Mis sold PPI with Natwest

di3004

krustychops wrote: »

Hi Di

Thank you for your reply.

Well i have worked out that this is the full amount to date that i have paid in the PPI as i cancelled the PPI the same day i started this claim so that is the correct amount of money i am due back.
Do you think it would be worth me ringing Natwest to get a settlememt figure on my loan?
I am just worried incase they may charge more for an early re sttlememt. Can they do that? Or would it just be the £307 x 6 months?
Very confused albeit happy with my result
I love this website:beer:
Thank you again
K

Hi and your welcome.

If your never sure of anything it may ease your mind to contact them about this, normally in regards of an early settlement there is I think a penalty charge, do check on this though in case it differs from bank to bank, they must be honest with you.;)

krustychops

Hi

can anyone help me

I have just received a letter from the NatWest offering me "As a gesture of goodwill" a settlement figure of £5677.58. This was for miss sold PPI.
On the letter it states that in addition to the refund as your payment protection has been cancelled the outstanding balance of the element of your loan relating to the payment protection insurance premium will be paid off as though the policy never existed. This will result in the monthly loan reducing to £307.09 which is the amount that would have been due each month had i not taken the Payment protection policy. Please note this adjustment will only be made once the acceptance form is processed and will take into account any payments you have made at the increased amount.
Then further on it states lots of jargon about the financial ombudsmen then it states on receipt we will repay any arrears that may be O/S on your loan account and arrange for the balance to be paid to your current account.
What I am confused about is the settlement figure of my loan. I don’t want to accept anything yet as I do not wish to be ripped off anymore. If I settle will I get a full breakdown of what will be paid into the loan?????
I have just called the NatWest to get a settlement figure and they very sheepishly told me that it would be £2612.12. Now if I was to accept this offer of "Good will gesture" and my payments go down to £307.05 per month and my loan finishes in November then I work it out that I must pay 6 x £307.05 which would be £1842.30
I just don’t understand where they have got the figure of £2612.12 from as even if I was paying the same premium as before which was £375.ish it would not add up to that amount.
I asked them for a breakdown of what I would be paying and they could not give me one as apparently at the loans and lending centre they do not have this facility do this????? I asked where they calculated this and he told me Head office however I would have to write to my branch who would contact head office for me as apparently Head office don’t have an address. I felt that guy who I spoke to didn’t have any idea what he was talking about.
The top and bottom is I don’t want to sign and agree to an offer when I will be totally ripped off.
Can anyone please advise me of what to do at this time?

Thanks in advance

Very confused


K:mad:

robbedofmymoney

it sounds very confusing,

the settlement figure you have been quoted would have been for your existing loan and not a new reduced loan, they would not be able to do this until the new loan was in place.

for clarity, i would request that they pay you the full amount owed £5,677, and then re-structure the loan to the lower monthly payments for the remaining term. unless you have been in arrears you can request this.

once the money is in your bank and the loan re-structured you can then ask for a settlement figure, if this settlement figure is then not acceptable to you then just pay off your loan over the next 6 months.

sometimes its clearer to do one thing at a time and can be less confusing.

please let us know how you get on.

krustychops

Hi there Robbedofmoney

Thank you for your reply

After sitting and pondering over this this afternoon I have come to the same conclusion as you. It only seems sensible to do so as im guessing once i have agreed to the amount being paid off my O/S balance I will not be able to do anything when they have taken their cut of interests etc.
Would I need to write to them asking them to pay it into my account?

Thanks again
K

robbedofmymoney

krustychops wrote: »

Hi there Robbedofmoney

Thank you for your reply

After sitting and pondering over this this afternoon I have come to the same conclusion as you. It only seems sensible to do so as im guessing once i have agreed to the amount being paid off my O/S balance I will not be able to do anything when they have taken their cut of interests etc.
Would I need to write to them asking them to pay it into my account?

Thanks again
K

definately write to them and request that the claim be settled in line with the FOS guidelines which state,

the lender refunds you the ppi payments you have made plus interest, then reduce the loan re-payments for the remainder of the loan term as if the PPI had not been added in the first place. they should only apply the refund against the outstanding loan balance if the loan account is in arrears, so if you have not missed any payments there should be no problem.

good luck