218bhp Vs. Northern Rock (PPI Claim)

218bhp

Around 3 years ago I had a loan from Northern Rock that included PPI. Within 30 days of the money landing in my account, a friend warned me that PPI was normally a rip-off and I should cancel it.

I called Northern Rock who told me that I couldnt cancel it because doing so would mean I'd have to re-work the loan and go through the approval process again. They claimed that doing this would result in a higher APR.

I accepted what they said until this week when I found this forum.

I am now going to try and cancel my PPI again and claim back all of the PPI payments I have made to-date. The loan amount wanst' that large so I'm hoping doing this could effectively pay off my loan early.

Today I sent them my SAR request by recorded delivery so thought I'd start my own thread for the benefit of others.

I will keep this thread updated accordingly.

di3004

218bhp wrote: »

Around 3 years ago I had a loan from Northern Rock that included PPI. Within 30 days of the money landing in my account, a friend warned me that PPI was normally a rip-off and I should cancel it.

I called Northern Rock who told me that I couldnt cancel it because doing so would mean I'd have to re-work the loan and go through the approval process again. They claimed that doing this would result in a higher APR.

I accepted what they said until this week when I found this forum.

I am now going to try and cancel my PPI again and claim back all of the PPI payments I have made to-date. The loan amount wanst' that large so I'm hoping doing this could effectively pay off my loan early.

Today I sent them my SAR request by recorded delivery so thought I'd start my own thread for the benefit of others.

I will keep this thread updated accordingly.

Good luck with this, and yes you have the right to cancel, if they try stopping you again, then this is a complaint alone, then you can still try to reclaim on the PPI as well, fingers crossed for you.;)

218bhp

Royal Mail's website says my letter was delivered today - Therefore I should have something back by December 6th. Fingers crossed.

218bhp

Fingers still crossed - nothing t all as yet, not even a letter to say they acknowledge my request.

Both GE Money and HFC acknowledged my letter ages ago and GE have even sent me all of the info I requested.

All the letters were delivered within a few days of each other.

218bhp

Well, today I received the info from Northern Rock, including a reference to my call when I asked to cancell the PPI. Sadly, there is no transcript but it shows that I called them and that a settlement figure was calculated during the call.

I've just sent off a letter complaining that I wasnt' allowed to cancel and also asked for a refund of the PPI premium and payments.

Fingers crossed again.

218bhp

Called Northern Rock today to see if there was any progress. They say they never received my complaint letter, even though Royal Mail say it was delivered.

Whilst on the phone, the lady said she could cancel the PPI today but it would involve a new credit agreement and effectively a new loan, for the outstanding amount (less PPI) over the same period of time.

I said I wanted to do everything in writing but she said it had to be done over the phone.

I've written to them again, enclosing a copy of my original complaint letter.

Has anyone else been in a similar situation with Northern Rock??

Are they just stalling or are they simply stating the facts??

Is there any reason why I shouldnt' cancel the PPI now, take out a new agreement and continue with the PPI claim on the old agreement??

Thanks.

218bhp

Recently I wrote to N.R. asking if there was any news on my claim. They wrote back today offering a refund using the following phrases (exact figures altered):

"I agree to refund PPI Premiums and interest of £700 as well as 8% interest on the premiums totaling £120.... please sign the attached form"

The form says:

"Refund of PPI Premiums plus interest of £700, 8% interest payment of £100"

The original agreement shows the PPI portion being £1100.

So will they refund me £800 (£700+£100) or £1900 (£700+£100+£1000)?

di3004

Hi hun

so sorry to have not posted earlier.

All this time and you finally heard something from them at last :T:T.

I'm sure someone will know the calculations to this one for you, post this on the above reclaim thread if you want, Tiggrae may be about to check them for you, or maybe Marshallka X
Brilliant, about time you heard from them too, Congratulations.:beer:XX

218bhp

218bhp wrote: »

Recently I wrote to N.R. asking if there was any news on my claim. They wrote back today offering a refund using the following phrases (exact figures altered):

"I agree to refund PPI Premiums and interest of £700 as well as 8% interest on the premiums totaling £120.... please sign the attached form"

The form says:

"Refund of PPI Premiums plus interest of £700, 8% interest payment of £100"

The original agreement shows the PPI portion being £1100.

So will they refund me £800 (£700+£100) or £1900 (£700+£100+£1000)?

Anyone else got any idea?? The more I think about it, the more I'm swaying towards getting £1900 but perhaps that's just wishful thinking!

di3004

Bumping for calculations please, cheers to anyone that can take a look at these.;)

218bhp

Any ideas?