How long do natwest take to payout a claim for mis selling of PPI?

[Deleted User]

As alot of you know I have been dealling with a claim with Natwest over Miss-selling of payment protection. Basically 5 years ago I took out a loan for £15000 with natwest. When I took out the loan I was made to take out loan protection on top.They told me if I did not take out loan protection I could not have the loan. The loan protection amounted to £3675. I never really thought any thing of it and have been paying my payments regually every month. Any way back in september this year, I discovered that payment protection is optional and you don't have to take it and that also it does not cover you if you are self employed.. Which I am. So alls this time I have been paying for a loan protection policy that I did not need to take out and that is useless to me any way. I wrote to natwest at the end of september and they have finally responded after over 2 months and have made me a offer They are willing to refund me £3590.15.. I decided to accept there offer and signed the form to accept offer and sent it special delivery last monday 14th. In the letter with the offer it said that if I decide to accept there offer as soon as they recieve the signed form they will arrange for the money to me transfered in to my current account. Well I checked the tracking through royal mail and they have recived the form that I signed to accept offer on tuesday. How long now from them reciveing the form does it normally take for natwest to deposit money in to bank account. Has any one else had a successful claim and how long did you have to wait for money.

Sorry if I sound impatient. Its just is my sons birthday next monday and he really wants a psp. We told him we could not afford this. But now this money is coming in we thought if it came in time we could by him the psp he so wants as a suprise. I doubt the money will come in by then but it would be nice if it did.

Any advice would be much appreciated

Thanks in advance

marshallka

[Deleted User] wrote:

As alot of you know I have been dealling with a claim with Natwest over Miss-selling of payment protection. Basically 5 years ago I took out a loan for £15000 with natwest. When I took out the loan I was made to take out loan protection on top.They told me if I did not take out loan protection I could not have the loan. The loan protection amounted to £3675. I never really thought any thing of it and have been paying my payments regually every month. Any way back in september this year, I discovered that payment protection is optional and you don't have to take it and that also it does not cover you if you are self employed.. Which I am. So alls this time I have been paying for a loan protection policy that I did not need to take out and that is useless to me any way. I wrote to natwest at the end of september and they have finally responded after over 2 months and have made me a offer They are willing to refund me £3590.15.. I decided to accept there offer and signed the form to accept offer and sent it special delivery last monday 14th. In the letter with the offer it said that if I decide to accept there offer as soon as they recieve the signed form they will arrange for the money to me transfered in to my current account. Well I checked the tracking through royal mail and they have recived the form that I signed to accept offer on tuesday. How long now from them reciveing the form does it normally take for natwest to deposit money in to bank account. Has any one else had a successful claim and how long did you have to wait for money.

Sorry if I sound impatient. Its just is my sons birthday next monday and he really wants a psp. We told him we could not afford this. But now this money is coming in we thought if it came in time we could by him the psp he so wants as a suprise. I doubt the money will come in by then but it would be nice if it did.

Any advice would be much appreciated

Thanks in advance

Hi, you could try ringing them perhaps.;) I did with my bank and it did jog them on.

ManchesterLad_2

Did you claim back additional interest on the ppi?

[Deleted User]

I tried to claim back the interest on PPI and did ask natwest for interest but they refused to pay out the interest. I still havent recieved any payment from them

dec22

Well done.

I helped my husband with his reclaiming and he had his refund in his current account eactly a week after they received hsi acceptance form (end Oct).

Have you tried ringing them to ask approximately when they expect to release the funds, might be a bit slower because of all the bank holidays?

I would ring the number on your letter in the morning an see if they can give you any indication because I found with my one claim their was a breakdown in communication and although they had received my acceptance form it didn't quite make it to the payments department and there don't seem to be any internal checks to pick up these errors, so definitely worth a call.

Good luck!!

di3004

[Deleted User] wrote:

I tried to claim back the interest on PPI and did ask natwest for interest but they refused to pay out the interest. I still havent recieved any payment from them

Hi there


Did they accept liability for mis selling or a goodwill offer?

If they accepted liability they should put you back in the position as if you did not have PPI and to what I assumed the interest as well, hopefully someone will clarify this for us.
Hope you receive this really soon, good luck.;)

marshallka

[Deleted User] wrote:

I tried to claim back the interest on PPI and did ask natwest for interest but they refused to pay out the interest. I still havent recieved any payment from them

Which interest do you mean? The interest on the actual PPI premium or the statutory interest for being deprived of the money? Can you clarify what they are saying they are redressing for?

[Deleted User]

When I made claim I asked the bank for the interest on the actual PPI premium & the additional 8% statutory interest. They would not paypout either interest. and would not accept liability. The just made me a good will offer of £3590.15. This is about £85 under the actual PPI Premium before any interest.

Hope this makes sence.

dec22

[Deleted User] wrote:

When I made claim I asked the bank for the interest on the actual PPI premium & the additional 8% statutory interest. They would not paypout either interest. and would not accept liability. The just made me a good will offer of £3590.15. This is about £85 under the actual PPI Premium before any interest.

Hope this makes sence.

Is your loan still running or is it paid up/settled as that would effect the payout. My refunds have definitely included the interest apid to date on PPI but no 8% statutory interest. RBS wouldn't give me the 8% and said I could pursue it through the FOS probably knowing that it would take 12-18 months. I decided to settle for a refund of what I had paid.

Have you given them a ring this morning?

[Deleted User]

My loan is still running but is nearly paid off. I have about 6 payment left to make. It quite clearly said in letter they sent with offer. That if I accepted offer as soon as they recieve the signed decaration saying that I accept offer. They would have money put in to my current account. Then If I want to use some of the money to pay off rest of loan then I will have to phone bank and arrange that my self once money has been put in my current account. You say that depending on weather the loan is still running or has been setteled with effect the payout how will this effect it., I rang them yesterday morning and explained my situation and they promised the money would be in my account this morning. but supprise supprise I have check my bank account this morning and still no money. I am going to phone them again now.

di3004

[Deleted User] wrote:

My loan is still running but is nearly paid off. I have about 6 payment left to make. It quite clearly said in letter they sent with offer. That if I accepted offer as soon as they recieve the signed decaration saying that I accept offer. They would have money put in to my current account. Then If I want to use some of the money to pay off rest of loan then I will have to phone bank and arrange that my self once money has been put in my current account. You say that depending on weather the loan is still running or has been setteled with effect the payout how will this effect it., I rang them yesterday morning and explained my situation and they promised the money would be in my account this morning. but supprise supprise I have check my bank account this morning and still no money. I am going to phone them again now.

Sorry you have not heard anything from the bank yet hun, hope they resolve this for you today, tell them your getting very distressed from this.;)