Nat West PPI, Can you help please?

gerryscot

di3004 wrote: »

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

Your welcome sweetie,

Got to use every tool we have eh, I'm not being cheedy though and calling natweststaffmember a tool. Ha ha :rotfl::rotfl::rotfl:

I noticed that Steve commented on your quick response i told you before your like the speed of lightening replying to the posts. Your a wee superstar. :A :A :A

Love Gerry x x

di3004

gerryscot wrote: »

Your welcome sweetie,

Got to use every tool we have eh, I'm not being cheedy though and calling natweststaffmember a tool. Ha ha :rotfl::rotfl::rotfl:

I noticed that Steve commented on your quick response i told you before your like the speed of lightening replying to the posts. Your a wee superstar. :A :A :A

Love Gerry x x

lmao........:rotfl::rotfl::rotfl::D
aww thank you, your such a sweetheart.:A:A;).

Di
XXX

Mr_Linnet

Thank you very much magpiecottage, gerryscot and Di for your responses :D

Sometimes I feel so isolated when challenging these large companies, so all your comments and advice help give me the confidence to make sure these people don`t try to palm me off with technicial or legal excuses that are not 100% accurate or true.

I`ll let you all know how I get on.

Many thanks Steve :D

di3004

Mr_Linnet wrote: »

Thank you very much magpiecottage, gerryscot and Di for your responses :D

Sometimes I feel so isolated when challenging these large companies, so all your comments and advice help give me the confidence to make sure these people don`t try to palm me off with technicial or legal excuses that are not 100% accurate or true.

I`ll let you all know how I get on.

Many thanks Steve :D

Your very welcome Steve.;):D

Don't worry, you will get through this, keep strong and stand your ground, you will get there in the end.:beer:

We look forward to hearing from you.
Fingers crossed.;)

Di
X

Mr_Linnet

Had a reply today from Nat West as follows :-

In your letter you raise two points to be answered, one concerning the initial advice given regarding the sale of the Personal Loan Insurance. The second concerning information you have been provided with recently when attempting to cancel the policy.

In respect of your request, as to my opinion as to whether you have been mis sold the loan insurance, I am not in the position to comment. To ensure we, as a Bank, deliver a consistent and customer focussed experience the bank has introduced a specialist team to deal with allegations of inappropriate selling.

To clarify your calculations on the cost of the Personal Loan Insurance I enclose a signed copy of the original Credit Agreement form which provides specific information to the cost of borrowing including insurance. Please advise me if you wish to raise a formal allegation of mis-selling concerning the loan insurance and I will forward this on to the specialist department.

I have contacted Nat West Insurance Services to confirm the policy details and the effect of immediate cancellation of the policy would have on the cover. I have been advised that because the policy has now had a claim paid out against it now, if you were to cancel there would be no refund. However, if the policy is not cancelled, you wil still continue to receive cover, albeit you will not be allowed to submit a further claim for umemployment until you have worked for a further six months.

Any advice please on my next move. It still doesn`t explain why I had previously been told by a bank employee that I could cancel this insurance thus gaining from reduced monthly premiums.

Also I wasn`t offered a seperate stand alone PPI. Regarding the loans conception, it was you can have the loan with or without insurance, although insurance was strongly recommended.

Many thanks in advance for all offers of advice.

Steve

natweststaffmember

What they have basically said is this(thanks to GerryScot for giving me a shout on this one).
You can cancel the PPI policy but the fact that you have claimed under the policy means that they would not look at the PPI being missold.
The branch have perhaps not been entirely clear with you since there is no problem, even if you have made a claim against the PPI policy, with cancelling it.
I have yet to see a misselling claim being successful where the claimant has had payments made from the policy but I am not a regular on the PPI forums.

gerryscot

Hi Steve

Sorry I cant advise you here pal, But I did notice that natweststaffmember light was on. I was very cheeky and sent him a PM asking him to have a look at your thread to see if he could shed any light on your situation. :eek:

Steve once again I need to state I am not experienced in any of these procedures, I am just one of the lucky ones that through the help from the guys here on MSE was successful in getting my PPI refunded. :j

If I was in your shoes though I would have a look at some of the posts on here that have been in a similar situation to yours and have been successful in having their PPI Refunded. Due to the fact that your branch manager actually took the time to contact you personally, I think it’s worth trying this approach.

Don’t want to build your hopes up and I hope I’m not giving you bad advice. But I would be willing to spend a bit of time going through post for you to get info for previous cases like yours. All the experts will be on here first thing in the morning telling you the best way forward.

Best of luck Steve
Gerry x

gerryscot

natweststaffmember wrote: »

What they have basically said is this(thanks to GerryScot for giving me a shout on this one).
You can cancel the PPI policy but the fact that you have claimed under the policy means that they would not look at the PPI being missold.
The branch have perhaps not been entirely clear with you since there is no problem, even if you have made a claim against the PPI policy, with cancelling it.
I have yet to see a misselling claim being successful where the claimant has had payments made from the policy but I am not a regular on the PPI forums.

Hi natweststaffmember

Thanks that was kind of you and very much appreciated.
You need to change your name then you wont get cheeky mad women like me stalking and PM. you. :eek: :eek:

Enjoy your pint, I’ll treat my auld dad to a pint of Guinness for you.:beer:
　
Thanks again
Gerry the Cheeky stalker. ;)

Mr_Linnet

Hiya natweststaffmember,

Thankyou very much for taking the time to respond to my post and for the content of your reply, very much appreciated.:D

Steve.

Hiya Gerry,

Many sincere thanks for your interest and help in my post especially contacting other members for advice. You`ve been a great help.:D

Steve x;)

magpiecottage

Sorry - been busy on other projects!

The FSA published a consultation on PPI in October.
I have put the link in but it is not exactly exciting reading.

It does say, though, "Where the firm finds that the consumer would not have bought any PPI policy, but the firm has previously paid out on one or more claims on the policy, the firm may deduct the value of those claims from the redress it pays the consumer.Where the firm finds that the consumer would not have bought any PPI policy, but
the firm has previously paid out on one or more claims on the policy, the firm may deduct the value of those claims from the redress it pays the consumer."

This is in line with normal practice for dealing with complaints.

With PPI, if it is decided that it would not have been sold then the premium plus interest will be refunded. The value of any claim paid is treated as part of that refund. Only if the amount of the claim paid exceeds the value of the refund would there be no entitlement to redress at all.

A number of PPI policies are expensive in comparison to the benefits that might be paid - some apparently cost more than they can possibly pay out.

So you may find you can still get a redress payment.