Natwest - offer of repayment of all PPI payments made for 4 1/2 years

Ameliasmina

Hi
I took out a loan in 2004. I was told the PPI was compulsory. Late last year my bank manager pulled me aside and told me that the PPI wasnt necessary and I should write to the Natwest asking them to remove it from my loan repayments and consider asking for them to be refunded. I did all of this in late November, and used the template letter here as the basis for the letter to the Natwest. They replied yesterday offering full repayment of the PPI (nearly £5,000) in "full and final settlement". I was expecting to be turned down, as seems to be the pattern, I was pleased. However, there have been times when, over the last 4 1/2 years, the extra £90 a month I was paying in pointless insurance has made a huge difference to my finances each month. Is it wrong to reply that I would like them to consider adding the interest that I would have received had I put that money into even a basic savings account? Any advice gratefully received.
Thanks

di3004

Ameliasmina wrote: »

Hi
I took out a loan in 2004. I was told the PPI was compulsory. Late last year my bank manager pulled me aside and told me that the PPI wasnt necessary and I should write to the Natwest asking them to remove it from my loan repayments and consider asking for them to be refunded. I did all of this in late November, and used the template letter here as the basis for the letter to the Natwest. They replied yesterday offering full repayment of the PPI (nearly £5,000) in "full and final settlement". I was expecting to be turned down, as seems to be the pattern, I was pleased. However, there have been times when, over the last 4 1/2 years, the extra £90 a month I was paying in pointless insurance has made a huge difference to my finances each month. Is it wrong to reply that I would like them to consider adding the interest that I would have received had I put that money into even a basic savings account? Any advice gratefully received.
Thanks

Hi and welcome and well done.:T:beer:
How nice of the bank staff to let you know this.

If they accepted liability and not an offer then you are entitled to request they pay you the 8% of what a court would award, because you have been deprived of your money.
Call in your branch if you can and speak to the one who informed you of this in the first place.
Good luck.;)

new_to_the_game

Well done,

If only the other financial companies would quietly pull every one else aside and make the same suggestion!!

Ameliasmina

Thanks for the advice - I think I will nip into the Natwest and speak to the manager, see what he has to say. The letter I received offers the money as a gesture of goodwill, with no admission of liability as they were unable to confirm what information I was given at the time the loan was taken out. I am obviously really grateful that they have repsonded so positively, especially after reading some of the horror stories on this forum, so I dont want to be greedy, but it niggles me that they can just hand me my money back and think its an end to the matter.

di3004

new_to_the_game wrote: »

Well done,

If only the other financial companies would quietly pull every one else aside and make the same suggestion!!

Yes lol, now that would be a big help wouldn't it?:D:T:j;)

di3004

Ameliasmina wrote: »

Thanks for the advice - I think I will nip into the Natwest and speak to the manager, see what he has to say. The letter I received offers the money as a gesture of goodwill, with no admission of liability as they were unable to confirm what information I was given at the time the loan was taken out. I am obviously really grateful that they have repsonded so positively, especially after reading some of the horror stories on this forum, so I dont want to be greedy, but it niggles me that they can just hand me my money back and think its an end to the matter.

Your welcome.;)

Its not a matter of greed, its money that is rightfully yours in the first place.
Its your money, so why not?;)
Good luck at your bank, please let us know how you get on, cheers.