Natwest/RBS loan PPI - what now?

Chopsie&Chelvis

I took out a loan with Natwest 2 years ago, on a four year term. I was told at the time that it was 'compulsory' for me to have PPI as I was young (early 20s) and a risk to a bank, and that I wouldn't be granted the loan unless had it. I realised from reading on here that this is misselling.

I sent the first template letter on 28th Feb 09. Recieved a letter saying they'd look into it etc on 4th MArch.
Recieved a second letter on 26th March saying 'still looking' etc.
Recieved a 3rd letter today dated 23rd April saying 'still looking, please wait, but here are the FOSs details and booklet if you're not happy'.

It says on the PPI guide that the bank usually says 'NO' at this stage and I go onto letter 2. What are these banks up to, not follwing Martin's plan??? :rotfl:I'm a bit confused -what should I do? Allow them some more time? Write and give a deadline by which I go to the FOS? Or just go to the FOS now, seeing as they've suggested it 'if you're not happy with the progress so far'.

Thanks for any help

Lauren

di3004

LaurenManchester wrote: »

I took out a loan with Natwest 2 years ago, on a four year term. I was told at the time that it was 'compulsory' for me to have PPI as I was young (early 20s) and a risk to a bank, and that I wouldn't be granted the loan unless had it. I realised from reading on here that this is misselling.

I sent the first template letter on 28th Feb 09. Recieved a letter saying they'd look into it etc on 4th MArch.
Recieved a second letter on 26th March saying 'still looking' etc.
Recieved a 3rd letter today dated 23rd April saying 'still looking, please wait, but here are the FOSs details and booklet if you're not happy'.

It says on the PPI guide that the bank usually says 'NO' at this stage and I go onto letter 2. What are these banks up to, not follwing Martin's plan??? :rotfl:I'm a bit confused -what should I do? Allow them some more time? Write and give a deadline by which I go to the FOS? Or just go to the FOS now, seeing as they've suggested it 'if you're not happy with the progress so far'.

Thanks for any help

Lauren

Hi Lauren

The choice is not yours, if you want to give them more time that is entirely up to you now, they are just basically informing you that you do have the choice of doing this now.

Due to these companies being over-run on these complaints, that does not help matters.

Also to make you aware, there may be a good wait before your complaint is moved on to an Adjudicater, when you complain to them, but they are trying to get on with dealing with these complaints as soon as possible.

It may be a case of you may be lucky if you wait a little longer, or it could be a case they may not resolve this anyway, so you do now what you feel is best for you, you have that opportunity now because those 8 weeks timescales they have have passed.

Good luck.;)

Stitchercaroline_2

I have just received £1891 from Nat West after I took a loan out with them 13 years ago and was told No PPI , No loan.

I found out they could not do that in 2008 and wrote to them. Nat west were extremely slow in processing my request for the money back and stopped returning my calls. I gave them about 2 months then contacted the FSO.

Nat west then replied advising me they had reviewed my claim and belived they have taken the same stance that the FSO would take and they rejected my claim.

The FSO came to a differnt conclusion.:j

I got back all the money I had paid for the PPI including the interest I paid PLUS 8 % interest from the date I settled the loan to the date they settled with me in full.

Do not give them too long is my advise but if they FSO do get involved you will also have a good few months wait for them to resolve it as well.

Good luck

Caroline

di3004

Stitchercaroline wrote: »

I have just received £1891 from Nat West after I took a loan out with them 13 years ago and was told No PPI , No loan.

I found out they could not do that in 2008 and wrote to them. Nat west were extremely slow in processing my request for the money back and stopped returning my calls. I gave them about 2 months then contacted the FSO.

Nat west then replied advising me they had reviewed my claim and belived they have taken the same stance that the FSO would take and they rejected my claim.

The FSO came to a differnt conclusion.:j

I got back all the money I had paid for the PPI including the interest I paid PLUS 8 % interest from the date I settled the loan to the date they settled with me in full.

Do not give them too long is my advise but if they FSO do get involved you will also have a good few months wait for them to resolve it as well.

Good luck

Caroline

Congratulations Caroline, Well done, this is wonderful news.:j
:beer::T:beer:

petermb_2

LaurenManchester wrote: »

I took out a loan with Natwest 2 years ago, on a four year term. I was told at the time that it was 'compulsory' for me to have PPI as I was young (early 20s) and a risk to a bank, and that I wouldn't be granted the loan unless had it. I realised from reading on here that this is misselling.

I sent the first template letter on 28th Feb 09. Recieved a letter saying they'd look into it etc on 4th MArch.
Recieved a second letter on 26th March saying 'still looking' etc.
Recieved a 3rd letter today dated 23rd April saying 'still looking, please wait, but here are the FOSs details and booklet if you're not happy'.

It says on the PPI guide that the bank usually says 'NO' at this stage and I go onto letter 2. What are these banks up to, not follwing Martin's plan??? :rotfl:I'm a bit confused -what should I do? Allow them some more time? Write and give a deadline by which I go to the FOS? Or just go to the FOS now, seeing as they've suggested it 'if you're not happy with the progress so far'.

Thanks for any help

Lauren

hi Lauren,
How much did you borrow and how much was the ppi?
Just reading your post rings alarm bells as there is one statement there where the lender could have gone completely off the rails.

Such a statement as "the insurance is compulsory" is music to my ears.
The lenders can make the insurance compulsory but will have to be very careful how they word this on the agreement. The whole loan could be called into question if they get it wrong. This could make simply trying to claim back the PPI premium quite unsatisfactory.