "Damage limitation" by the bank.

3. Do we just progress with the Ombudsman route? (We have already written to them, the reply from Natwest / RBS crossed in the post, and we have a ref number.)

Any advice would be useful!!!!!


Cheers in advance

i have had exactly same response from natwest/rbs oh my they are sooo cheeky!!!
both my accounts are now with the fos so i have a lenghty wait but i am so wired up about this i will stick it out cos i feel totally cheated by the bank. They knew when we got the loan how difficult things were for us and they took advantage and missold us a very expensive insurance that we could not claim on even if we tried i dont know how they sleep at nights:mad:

di3004

Gareth_Darke wrote: »

Hi Guys
Hi Gareth and welcome.;)

Some advice please. I initially complained some time ago and have been through the processes that this site have mentioned. The initial offer came through from Natwest today.
We will try.

We were seeking a full refund of our single premium PPI on our loan, after we found out that it does not cover contract workers for certain criteria. However when we were negotiating the loan, the adviser advised that we were covered.

The response from Natwest / RBS, is that "The Policy was provided on a 'non-advice' basis." And they have included copies of the original documents, signed by myself. This also includes a confirmation of eligibility stating:
I take it the loan was sold before Jan 2005 then, if this was on a non advised basis?

"Is the customer working at least16 hours per week in the UK(for PTLs aged 18-65 at commencement ov cover)
Note: To claim for unemployment, contract workers must have been working with the same employer for 24 months or had the contract renewed at least once in 12 months. Further details..." blah blah blah!

This form is ticked signed and dated in the relevant places by myself. We only ticked this box on the advice given which stated that we were covered.

They conclude that "...the group is prepared to offer you a payment of £750 as a gesture of goodwill..."

This happens to be only 10% of the single premium we were trying to reclaim.

A Couple of questions:

1. Is this a standard letter to try and put us off?
2. The policy booklet states that if we were to simply cancel the PPI we would get 68% of the premium back (Approx £5100). Are they trying to "Buy us off" hoping that we will not notice, effectivley "Damage limitation" by the bank.
3.

This is possibly just a standard letter to try to put you off, and the £750 is a goodwill gesture offer, they are probably hoping you will accept and go away, personally if they are not prepared to go all the way, I would write to ask them if they can do this because you still strongly believe you were mis sold the policy due to your reasons, if they do not you can always go to the FOS, however, please be aware if may take a while with the FOS, but worth it in the end.;)
Good luck.

di3004

shamrock7 wrote: »

Hi Di
I sent a SAR to LTSB and they sent me a letter 2 days ago saying they would be in touch within the 40 days. All my loans are 10-15 years old. How far back were yours if you dont mind me asking?
Thanks!

Hi there

Hope they manage to send as much info as possible, they went back as far as 2001 with mine with the main of the paperwork, from a SAR requested last year.
However a few weeks on suddenly I had a knock at the door from the post man to sign for further documents from Lloyds, they actually sent statements as from 1998, did not expect that to be honest lol.
Good luck.;)

missycoops

maxdp wrote: »

Hi There tell them that you have forgotten your username etc and can they e mail you copies of the Terms and Conditions. Bear in mind that the terms and conditions on their web site are the current ones not the ones that were in force when you took out your loan. (probably)

Did you apply on line and when?

Hello Again
Yes I applied on line in April 2006
Have recieved a copy of T&C's, They state
What am I not covered for
If you know about the unemploymentat the start of the policy.
You are notifiedof, or which happens in the first 56 days of the policy.
If you have resigned, retired, taken voluntary redundancy or been dismissed for misconduct.
Do you think it is worthwhile to continue?
If not should I cancel my PPI, I have 18 months remaining

Many thanks