Can someone help me please

KPR11

Hi all,

Was wondering if someone would be able to help me please. I have just come across this whole PPI thing, I was looking at my report and saw my loan account being settled and thought what I fool I was to pay so much and then remembered that the guy who sold me the loan had said something about payment protection insurance being compulsory in order to get the loan so I went along with it.

A bit of background to this, I had been using my Natwest overdraft (£1k limit) a fair bit so one day (March 2008) when I was in the branch this guy said that I should look into getting a loan as it would cover my overdraft and give me a bit of breathing space. A few years earlier I had been stupid and totally ruined my credit history so I thought to myself that the loan would give me some breathing space and an opportunity to re-build my history. So I opted for a small loan of £2k. After he had done the search and all that the only way I could have the loan is if I signed up to PPI (I thought that the system was flagging this to him because of my poor credit history and this was a way for the bank to manage it's risk) so I agreed to it (only to improve my credit history).

So here I was with a £2k loan over 36 months which was costing me £95 a month.

I settled the loan in full in April 2009. I have not retained any paper work or anything like that for this loan.

Do I qualify for a PPI refund? If I do go ahead with the claim then will it ruin my relationship with the bank? How long does the whole process take?

If you need any more information, please let me know.

I look forward to all your tips and advice.

Thanks for reading.

KPR

di3004

KPR11 wrote: »

Hi all,

Was wondering if someone would be able to help me please. I have just come across this whole PPI thing, I was looking at my report and saw my loan account being settled and thought what I fool I was to pay so much and then remembered that the guy who sold me the loan had said something about payment protection insurance being compulsory in order to get the loan so I went along with it.

A bit of background to this, I had been using my Natwest overdraft (£1k limit) a fair bit so one day (March 2008) when I was in the branch this guy said that I should look into getting a loan as it would cover my overdraft and give me a bit of breathing space. A few years earlier I had been stupid and totally ruined my credit history so I thought to myself that the loan would give me some breathing space and an opportunity to re-build my history. So I opted for a small loan of £2k. After he had done the search and all that the only way I could have the loan is if I signed up to PPI (I thought that the system was flagging this to him because of my poor credit history and this was a way for the bank to manage it's risk) so I agreed to it (only to improve my credit history).

So here I was with a £2k loan over 36 months which was costing me £95 a month.

I settled the loan in full in April 2009. I have not retained any paper work or anything like that for this loan.

Do I qualify for a PPI refund? If I do go ahead with the claim then will it ruin my relationship with the bank? How long does the whole process take?

If you need any more information, please let me know.

I look forward to all your tips and advice.

Thanks for reading.

KPR

Hi there
This should not affect anything in relation to your bank account etc, your only rightfully reclaiming what is yours, where they should not discriminate you for reclaiming your ppi.

Yes, I would go for it, it seems you have good reasons to do so, if they tried to make it a condition of the loan, and made out it would affect or improve your credit rating then this should not have been.

What you do is write to the bank's complaints office or head office, with your reasons they have 8 weeks in full to respond, if they do not uphold in your favour, sometimes they give you the opportunity to write to them again with further information.
So keep at them until they issue you with a final decision, the final response should give details of the financial ombudsman service (FOS), where you can take your complaint to these if your not happy with the outcome of your complaint.

Here is the link to help you through this:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
If there are any other reasons that apply to you shown in the checklist then write them on your letter.
You can use the templates if you want to or as a guide with your own words, personally I would write in your own words, but its up to you, and of course with the reasons that apply to you.

Do not worry about writing down the amounts, they should supply them to you if successful, if they don't then request for them as a full detailed written breakdown.

Hope this helps, but just as long as you have the account number that is fine, good luck, ask for further help if required, and please keep us posted.

I would as well post within the post office so you receive a tracking number.;)

Di

KPR11

Hi Di,

Thanks for your reply.

Would it be worth asking for a loan agreement before I proceed?

Secondly, I don't have the account number but I am guessing that if I pop into the branch then they should be able to give it to me even though it is settled?

Thanks once again

dec22

Di has, as always given you some good advice. Just some additional info as I have claimed for myself and other family members from RBS who deal with Natwest as well.

You might be able to pick the account number from on-line banking if you download historic statements. I sent my current loan account number but they found my old numbers for me. To make things quicker, if you can't find it on your statements then go into the branch.

I asked for a copy of the loan agreement in my complaint letter.

Send your complaint by recorded mail to the RBS PPI Customer Concerns office in Manchester, you'll find the address in one of the threads at the top of the forum.

Good luck!!

KPR11

Thanks Dec,

I will get cracking asap. They have royally screwed up my account atm - I haven't got a debit card, my online banking has been stopped! I basically have no access to my own accounts unless I go into branch with ID and stand in those massive queues!!

KPR11

Hi all,

Further to my earlier post, I have come across some information that has given me a sense of urgency (I was waiting for my exams to finish before I write to them and get this sorted but now I guess there is no harm getting the ball rolling). Not sure if it is required but I have included some background below

Background:

As mentioned in my earlier post, the loan was £2k taken out on 31/03/2008.

I have found a document which says the following:
Applicable interest rate:
"The interest charged is equivalent to a fixed annual rate of 24.28% over the term or duration of the loan. The amount of interest payable is calculated at the beginning of the agreement and is shown combined with the amount of credit drawn as the 'loan balance' on the statement."

From that I am guessing that the interest on the loan was 24.28% (:eek: no comments please I know and I thought I had good reasons - as explained in my intial post - to go for it at the time, I still have no complaints about the interest rate cause I knew about it).

My monthly repayment was £95.03, the first one being taken at the end of April 2008. The last payment was at the end of March 2009.

I settled the loan in full on 9th April 2009 and the settlement amount was £1,734.99 (being outstanding balance of £2,280.72 less early repayment rebate of £545.73).

I have used a couple of loan calculators online and the indication is that the 'loan balance' at the start should have been £2,835.34 at repayment £78.76 pm(implying that the PPI and interest on it amounted to c£550). A loan ammortization table tells me that I have over paid by c£450 for PPI etc, is this correct?

My questions:

1. I was initially going to send this following letter:

"
I am writing to request a copy of my original loan agreement with Natwest. If the original loan agreement does not include details of the insurance added to the account, such as the number and cost of any monthly payments or any lump sum fees and interest charges applicable to this fee, please attach or advise how I can get access to this information.

I look forward to your response within 40 days, as is obliged under the Data Protection Act 1998. If not I shall seek remedy from the Information Commissioner."
Is this still necessary? Or now that I have the information I should just send the following:
"
I purchased the above policy from you in 31.03.2008 but now believe that I was mis-sold this policy for the following reason:

• This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson stated that taking out the policy was a prerequisite for the loan application.

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."

2. Do you know if they will require any paperwork from me? I only found just the one piece of paper and have not got any other information relating to it.

3. As this is basically a case of my word against theirs, would I be required to produce any evidence? What sort of evidence can I produce? I just went to branch to deposit a cheque, cashier said would you be interested, I said maybe, here speak to this guy, spoke to him, 20 mins later I had the loan. I must be honest I didn't even read all the small print which in hindsight I should have. I was just so damn happy that I could start putting things right!

4. How long does all this take to resolve and what are the chances of me winning the claim?

If you need more information then please let me know.

Thanks for all your help.

KPR

di3004

KPR11 wrote: »

Hi all,

Further to my earlier post, I have come across some information that has given me a sense of urgency (I was waiting for my exams to finish before I write to them and get this sorted but now I guess there is no harm getting the ball rolling). Not sure if it is required but I have included some background below

Background:

As mentioned in my earlier post, the loan was £2k taken out on 31/03/2008.

I have found a document which says the following:
Applicable interest rate:
"The interest charged is equivalent to a fixed annual rate of 24.28% over the term or duration of the loan. The amount of interest payable is calculated at the beginning of the agreement and is shown combined with the amount of credit drawn as the 'loan balance' on the statement."

From that I am guessing that the interest on the loan was 24.28% (:eek: no comments please I know and I thought I had good reasons - as explained in my intial post - to go for it at the time, I still have no complaints about the interest rate cause I knew about it).

My monthly repayment was £95.03, the first one being taken at the end of April 2008. The last payment was at the end of March 2009.

I settled the loan in full on 9th April 2009 and the settlement amount was £1,734.99 (being outstanding balance of £2,280.72 less early repayment rebate of £545.73).

I have used a couple of loan calculators online and the indication is that the 'loan balance' at the start should have been £2,835.34 at repayment £78.76 pm(implying that the PPI and interest on it amounted to c£550). A loan ammortization table tells me that I have over paid by c£450 for PPI etc, is this correct?

My questions:

1. I was initially going to send this following letter:

"
I am writing to request a copy of my original loan agreement with Natwest. If the original loan agreement does not include details of the insurance added to the account, such as the number and cost of any monthly payments or any lump sum fees and interest charges applicable to this fee, please attach or advise how I can get access to this information.

I look forward to your response within 40 days, as is obliged under the Data Protection Act 1998. If not I shall seek remedy from the Information Commissioner."
Is this still necessary? Or now that I have the information I should just send the following:
For just requesting for your agreement, you enclose a £1 postal order or cheque payment and they have 12 days to supply this to you.

If you require further information, you can of course request a Full Subject Access Request (SAR) where there is a cost of £10 for this request payable by cheque or postal order.
There is a SAR template for this request here:

https://forums.moneysavingexpert.com/discussion/1475553

If they are unable to supply the information, there should therefore then return your payment, alongside with a letter to explain.
"
I purchased the above policy from you in 31.03.2008 but now believe that I was mis-sold this policy for the following reason:

• This is due to the fact that I was not given the correct information when the policy was sold to me, as your salesperson stated that taking out the policy was a prerequisite for the loan application.

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."

2. Do you know if they will require any paperwork from me? I only found just the one piece of paper and have not got any other information relating to it.

3. As this is basically a case of my word against theirs, would I be required to produce any evidence? What sort of evidence can I produce? I just went to branch to deposit a cheque, cashier said would you be interested, I said maybe, here speak to this guy, spoke to him, 20 mins later I had the loan. I must be honest I didn't even read all the small print which in hindsight I should have. I was just so damn happy that I could start putting things right!

4. How long does all this take to resolve and what are the chances of me winning the claim?

If you need more information then please let me know.

Thanks for all your help.

KPR

There are Questionnaires you can send now, recently issued by the FOS, this is said to save time, and suggested to keep copies as well.
As found on Martin's guidelines of reclaiming here:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If you want to send any information, this is up to you, but by completing the questionnaire should cover all.
If you decide to want to enclose any details, then I would only send copies and not the originals.

Basically its normally a case of your word against theirs, but do not worry, if they require further information they will write to ask later on, yet again this is one of the reasons why the FOS have issued the new Questionnaires as this should cover everything.

They have 8 weeks in full to respond.

You may get the opportunity to write back again, but keep at them, in the final decision if not resolved from the first decision, then you should be able to take your complaint to the FOS, and enclose all copies of correspondence received, and enclose a copy of the questionnaire you also sent the bank.

Good luck with this.;)

Di

(Please also note I have wrote some info above as well).

KPR11

Hi Di,

Thanks for your quick response and help (again).

Just a couple of quick questions if I may please

di3004 wrote: »

For just requesting for your agreement, you enclose a £1 postal order or cheque payment and they have 12 days to supply this to you.

If you require further information, you can of course request a Full Subject Access Request (SAR)

Should I be requesting this information before I send of the questionnaire or is it not necessary to have all this information?

Martin suggests contacting the branch but I have read on here that I should write straight to the HO (the address on the sticky suggested by Dec), what would you say is the best place to send it?

Thanks

KPR

di3004

KPR11 wrote: »

Hi Di,

Thanks for your quick response and help (again).

Just a couple of quick questions if I may please



Should I be requesting this information before I send of the questionnaire or is it not necessary to have all this information?

Martin suggests contacting the branch but I have read on here that I should write straight to the HO (the address on the sticky suggested by Dec), what would you say is the best place to send it?

Thanks

KPR

Hi

Your very welcome.;)

You can still continue without the need of a SAR if you want to, although some useful info may come back to support your case.
So it is up to you if you want to wait for the info to come back first.
Its actually 40 calendar days as well.

You could still give the branch a call first and take it from there, some banks are more lenient than others.

If you want to write though, the HO in my opinion would probably be the best one to send to.

KPR11

di3004 wrote: »

Hi

Your very welcome.;)

You can still continue without the need of a SAR if you want to, although some useful info may come back to support your case.
So it is up to you if you want to wait for the info to come back first.
Its actually 40 calendar days as well.

You could still give the branch a call first and take it from there, some banks are more lenient than others.

If you want to write though, the HO in my opinion would probably be the best one to send to.

Thanks

I am working through the questionnaire at the moment and so far nothing has cropped up that is out of the ordinary. So I am thinking I will send off the SAR and the questionnaire at the same time.

Do you know if Natwest is one of the more lenient one?

di3004

KPR11 wrote: »

Thanks

I am working through the questionnaire at the moment and so far nothing has cropped up that is out of the ordinary. So I am thinking I will send off the SAR and the questionnaire at the same time.

Do you know if Natwest is one of the more lenient one?

Good idea.

I am not too sure on how lenient they are to be honest.

Wonder if Natweststaffmember a member from this website who normally deals with bank charges etc - may be able to tell you more on these.
He no longer works for them but I am sure he will be able to tell you more on this bank.;)

You will find him on this thread here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=102&order=desc&page=2