How does this sound?

pmw14282

I purchased the above policy from you in June 2004, but now believe that I was mis-sold this policy for the following reasons.


The salesperson who sold me the loan I feel was very pushy for me to take out a PPI with my loan, making insinuations about the possibilities of me losing my job, or being unable to work, and what I would do to meet repayments.

I was not told by the salesperson other PPI schemes were available from other company’s at equal or cheaper rates.

The policy was not fully disclosed to me at the time I took out the loan. I have now subsequently found out I would have been ineligible for cover as I was a student on my gap year, working part-time. This was not disclosed by the salesperson at the time that there were be such exemptions to the policy. Them having known I was working part-time would mean they would have been aware I would not have been covered if I was unable to work.


Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

di3004

Fantastic :T:T
Well done.

If your part time hours were less than that shown on the terms and conds of the policy, even though you have stated on the letter already you only worked part time, let them know the hours were less that that shown on the t&c's of the policy, just to cover it.
Great letter though, and if you can post it by recorded delivery as well, to keep a track on it via Tracking on the Royal mail website.
Good luck, we look forward to hearing the outcome of this.;)

pmw14282

Looking through my policy it states that full time employment is considered to be more than 16 hours a week. I was working three days per week for 12 hours a day, would this be reasonably considered to be part-time work, or would this make me full-time? And would this affect my claim?

marshallka

pmw14282 wrote: »

Looking through my policy it states that full time employment is considered to be more than 16 hours a week. I was working three days per week for 12 hours a day, would this be reasonably considered to be part-time work, or would this make me full-time? And would this affect my claim?

So were you working 36 hours are you saying? If you were then I would think this would be full time.

di3004

Hi there

Normally from what I recall 16 hours plus is not counted as part time hours, but anyway were you actually working 12 hours per day throughout when you were a student, or when you taken this out were you working at all, then maybe started working afterwards?

pmw14282

Hi,



I started about a month before I took out the loan, straight after I finished college. I then carried on the same hours through uni, working Friday, Saturday and Sunday nights 7pm-7am. When I had to re-finance my loan though I wasn't asked about the hours I worked, but they were aware I was at uni as I was switched from a Gold Plus account, to a student account. I had my APR increased and the PPI went up as well. The second loan I was pressured into to pay off my credit card and pay off my over draft, which I didn't want to do as I was on a fixed income at the time. If I can't use part time work as an argument, could I use feeling pressured by the sales adviser to take out PPI?

di3004

pmw14282 wrote: »

Hi,

Working Friday, Saturday and Sunday's.

Hi there

So this was 12 hours a day at = 36 hours?

Just double checking in case.;)

pmw14282

di3004 wrote: »

Hi there

So this was 12 hours a day at = 36 hours?

Just double checking in case.;)

Spot on!

di3004

pmw14282 wrote: »

Spot on!

Right, okay for this reason they will possibly get back to say you would have been covered, but remember as well, you may not have wanted the PPI anyway and if they automatically added this then you still have a case here.;)

pmw14282

The whole experience felt pressurised. I had just recently opened an account with NatWest, it was my first job and I was naive in how the whole loan selling thing went. I didn't particularly want the PPI, it was vaguely explained, but I felt the salesperson was pressuring me to take it out with my loan. A lot of emphasis was placed on taking out the PPI but I didn't really know what I was getting into. The same with the credit card I took out shortly afterwards with them, I didn't really want it but they put pressure on me to take it out, asking what I would do if I needed emergency expenses while at uni. In fact as soon as I clear up my account I'll be leaving NatWest because it seems everytime I go in they always want to talk about saving me money and want to review my account. And as we all know saving you money is not in their best interests, in fact it goes against their whole ethos!

di3004

pmw14282 wrote: »

The whole experience felt pressurised. I had just recently opened an account with NatWest, it was my first job and I was naive in how the whole loan selling thing went. I didn't particularly want the PPI, it was vaguely explained, but I felt the salesperson was pressuring me to take it out with my loan. A lot of emphasis was placed on taking out the PPI but I didn't really know what I was getting into. The same with the credit card I took out shortly afterwards with them, I didn't really want it but they put pressure on me to take it out, asking what I would do if I needed emergency expenses while at uni. In fact as soon as I clear up my account I'll be leaving NatWest because it seems everytime I go in they always want to talk about saving me money and want to review my account. And as we all know saving you money is not in their best interests, in fact it goes against their whole ethos!

Yes I got your drift.
You do have a good case and with you being young and vulnerable as well, you should be okay here.
They should never have pressurised you, but I know they do - so please do keep at them if you have to, if they do not resolve in your favour by the final response, then move it on to the FOS, it will be fine.;)