im confused

jimmy_teabags

whats best to do?
wait or go there?

marshallka

jimmy_teabags wrote: »

whats best to do?
wait or go there?

No-one can really make that decision only you.

sunandsailcat

marshallka wrote: »

No-one can really make that decision only you.

What's the downside of going to the FOS - surely the more clout the consumer has on their side the better??

jimmy_teabags

got a letter this morning saying there paying me £548 for my frist loan ppi's but are still looking into my 2nd loan with them!

i rang up about a timescale but ive gotta say there clueless!

anyways thanks everyone as im £500 better off just in time for xmas!

jimmy_teabags

ive got this letter this morning with my other loan, but how do i work out how much there are going to give back?

Your complaint about National Westminster Bank Plc
I am writing to you about your complaint concerning the payment protection insurance
(PPI) policy you took out with NatWest.
I am pleased to let you know that NatWest has told us that it would like to make an offer
as a gesture of goodwill offer, with no admission of liability, to settle your complaint.
NatWest will be writing to you to explain the precise terms of its proposed settlement –
however, it has told us that it will be based on the general approach that the Financial
Ombudsman Service takes when we decide that a consumer has been mis-sold a PPI
policy.
We have set out our typical approach to redress in the factsheet(s) at the end of this letter.
As you can see, the settlement of your complaint will be calculated by taking into account
the type of PPI policy or policies you have complained about - and whether or not there is
still a loan/credit card account or PPI policy in force. The settlement will also take into
account any money you have received through a claim on the policy and also if there are
any arrears. Further information about our approach to redress is also available on our
website at http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html.
It is important to understand that the offer will be subject to you agreeing to the cancellation
of the payment protection insurance policy (or policies) - if still in force. This will mean that
all insurance cover provided by the policy will be lost. I am afraid we cannot give you
advice on alternative insurance arrangements, and you may wish to seek independent
advice about the options available to you before deciding whether to accept the offer. You
can also look at the Financial Services Authority's comparison tables at
https://www.fsa.gov.uk/tables/bespoke/PPI.
If you would like to accept this offer you do not need to take any action. If we do not hear
from you within the next 14 days, we will assume you accept the offer and we will inform
NatWest. However, should you wish to discuss this offer further, or do not wish to accept it,
then please contact us on the details at the end of this letter within the next 14 days.
please write to Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
dx 141280 Isle of Dogs 3
website https://www.financial-ombudsman.org.ukPlease note that by accepting NatWest offer, you are accepting our general approach to
calculating compensation if we were to uphold your complaint. NatWest will then write to
you with the exact figures (and revised loan/credit card account details where appropriate)
once the calculation has been carried out. NatWest has requested that we inform you that
it may take it up to eight weeks (from the date we provide confirmation that you have
accepted the offer) for it to calculate and process the settlement.
If, once the figures have been received, you believe that NatWest has made an error in the
way it has carried out the calculation, please contact NatWest initially to discuss this. If you
are unable to resolve the matter with NatWest, we will be happy to assist. You can contact
NatWest on its dedicated helpline, 0117 940 3969.
As we explain in our leaflet, your complaint and the ombudsman, consumers have the right
to ask an ombudsman to review their complaint - as the final stage in our process.
However, I hope that this will not now be necessary in this case.
Yours sincerely
Helen Tideswell
Team Manager
phone 020 7093 7372
email ppi.team@financial-ombudsman.org.ukCalculating compensation in complaints about the mis-sale of a
single-premium payment protection insurance (PPI) policy
This note is to help financial businesses and consumers understand the typical approach of
the Financial Ombudsman Service to compensation where we decide that single-premium
PPI has been mis-sold.
In the majority of cases, we are likely to tell the financial business to put the consumer in
the position he or she would have been in if they had taken out the loan without the PPI –
and to compensate them if they have been out-of-pocket in the meantime.
The exact approach to calculating compensation will depend on the overall circumstances
of the individual complaint. In particular the calculations of compensation will vary
according to the present status of the loan and PPI policy. We consider below three
scenarios to illustrate the way the calculations work:
1. the loan and the PPI are still in force;
2. the loan has been settled early and the PPI has been cancelled;
3. the loan and the PPI policy have run the full term.
Further information about our approach to redress is given on our web-site at
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html.
In cases of doubt about the application of this approach to the facts of an individual case
the financial business should approach the adjudicator dealing with the case without delay.
We may also consider it appropriate for the financial business to pay the consumer
additional compensation for any distress and inconvenience he or she has been caused,
including where the financial business rejected a complaint which it knew (or should have
known) we would uphold. If we consider such an award is appropriate this will be specified
by the adjudicator.
1 - where the loan and the PPI are still in force
Where the consumer agrees to cancellation of the PPI and to restructuring of the loan, the
financial business should:
(A) arrange for the loan to be restructured (without charge to the consumer) so that:
 any amounts outstanding in respect of the PPI (including any interest and
charges) are cancelled; and
 the number and amounts of any future repayments (including any interest and
charges) are the same as would have applied if the consumer had taken the
loan without PPI;
(B) calculate, and pay the consumer, the amount of the net payments the consumer will
make up to the time of settlement in respect of the PPI (including any interest and
charges) by comparing:
 the payments actually made;
- the payments which would have applied if the consumer had taken the loan
without PPI; and
- add interest on each of these net payments at the rate of 8% per year simple
from the date of each payment to the date the compensation is paid;
- less any premium refund actually paid to the consumer on cancellation of the
policy; and(C) set out in writing for the consumer the amount outstanding, and the number and
amount of future payments, under (A); and the details of the calculation under (B).
Notes:
 Where a consumer wishes to use any cash payment due to further reduce the loan
instead, the financial business should facilitate such requests. However, the financial
business cannot require the consumer to reduce the loan beyond that which would now
have applied had the PPI policy not been sold unless the contractual right exists. If the
financial business intends to exercise the contractual right, it should consider if doing
so is fair in the consumer's current circumstances.
 In the event that the PPI policy has been cancelled and the loan is still running or a new
loan has been arranged without the policy, the financial business should arrange for the
loan now in place to be restructured, putting the consumer back in the position he or
she would have been in if the original loan was taken out without PPI cover.
Alternative scenarios: We are also likely to require compensation to be calculated using
this approach in cases where the term of the loan is longer than the term of PPI, the PPI
cover has run its full term but the loan is yet to be settled.
2 - where the loan has been settled early
In these cases the financial business should:
(A) calculate, and pay the consumer:
- the amount which was actually required to settle the loan with PPI (including
any interest and charges) net of any PPI premium refund;
- less the amount the consumer would have paid to settle the loan if they had
taken it without PPI;
 plus interest on the difference at the rate of 8% per year simple from the date
the loan was settled to the date the compensation is paid;
(B) calculate, and pay the consumer the amount of the net payments the consumer
made up to the time of settlement in respect of the PPI (including any interest and
charges) by comparing:
 the payments actually made;
- the payments which would have applied if the consumer had taken the loan
without PPI; and
- add interest on each of these net payments at the rate of 8% per year simple
from the date of each payment to the date the compensation is paid; and
(C) set out in writing for the consumer the details of the calculations under (A) and (B)
3 - where the loan and the PPI policy have run the full term
In these cases the financial business should:
(A) calculate, and pay the consumer the amount of the net payments the consumer
made in respect of the PPI (including any interest and charges) by comparing:
 the payments actually made;
- the payments which would have applied if the consumer had taken the loan
without PPI; and
- add interest on each of these net payments at the rate of 8% per year simple
from the date of each payment to the date the compensation is paid; and
(B) set out in writing for the consumer the details of the calculations under (A).

jimmy_teabags

:beer:anyone?

amersall

Niggly will help you with the exact calculations with this,can you post up the both loans, amounts,start and end dates or early settlement,the ppi amounts and the interest.
He will tell you then what you will get.
Maybe tomorrow now.