natwest offer to me

bigmacman

this is what natwest have sent me about my loan insurance

the bank is prepared to refund insurance premiums that you have paid to date as a gesture of goodwill. this excludes the amount automatically credited to your loan account of £334.20 when the policy was cancelled.

Our calculations show, in addition to the aboce you have paid a total of £828.94 for the pament protection element of your loan account.please be aware that your account is currently in arreas, this amount will be credited to your loan account. Please be aware your account will remain in arrears if our offer is not suffient to clear the amount owing on your loan.

In addition to the refund, as your patment protection insurace police has been cancelled, the outstanding balance of loan relating to the payment protection insurance premuims will be paid off as though the policy never existed. this will result in the monthly loan payment reducing to £74.10 (originally £100.84) which is the amount that would have been due each month if you had not opted for the payment protection insurance policy when you took out your loan.


can anyone tell me in english what this all mean as im blonde haha.
i dont want to accept it if its a rubbish offer.

di3004

bigmacman wrote: »

this is what natwest have sent me about my loan insurance

Hi there, first of all well done.:beer:
I will try to explain the best I can........:D lol.

the bank is prepared to refund insurance premiums that you have paid to date as a gesture of goodwill. this excludes the amount automatically credited to your loan account of £334.20 when the policy was cancelled.
Basically they have not actually admitted to the mis selling side of it, but a offer of goodwill.
Our calculations show, in addition to the aboce you have paid a total of £828.94 for the pament protection element of your loan account.please be aware that your account is currently in arreas, this amount will be credited to your loan account. Please be aware your account will remain in arrears if our offer is not suffient to clear the amount owing on your loan.
The amount you have paid in PPI since the loan is that then of £828.94, so they are stating this amount will be credited/refunded to the loan account towards the arrears.


In addition to the refund, as your patment protection insurace police has been cancelled, the outstanding balance of loan relating to the payment protection insurance premuims will be paid off as though the policy never existed. this will result in the monthly loan payment reducing to £74.10 (originally £100.84) which is the amount that would have been due each month if you had not opted for the payment protection insurance policy when you took out your loan.
With the PPI cancelled the monthly repayments should also now be reduced from £100.84 a month to new monthly payment of £74.10 a month.
With them refunding the amount to the loan account this then brings the loan balance down - so the monthly repayments will be now less a month.


can anyone tell me in english what this all mean as im blonde haha.
i dont want to accept it if its a rubbish offer.

I am not great at explaining in detail.
Was this the final response?


If they did accept and uphold in your favour then normally they would calculate the same way as the Financial ombudsman service (FOS). Check the thread below of what MAXDP posted.
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps, but if your not happy with the decision and it was not the final response, you can write back to them and ask them to reconsider in your favour where you can also request they pay you interest of what a court would award of 8% due to being deprived of your money, this amount then should be refunded directly to you to what I am aware of.;)

bigmacman

thanks think that makes sense i dont think it amounts to whay the ppi came up to altogether though i think it was sposed to be £1600 pounds i think according to that there only paying 1200 i think. from what i can read

di3004

bigmacman wrote: »

thanks think that makes sense i dont think it amounts to whay the ppi came up to altogether though i think it was sposed to be £1600 pounds i think according to that there only paying 1200 i think. from what i can read

Hi there

If they had upheld this in your favour without the offer then the amount you have stated - would therefore had been the amount they would refund, plus interest on top of that again etc.

How do you feel about this offer?

bigmacman

bit pee'd off to be honest i mean £1600 was the total for it all they have paid £300 odd when i cancelled it but then its still means im payin £400 on it when im not even using the insurance now.Unless it means there taking the rest off aswell when i accept it arghhh confusing stuff. i dont particulary want to go to ombudsman because they can take so long.

di3004

bigmacman wrote: »

bit pee'd off to be honest i mean £1600 was the total for it all they have paid £300 odd when i cancelled it but then its still means im payin £400 on it when im not even using the insurance now.Unless it means there taking the rest off aswell when i accept it arghhh confusing stuff. i dont particulary want to go to ombudsman because they can take so long.

Wonder if they will be lenient to take another look even if this is the final response.
If you feel they have overlooked and not investigated your complaint properly you can have your say in hope they will reconsider.

I was not happy with an offer of 2 loan ppi's just recently, it was also their final response, but with good reason they did reconsider and uphold in our favour.
To do this I wrote to them and made a point that I believe they overlooked our complaints and not all our reasons were investigated, I also made it clear that the FOS would highly likely uphold in our favour due to previous complaints they dealt with - with the same bank (LLOYDS).
I gave them 14 days and contacted them just before, and if they had said they were not going to reconsider then I would move on to the FOS, due to the 6 month timescale as from the final decision they give to do this.

But if this was not the final response you can of course write to them again, and or take the chance if it was the final decision and give them 14 days, if you hear nothing then I would then move on to the FOS, if your in any hardship you can request for fast tracking within the FOS, there is still some waiting time on this but still quicker than the normal waiting times.

bigmacman

yeah im in hardship at the moment just started a dmp and have no job ect ill have a quick look at the letter i recieved and see what it says on there and get back to you if its a final response letter
thanks

bigmacman

after the offer part it just says

What you can do next?
I trust that you will find my comments helpful and that my offer fully resolves your concerns. However, if you are not satified you can refer this matter to the financial ombudsman service for further investigation. The services they offer are set out in the enclosed booklet .



should you decide to refer your complain to the ombudsman it is a requirement that you do so within six months from the date of this letter. this offer will remail available to you unitl the option to complain has expired.

to accept my offer, all you need to do is sign and return the declaration at the end of this letter. please do not make any amendments aas this will result in the form being null and void. On reciept we will repay any arrears that may be outstanding on your loan account and arrange for the balance to be paid into your current account.We expect to make a payment within 28 days of receipt of the acceptance form.

see if i complain to fos i dont want to come back with nothing.
would i be able to take the offer 1st offered to me if unsuccesful with the fos?

bigmacman

it does not say anything about a full and final response on the letter either

di3004

bigmacman wrote: »

after the offer part it just says

What you can do next?
I trust that you will find my comments helpful and that my offer fully resolves your concerns. However, if you are not satified you can refer this matter to the financial ombudsman service for further investigation. The services they offer are set out in the enclosed booklet .



should you decide to refer your complain to the ombudsman it is a requirement that you do so within six months from the date of this letter. this offer will remail available to you unitl the option to complain has expired.

to accept my offer, all you need to do is sign and return the declaration at the end of this letter. please do not make any amendments aas this will result in the form being null and void. On reciept we will repay any arrears that may be outstanding on your loan account and arrange for the balance to be paid into your current account.We expect to make a payment within 28 days of receipt of the acceptance form.

see if i complain to fos i dont want to come back with nothing.
would i be able to take the offer 1st offered to me if unsuccesful with the fos?

Hi

This does seem to be the final offer then if they have stated you have 6 months from this letter.
I am surprised they did not actually confirm though its the final one.

It is up to you of course what you want to do with the offer.

You could try another way and ring them and ask them was this the final decision, they should be able to confirm this to you, tell them the letter encloses the FOS details but does not actually confirm its final.

Maybe you would get another chance to write to them.

Its rare you will lose within the FOS, but still a chance to take to be honest.

Maybe someone on here will post up with their opinions on this as well, depending on how strong your case is as such if you know what I mean.;)

bigmacman

hmmmm descions decsions i think i will write to them see what they say it gives me a month to accept so no harm in asking i spose. just alot of money to lose out on really i spose.