Northern rock ppi offer help needed!!!!!

ruthb1

HI,

I submittred a claim to northern rock for missold ppi.

I have a mortgage with northern rock and took out 2 secured loans with them and ppi was offered

After a long wait, northern rock have writted to me today and advised that they agree with me that the sale of the ppi met there standards and have agreed to refund all of my premiums as well as 8% interest on the premiums paid. (which is great news)

My query is when you take out ppi on a secured loan is it the same as ppi for a personal loan, the reason i am saying this is because last year i received £600 from alliance and leicester for a £6000 personal loan. Northern rock are offering me £356 inc 8% interest on £10,000 secured loan and £121.88 on a £6000 secured loan.

What they are saying is that I have only paid 277.95 in ppi premiums on one and 99.00 on another, does it go on the premiums that you have paid or the amount of the loan. ( ithough it was the amount of the loan)

I suppose what I am trying to say is, do you think that this sounds a fair offer or if I went to the FOS what are my chances of this being increased.

although I am pleased that they have finally made this offer, I was a little shocked to see the amounts that they are offering me.


any advice would be really appreciated.


thanks


ruth

di3004

ruthb1 wrote: »

HI,

I submittred a claim to northern rock for missold ppi.

I have a mortgage with northern rock and took out 2 secured loans with them and ppi was offered

After a long wait, northern rock have writted to me today and advised that they agree with me that the sale of the ppi met there standards and have agreed to refund all of my premiums as well as 8% interest on the premiums paid. (which is great news)

My query is when you take out ppi on a secured loan is it the same as ppi for a personal loan, the reason i am saying this is because last year i received £600 from alliance and leicester for a £6000 personal loan. Northern rock are offering me £356 inc 8% interest on £10,000 secured loan and £121.88 on a £6000 secured loan.

What they are saying is that I have only paid 277.95 in ppi premiums on one and 99.00 on another, does it go on the premiums that you have paid or the amount of the loan. ( ithough it was the amount of the loan)

I suppose what I am trying to say is, do you think that this sounds a fair offer or if I went to the FOS what are my chances of this being increased.

although I am pleased that they have finally made this offer, I was a little shocked to see the amounts that they are offering me.


any advice would be really appreciated.


thanks


ruth

Hi Ruth

First of all well done to you.:beer:

Normally the PPI is added in the loan as another loan, but totalled together.

I am not brilliant at explaining these things to be honest, and may get you all confused......:o, but of course if your not happy with the offer and it was not the final response, you could ask them to take another look to reconsider because your not satisfied or happy with the offer compared to the original amount.

Of course if that was the final response, and your not happy you do have the FOS, but this may take some time due to the large numbers of complaints, but its up to you of course.;)

The FOS takes a look at 2 sides, so basically it is a chance you take, so it could one way or another, like stay the same or the amount you have requested in the first place.

Wait for other opinions on this as well if you can, good luck with this.;)