Payoff NatWest Loan with PPI - Help needed!

samay007

Hi All,

This is my first post and your advice is highly appreciated.

I took a renewed NatWest Loan for £9643 pounds in Jan 2008 for 2 years with PPI. My monthly payments were £386.95 (repayment) +£52.04 (PPI) => £438.99. (the first loan was in 2005 for £5k and then then it was renewed in 2006, for another £3k)

I still have one year left on my loan (ends in Jan 2010) and currently my balance in £4800+ which i need to pay off. Last Saturday, i went to the bank to pay off (close) the loan.

I was told by the customer adviser that settlement amount of £4600+ should be made to close the loan, which i feel too high. I tried to explain to her, that since i'm paying off the loan, the PPI amount (nealr £600 pounds) should be deducted for the remaing months and they can charge some interest. which they are not obliging. I took the issue to the branch manager and made a complaint about this and also raised my concern about the PPI amount being too high for this loan amount. I don't know how to proceed further on this. I send a letter to reclaim the PPI amount to the Natwest PPI customer concern team, which i'm still waiting for their reply. I have not had missed payment for any of the loan and i have clean credit history. i need you advice on how to proceed on this. Many Thanks