Nat West Credit Card

mazzyk

Hi guys,

Just wondered if you learned folks could give me some advice?

I have had a Nat West Visa credit card since 1990 (I had just graduated from uni in UK and was on the way to uni in USA so technically a student at the time, I would believe). I have started to go through the wealth of information on this site (main site and forums) regarding the reclaiming of Payment Protection and was on the verge of compiling a claim as I was of the opinion that I had been mis-sold etc.

However, I have just received word that I will be made redundant at the end of the month.

My current balance outstanding on the card is £9,841.92 May's statement shows a Payment Protection figure of £77.42.

Note: I have also been living and working in Republic of Ireland since 1998 so would not really be classed as a UK resident. My salary has always been paid into my Irish account, my taxes are paid here etc.

My question is - should I accept that I have been paying Payment Protection for all these years (not sure how long - may have been from the date I took the card, or added at a later date?) and take the benefit of this and receive payment from them for up to 12 months (I believe?). Or begin a claim in case I have been mis-sold etc?

I just don't know how to calculate if I would benefit more from receiving the benefit of Payment Protection for the months I am now unemployed, or by processing a claim (which may or may not be successful).

Also, will my living in Ireland have any bearing on this?

Many thanks for any suggestions..

maxdp

mazzyk wrote: »

Hi guys,

Just wondered if you learned folks could give me some advice?

I have had a Nat West Visa credit card since 1990 (I had just graduated from uni in UK and was on the way to uni in USA so technically a student at the time, I would believe). I have started to go through the wealth of information on this site (main site and forums) regarding the reclaiming of Payment Protection and was on the verge of compiling a claim as I was of the opinion that I had been mis-sold etc.

However, I have just received word that I will be made redundant at the end of the month.

My current balance outstanding on the card is £9,841.92 May's statement shows a Payment Protection figure of £77.42.

Note: I have also been living and working in Republic of Ireland since 1998 so would not really be classed as a UK resident. My salary has always been paid into my Irish account, my taxes are paid here etc.

My question is - should I accept that I have been paying Payment Protection for all these years (not sure how long - may have been from the date I took the card, or added at a later date?) and take the benefit of this and receive payment from them for up to 12 months (I believe?). Or begin a claim in case I have been mis-sold etc?

I just don't know how to calculate if I would benefit more from receiving the benefit of Payment Protection for the months I am now unemployed, or by processing a claim (which may or may not be successful).

Also, will my living in Ireland have any bearing on this?

Many thanks for any suggestions..

Hi There

Am sure that the payment protection will be the minimukm payment only so work that out x 12. If you try to claim it back and it goes to the FOS then you will probably be waiting 18 months for a reply. If you default on the minimum payment you may well get a bad credit score on that card.

I am not sure with you working in Ireland perhaps somebody else can help out with that.

I really hope you find employment soon but think hard before you cancel it although that is a huge amount to claim back which you can do for 6 years plus interest plus 8%.

Good Luck to you

mazzyk

Thanks Max for your reply.

I am now going to ask some (undoubtedly stupid - sorry) questions:

1. According to info on NW site re Payment Protection: http://www.natwest.com/personal/credit-cards/g2/payment-protection.ashx it states "the cover repays up to 10% of the outstanding balance on your NatWest credit card - every month for up to a year" so taking my balance as £9,800 at the moment (approx) do I take it that they would pay £980 at the end of June, followed by 10% of (9800-980) (i.e. 10% of 8820 = 882) at the end of July etc. I would obviously have to include the interest which I have not done in this example.
2. Is the only way to ascertain the exact amount of Payment Protection already paid on this credit card by manually totalling up each statement for the last 6 years (or by contacting them as indicated on the site, requesting the info, enclosing a tenner etc). Or is there some funky calculation that I could use?

I am just in a quandary as I do not know whether to claim my monthly Payment Protection benefit from them for the next few months or to begin a claim.... I am assuming that by asking them to cover the payments then any claim from being mis-sold would be null and void? Even though I would have thought that as I was not employed in the UK when I took the card out then there might be a case?

I do apologise if these questions sound vague. The information that is provided on the site is very helpful - it's just that I don't exactly fit into a textbook case!

Thanks again for your help, Max. And for any other help that might be given!

di3004

Hi there

I'm sure Maxdp should be back at some point later and will take a look at your post.

Just for your information on reclaiming and the guidelines, if you believe you were mis sold for any reasons, check out this link here below and follow the guidelines if you decide to go this direction good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

mazzyk

Thanks for that di! I've already been reading through that information - I'm just trying to work out when the Payment Protection was applied to my account... If I was a student or already working abroad then it should not have been applied?

di3004

mazzyk wrote: »

Thanks for that di! I've already been reading through that information - I'm just trying to work out when the Payment Protection was applied to my account... If I was a student or already working abroad then it should not have been applied?

Not a problem mazzy.;)

Have you the CCA for this? (copy of the agreement).

This should show up your loan and any ppi if added etc.

You can actually request for a copy of this by enclosing £1 postal order or cheque payment, they should post to you by 12 days of requesting this.
If they cannot supply it they must return your payment directly back to you with an explanation in writing of why they cannot supply it.

However, it may be difficult for them to retrieve older information, depending if this is settled or not, is still active they should still have something you can go by for the PPI.
Anything within the last say 5 - 6 years.

mazzyk

Hi di (I'm tempted to add another hi to the end of that!),

I definitely wouldn't have the original credit card agreement as it was back in May 1990 that I would have signed up for the card... It has been in use ever since but I cannot honestly remember ever agreeing later to add Payment Protection so at a guess I would say it was added upon application (i.e. when I was a student) or at a later date (can this be done without my authorisation?).

So as it's 19 years since I first applied for the card is there any point asking them (with £1) for a copy of this?

My head is melted at the moment as I never realised how much paperwork I have accumulated and not correctly filed, plus I'm attempting to ascertain how much I will be able to live on once I have been made redundant at the end of the month. The joys...!

Thanks for your help with this though!

di3004

mazzyk wrote: »

Hi di (I'm tempted to add another hi to the end of that!),

I definitely wouldn't have the original credit card agreement as it was back in May 1990 that I would have signed up for the card... It has been in use ever since but I cannot honestly remember ever agreeing later to add Payment Protection so at a guess I would say it was added upon application (i.e. when I was a student) or at a later date (can this be done without my authorisation?).

So as it's 19 years since I first applied for the card is there any point asking them (with £1) for a copy of this?

My head is melted at the moment as I never realised how much paperwork I have accumulated and not correctly filed, plus I'm attempting to ascertain how much I will be able to live on once I have been made redundant at the end of the month. The joys...!

Thanks for your help with this though!

hi di hi Mazzy lol.....:D

Yes its probably not worth asking for the agreement, its a long time ago isn't it?

But if you do happen to come across "any" old paperwork in relation to this, it may help.

Hopefully Melorablack will be along at some point and may have some ideas on this one for you.

Good luck and your very welcome.;)