Natwest PPI

Alwyn27

Hi,

I took out a loan with Natwest a couple of years back now and it had the PPI on the loan. At the time I was not aware that there was an option to buy PPI cheaper from another company if I required it. I was not told that I would have to have the PPI and I signed the Natwest Loan FSA document.

Before I go about trying to reclaim some of the PPI I was wondering if there was any point in sending the letter to them as I am not sure if they will simply say "you signed the agreement so you have no leg to stand on".

Thanks in advance

russt2000

Alwyn ,we all signed our agreement ,but people are getting refunds ,its unfit for purpose and should not have been sold to you on the terms you describe.

So llok out the SARtemplates and the reclaiming guide , and go for it .
they may try to say leg it ,but they know now that if your persistant and have to the FOS will almost guarenteed rule in your favour.

Alwyn27

russt2000,

Thanks for the quick reply, I will certanly look further into this in that case.

Cheers

di3004

Alwyn27 wrote: »

Hi,

I took out a loan with Natwest a couple of years back now and it had the PPI on the loan. At the time I was not aware that there was an option to buy PPI cheaper from another company if I required it. I was not told that I would have to have the PPI and I signed the Natwest Loan FSA document.

Before I go about trying to reclaim some of the PPI I was wondering if there was any point in sending the letter to them as I am not sure if they will simply say "you signed the agreement so you have no leg to stand on".

Thanks in advance

Hi there

I agree with Russ and go for it, if mis sold for any reason.

Check this link out here as well, which shows a checklist of mis selling reasons, templates, etc.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You can use the templates if you want to or as a guide, they have 8 weeks to respond in full.
They may write back and give you the opportunity for you to write back with further information in order for them to consider your complaint.

Do not worry about writing the amounts down, you do not need to at this point, and best to post by recorded delivery as well.

Good luck with this and please post up if you require further help and please keep us posted, cheers.

For the SAR letter template for your details in the link below:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

russt2000

thanks for providing the links Di !

di3004

russt2000 wrote: »

thanks for providing the links Di !

Hi Russ and not a problem, just been OTR and read your post.;)

dunstonh

Alwyn ,we all signed our agreement ,but people are getting refunds ,its unfit for purpose and should not have been sold to you on the terms you describe.

So, in other words you are telling the OP to commit fraud and put in a complaint despite there being no wrong doing in this case.

Whilst I have little sympathy for banks and their tactics, the risk with try-it-on complaints is that the criteria for those complaints will be tightened up and the genuine complaints will suffer more because of it. That has happened before.

orangetrader

I would check if the loan is enforceable. seeing as PPI wasn't optional you may have grounds to get debt declared unenforceable and claim back mis-sold PPI as well. Is PPI cost factored into Total Cost of Credit on loan agreement? But note: You can't go unenforceable route after PPI has been paid back