Nat West PPI, Can you help please?

Mr_Linnet

In January 2007 I took out a personal loan with Nat West for £7000 over 5 years. My monthly premium including PPI is £186.83.

In March this year I activated the PPI as I was made redundant. The whole £186.83 was to be paid by the insurance. After a very very slow start the repayments eventually started to filter through. I did complain to the local Nat West branch where I took out the loan but they just sympathized although I was informed at the time that the policy would only run for a maximum of 12 months. I replied that I would cancel the insurance once I stopped claiming. That would be ok was the reply but I would still have to pay the whole £186.83 for the first month of cancellation, thereafter I would pay the reduced amount ( somewhere around the £150.00 mark was the anticipated revised monthly repayment).

I have today been to the local Nat West to request the cancellation of my loan insurance policy. I have now been informed that I can not do this. There is no option on my loan to accomodate this request. I asked why I had been informed previously that I could and the reply was I`m sorry!

Can they now change the goalposts? Can I claim miss selling of the original PPI even though I have been claiming for the last 9 months?

Since I arrived back home I carried out a few rough calculations. Assuming the PPI portion of the monthly loan premium was £35, I multiplied this by 60 months (the length of the loan) which equates to £2100. I then multiplied the £186.83 monthly premium by the maximum 12 months loan insurance claim period (even though I`ve only claimed for 9 months and been paid £1681.47) which equates to £2241.96. In my view and in hindsight, this makes the loan insurance hardly worth while!

Any comments and advice would be most welcome.

Many thanks Steve

di3004

Mr_Linnet wrote: »

In January 2007 I took out a personal loan with Nat West for £7000 over 5 years. My monthly premium including PPI is £186.83.

In March this year I activated the PPI as I was made redundant. The whole £186.83 was to be paid by the insurance. After a very very slow start the repayments eventually started to filter through. I did complain to the local Nat West branch where I took out the loan but they just sympathized although I was informed at the time that the policy would only run for a maximum of 12 months. I replied that I would cancel the insurance once I stopped claiming. That would be ok was the reply but I would still have to pay the whole £186.83 for the first month of cancellation, thereafter I would pay the reduced amount ( somewhere around the £150.00 mark was the anticipated revised monthly repayment).

I have today been to the local Nat West to request the cancellation of my loan insurance policy. I have now been informed that I can not do this. There is no option on my loan to accomodate this request. I asked why I had been informed previously that I could and the reply was I`m sorry!

Can they now change the goalposts? Can I claim miss selling of the original PPI even though I have been claiming for the last 9 months?

Since I arrived back home I carried out a few rough calculations. Assuming the PPI portion of the monthly loan premium was £35, I multiplied this by 60 months (the length of the loan) which equates to £2100. I then multiplied the £186.83 monthly premium by the maximum 12 months loan insurance claim period (even though I`ve only claimed for 9 months and been paid £1681.47) which equates to £2241.96. In my view and in hindsight, this makes the loan insurance hardly worth while!

Any comments and advice would be most welcome.

Many thanks Steve

Hi there Steve.......;)

Not sure if you can actually complain on the grounds of being mis sold, but you can in regards of the way this have been dealt with, so with your reasons of why your not happy with this, write to them and give them 8 weeks, if they do not resolve this in your favour, then take it to the FOS for them to investigate.

However, there have been a few that have posted up, even making a successful claim that have still been successful for being mis sold, sure this was posted on the above either success or the PPI discussion thread.

Give it a go and still reclaim on this, and post your letter by recorded delivery, good luck and please keep us posted.

Cheers.....:D;)

Di

Mr_Linnet

My wife received a telephone call from the Bank Manager of Nat West this lunch time, unfortunately I was not at home, he asked if I could ring him back on Monday. He would like to talk about the contents of my letter I sent by recorded delivery.

I specifically asked in my letter to have a written reply. (The reason for asking for a written reply was because I wanted a written record of what has been said and quoted by Nat West. This would assist me and the Financial Ombudsman should I need their help )

Do I ring him back or do I send another letter requesting a written reply?

Many thanks in advance Steve

di3004

Mr_Linnet wrote: »

My wife received a telephone call from the Bank Manager of Nat West this lunch time, unfortunately I was not at home, he asked if I could ring him back on Monday. He would like to talk about the contents of my letter I sent by recorded delivery.

I specifically asked in my letter to have a written reply. (The reason for asking for a written reply was because I wanted a written record of what has been said and quoted by Nat West. This would assist me and the Financial Ombudsman should I need their help )

Do I ring him back or do I send another letter requesting a written reply?

Many thanks in advance Steve

Hi Steve

They should oblige to what you have requested.

So basically, although it is up to you, if they do try coming to an arrangement on the phone, (that's if you decide to want to ring), then tell them you will need to think about it, and will get back to them.

Otherwise, write them a quick letter and make another point of telling them "All Correspondence in writing only please".

Still count 8 weeks as from your letter you sent them, if you receive nothing in writing then move on to the FOS.

Hope this helps Steve, good luck please keep us posted.;)

Di

Mr_Linnet

Blimey Di, that was a quick response, thankyou very much

I have already drafted out another letter requesting a written response, so I`ll post that by recorded delivery on Monday.

(Another reason for asking for advice was that I didn`t know if the Nat West would charge me for a written reply, so as such the Bank Manager might think he was actually doing me a favour by talking to me by phone.)

Many thanks, I`ll keep you posted with any replies.

Steve

di3004

Mr_Linnet wrote: »

Blimey Di, that was a quick response, thankyou very much

I have already drafted out another letter requesting a written response, so I`ll post that by recorded delivery on Monday.

(Another reason for asking for advice was that I didn`t know if the Nat West would charge me for a written reply, so as such the Bank Manager might think he was actually doing me a favour by talking to me by phone.)

Many thanks, I`ll keep you posted with any replies.

Steve

Lol.........:D with pleasure Steve.

Well personally I would have done the same as you, at least this way you have something to pass on to the FOS if it went as far as this, good one.:T:T

They should not charge you, so not to worry.;)

Good luck and look forward to hearing the outcome of this Steve, hope its one in your favour.:beer:

Di
x

magpiecottage

I wouldn't worry about recorded delivery. Keep a copy and get proof of posting and a receipt to show it went first class. If you send it on Monday, FOS will deem it to have arrived on Wednesday - i.e. the second working day following.

Having said that, the 8 weeks Di refers to will also be deemed to start eigh weeks from when you expressed dissatisfaction.

I have been working on PPI lately and responded to a discussion paper issued by the FSA. From what I can tell, you can claim for missold PPI even if you have claimed on it.

It is likely that it would be upheld if you were charged a single premium at outset and not told how much it would then cost you in total (including interest) or if it was generally not explained.

If it is upheld and you have made a successful claim then the value of that claim would be deducted from any redress.

But don't worry about the cost of them writing to you. They can only charge for a complaint if it is frivolous, vexatious or fraudulent and, in the first of those two, written into their contract. That applies all the way to the Ombudsman.

di3004

magpiecottage wrote: »

I wouldn't worry about recorded delivery. Keep a copy and get proof of posting and a receipt to show it went first class. If you send it on Monday, FOS will deem it to have arrived on Wednesday - i.e. the second working day following.

Having said that, the 8 weeks Di refers to will also be deemed to start eigh weeks from when you expressed dissatisfaction.

I have been working on PPI lately and responded to a discussion paper issued by the FSA. From what I can tell, you can claim for missold PPI even if you have claimed on it.

It is likely that it would be upheld if you were charged a single premium at outset and not told how much it would then cost you in total (including interest) or if it was generally not explained.

If it is upheld and you have made a successful claim then the value of that claim would be deducted from any redress.

But don't worry about the cost of them writing to you. They can only charge for a complaint if it is frivolous, vexatious or fraudulent and, in the first of those two, written into their contract. That applies all the way to the Ombudsman.

Hi there
Thanks for posting in, you have been a fantastic help here.
We welcome this very much, the more the better, thank you.:beer:

di3004

MagpieCottage

Please do you think you could post up further info in regards of mis selling reclaims, even if a successful claim have been made, this will be very helpful.
Recently a few have posted up to confirm they have been successful, even though a claim was previously made.

This will be a great help to all, many many thanks once again.;)

gerryscot

Hi Di.

How are you huni?

Maybe the natweststaffmember would be able to give a in-depth account of the companies procedures in dealing with PPI or even suggest a contact name.

I had a intense discussion with them couple of days ago but they did happily take my points onboard and were very helpful to the OP.

Gerry x

di3004

gerryscot wrote: »

Hi Di.

How are you huni?

Maybe the natweststaffmember would be able to give a in-depth account of the companies procedures in dealing with PPI or even suggest a contact name.

I had a intense discussion with them couple of days ago but they did happily take my points onboard and were very helpful to the OP.

Gerry x

Hi Gerry
I am fine thank you and how are you?:A
Good idea in regards of Natweststaffmember, a contact name would defo be a good one, will post the link for Steve here below.

Steve below is a link of where you should find natweststaffmember, who should also be able to help, although he mainly deals with reclaiming charges, I'm sure he may also have some useful info and maybe some useful contacts for you as well, just as our Gerry have suggested above.
http://forums.moneysavingexpert.com/forumdisplay.html?f=102


Good thinking Gerry......:T:T

Cheers so much.:A;)

Di
Xxx