Mis sold PPI with Natwest

krustychops

Hi Guys

I am very new to this site so forgive me if i have not posted correctly!!!

The reason i am on here is because i am trying to seek advice on what i believe to be mis sold PPI from Natwest.

I took out the loan in Dec 2003 as i was totally skint at the time and wanted to pay off other debts and of course like many other poor victims was told that by taking Loan protecter insurance was the only way of getting this loan.

These are the details below of my loan
Main loan (a) £10,407.02 cash loan for Nwb debt
(b) £9,592.98 for repayment to us
Insurance Loan (c) 4,806.00
Credit
(a) (b) (c) £24,806.00
Total charge for credit £7,188.76
Total amount payable £31,994.76
APR 7.8%
84 Reypayments of £380.89
comprising
Main loan reypayment £307.09
Insurance Loan £73.80

I cancelled my PPI on the 25th of Feb and recieved a letter yesterday saying:
I write to your recent instruction to cancel your loan insurance, and can confirm that this has been actioned as requested.
Please note that, when you cancel the loan account insurance your monthly re payment figure will not reduce by the amount of the monthly insurance policy this i quoted on your customer credit act agreement form.
This is because the re payments for the insurance are higher at the start of the loan due to the risk involved and lower at the end of the loan. Therefore the longer the loan has been operating and recieving benefit of the protector insurance cover the less the monthly re payment will reduce.
As a result of your next monthly re payment will remain unchanged however all subsequent payments will be £375.87 .........As you can see not much less than was i was paying!!

Can someone please help me and tell me if these figures sound correct. I am lead to believe that there is some hidden charge somewhere.
I have calculated that since i first took out the loan i have paid a total of £5461.20 in insurance at £73.80 per month.

I have today sent a letter to my branch and also to the PPI concerns team in Manchester (Address given on a thread on here) stating that i wish to claim back my mis sold PPI. Everything crossed i will get something back within 40 days.

I would really aprecciate any help or advise with this

Thank you in advance

K:mad:

maxdp

krustychops wrote: »

Hi Guys

I am very new to this site so forgive me if i have not posted correctly!!!

The reason i am on here is because i am trying to seek advice on what i believe to be mis sold PPI from Natwest.

I took out the loan in Dec 2003 as i was totally skint at the time and wanted to pay off other debts and of course like many other poor victims was told that by taking Loan protecter insurance was the only way of getting this loan.

These are the details below of my loan
Main loan (a) £10,407.02 cash loan for Nwb debt
(b) £9,592.98 for repayment to us
Insurance Loan (c) 4,806.00
Credit
(a) (b) (c) £24,806.00
Total charge for credit £7,188.76
Total amount payable £31,994.76
APR 7.8%
84 Reypayments of £380.89
comprising
Main loan reypayment £307.09
Insurance Loan £73.80

I cancelled my PPI on the 25th of Feb and recieved a letter yesterday saying:
I write to your recent instruction to cancel your loan insurance, and can confirm that this has been actioned as requested.
Please note that, when you cancel the loan account insurance your monthly re payment figure will not reduce by the amount of the monthly insurance policy this i quoted on your customer credit act agreement form.
This is because the re payments for the insurance are higher at the start of the loan due to the risk involved and lower at the end of the loan. Therefore the longer the loan has been operating and recieving benefit of the protector insurance cover the less the monthly re payment will reduce.
As a result of your next monthly re payment will remain unchanged however all subsequent payments will be £375.87 .........As you can see not much less than was i was paying!!

Can someone please help me and tell me if these figures sound correct. I am lead to believe that there is some hidden charge somewhere.
I have calculated that since i first took out the loan i have paid a total of £5461.20 in insurance at £73.80 per month.

I have today sent a letter to my branch and also to the PPI concerns team in Manchester (Address given on a thread on here) stating that i wish to claim back my mis sold PPI. Everything crossed i will get something back within 40 days.

I would really aprecciate any help or advise with this

Thank you in advance

K:mad:

Hi

That looks about right. What they say about the reductio in the monthly loan figure is correct as well. Am afraid that is how it works.

Am sure Marshallka will run her eye over the figures for you.

Good Luck

tez_c

You may have had trouble with trying to claim back PPI - my friends have successfully claimed back PPI from their lender but I wasn't so lucky in getting through to my lender so I went through a PPI claims firm and in the first stages now

amersall

tez_c wrote: »

You may have had trouble with trying to claim back PPI - my friends have successfully claimed back PPI from their lender but I wasn't so lucky in getting through to my lender so I went through a PPI claims firm and in the first stages now

news.bbc.co.uk/1/hi/programmes/moneybox/8538925.stm
http://www.bbc.co.uk/wales/x-ray/sites/allarticles/updates/091005_credit_management.shtml NEWBIES PLEASE READ THIS. DONT GIVE YOUR MONEY TO COMPANYS WHEN YOU CAN DIY FOR A COUPLE OF STAMPS AND A LOT OF NELP FROM THE AMAZING PEOPLE ON THIS SITE

marshallka

krustychops wrote: »

Hi Guys

I am very new to this site so forgive me if i have not posted correctly!!!

The reason i am on here is because i am trying to seek advice on what i believe to be mis sold PPI from Natwest.

I took out the loan in Dec 2003 as i was totally skint at the time and wanted to pay off other debts and of course like many other poor victims was told that by taking Loan protecter insurance was the only way of getting this loan.

These are the details below of my loan
Main loan (a) £10,407.02 cash loan for Nwb debt
(b) £9,592.98 for repayment to us
Insurance Loan (c) 4,806.00
Credit
(a) (b) (c) £24,806.00
Total charge for credit £7,188.76
Total amount payable £31,994.76
APR 7.8%
84 Reypayments of £380.89
comprising
Main loan reypayment £307.09
Insurance Loan £73.80

I cancelled my PPI on the 25th of Feb and recieved a letter yesterday saying:
I write to your recent instruction to cancel your loan insurance, and can confirm that this has been actioned as requested.
Please note that, when you cancel the loan account insurance your monthly re payment figure will not reduce by the amount of the monthly insurance policy this i quoted on your customer credit act agreement form.
This is because the re payments for the insurance are higher at the start of the loan due to the risk involved and lower at the end of the loan. Therefore the longer the loan has been operating and recieving benefit of the protector insurance cover the less the monthly re payment will reduce.
As a result of your next monthly re payment will remain unchanged however all subsequent payments will be £375.87 .........As you can see not much less than was i was paying!!

Can someone please help me and tell me if these figures sound correct. I am lead to believe that there is some hidden charge somewhere.
I have calculated that since i first took out the loan i have paid a total of £5461.20 in insurance at £73.80 per month.

I have today sent a letter to my branch and also to the PPI concerns team in Manchester (Address given on a thread on here) stating that i wish to claim back my mis sold PPI. Everything crossed i will get something back within 40 days.

I would really aprecciate any help or advise with this

Thank you in advance

K:mad:

Yeah, that the way it works when you cancel. Your PPI was actually another loan on top of your original loan so incurred interest the same. WHen you cancel you are only actually cancelling the premium so get a small reduction and still owe the interest on it so that is why your repayments don't reduce the same. Good luck on reclaiming.

dec22

krustychops wrote: »

Hi Guys

I am very new to this site so forgive me if i have not posted correctly!!!

The reason i am on here is because i am trying to seek advice on what i believe to be mis sold PPI from Natwest.

I took out the loan in Dec 2003 as i was totally skint at the time and wanted to pay off other debts and of course like many other poor victims was told that by taking Loan protecter insurance was the only way of getting this loan.

These are the details below of my loan
Main loan (a) £10,407.02 cash loan for Nwb debt
(b) £9,592.98 for repayment to us
Insurance Loan (c) 4,806.00
Credit
(a) (b) (c) £24,806.00
Total charge for credit £7,188.76
Total amount payable £31,994.76
APR 7.8%
84 Reypayments of £380.89
comprising
Main loan reypayment £307.09
Insurance Loan £73.80

I cancelled my PPI on the 25th of Feb and recieved a letter yesterday saying:
I write to your recent instruction to cancel your loan insurance, and can confirm that this has been actioned as requested.
Please note that, when you cancel the loan account insurance your monthly re payment figure will not reduce by the amount of the monthly insurance policy this i quoted on your customer credit act agreement form.
This is because the re payments for the insurance are higher at the start of the loan due to the risk involved and lower at the end of the loan. Therefore the longer the loan has been operating and recieving benefit of the protector insurance cover the less the monthly re payment will reduce.
As a result of your next monthly re payment will remain unchanged however all subsequent payments will be £375.87 .........As you can see not much less than was i was paying!!

Can someone please help me and tell me if these figures sound correct. I am lead to believe that there is some hidden charge somewhere.
I have calculated that since i first took out the loan i have paid a total of £5461.20 in insurance at £73.80 per month.

I have today sent a letter to my branch and also to the PPI concerns team in Manchester (Address given on a thread on here) stating that i wish to claim back my mis sold PPI. Everything crossed i will get something back within 40 days.

I would really aprecciate any help or advise with this

Thank you in advance

K:mad:

If they RBS/Natwest agree your PPI was missold and give you a refund, this will bring your repayment to what it should be excluding PPI. Did you have PPI on your initial loan that was refinanced and have you made a complaint for that one as well?

The PPI concerns office in Manchester is fairly slow and normally take 8 to 12 weeks to complete their investigation and make a decision.

Good luck!!

krustychops

dec22 wrote: »

If they RBS/Natwest agree your PPI was missold and give you a refund, this will bring your repayment to what it should be excluding PPI. Did you have PPI on your initial loan that was refinanced and have you made a complaint for that one as well?

The PPI concerns office in Manchester is fairly slow and normally take 8 to 12 weeks to complete their investigation and make a decision.

Good luck!!

Hi Dec

Thank you for your reply. No i havent claimed on the first (Yes i had PPI as i can remember sitting in the branch and being told i had to take it) it was so long ago and i do not have any paperwork with details. What this effect my claim???
Thanks
K

di3004

krustychops wrote: »

Hi Dec

Thank you for your reply. No i havent claimed on the first (Yes i had PPI as i can remember sitting in the branch and being told i had to take it) it was so long ago and i do not have any paperwork with details. What this effect my claim???
Thanks
K

Hi there

It should not affect your claim, but if you do require paperwork, you can always request a SAR (Subject access Request), they should send everything they still hold on you going back generally 5/6 years, but sometimes some banks are more lenient and have even kept details from earlier years which they may also send.

It is up to you, but if you decide to want to request a SAR for your paperwork, they have 40 days to comply and you have to enclose a payment of £10 cheque or postal order.
More details with SAR template here:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

Hope this helps and good luck.:)

rachmac_2

Just to warn you on the lenght of time for ppi claim to go through from natwest/rbs. i started mine claim in nov and i just got it through that they wrong refunding the money but it will take another 28 days to refund the money. Good luck x

krustychops

Hi and thanks for your replies.

I have just recieved a letter form the PPI Concerns team in Manchester stating that they have taken my complaint seriuosly and are looking into this.
All fingers and toes crossed i shall keep you all posted
Thanks again:)

di3004

krustychops wrote: »

Hi and thanks for your replies.

I have just recieved a letter form the PPI Concerns team in Manchester stating that they have taken my complaint seriuosly and are looking into this.
All fingers and toes crossed i shall keep you all posted
Thanks again:)

Cool, all crossed here for you.:);)