Natwest ppi help please

S2escortrsturbo

Hi im new here so would be greatful if u could help,
I took out a loan with natwest for a car around five years ago,i was asked if id want loan protecter and as i was in work for only six months at the time i thought it was a good idea, a year went by and ended up going back to ask for more money and to add it to the loan, they said yes but it looks like i didnt have money added on top of my loan, i actually borrowed enough to pay of the existing loan and actually had a new loan, however on this occasion i was not asked if i wanted the loan protecter insurance this time. The forms were printed out an i was just shown where to sign, so does it matter i said yes on the first loan and wasnt asked the second time? I believe that becuse i had more money i should have been asked again and not just had the insurance added.

roonaldo

the firm has no obligation to sell you something, the fact that it wasnt taken out the 2nd time is not wrong as you already had ppi. you cannot complain you werent something.

the original ppi could have still provided cover (abeit a little short)

PPI_Technichal_Expert

S2escortrsturbo wrote: »

Hi im new here so would be greatful if u could help,
I took out a loan with natwest for a car around five years ago,i was asked if id want loan protecter and as i was in work for only six months at the time i thought it was a good idea, a year went by and ended up going back to ask for more money and to add it to the loan, they said yes but it looks like i didnt have money added on top of my loan, i actually borrowed enough to pay of the existing loan and actually had a new loan, however on this occasion i was not asked if i wanted the loan protecter insurance this time. The forms were printed out an i was just shown where to sign, so does it matter i said yes on the first loan and wasnt asked the second time? I believe that becuse i had more money i should have been asked again and not just had the insurance added.

with the second loan you were consolidating debt. Did they recommend the policy for you? If they advised the policy for you ( and it is shown that this is the case probably through a demands and needs document) and the terms and conditions upon early cancellation of th epolicy did not offer a pro rata rebate then you have a case.

S2escortrsturbo

I was not asked at all if i wanted ppi cover on the new loan, i was not advised, i asked for more money an then basically told me where to sign, i wasnt aware this was a new loan,Surely i should be asked if the cover was atleast still nessacery? I wasnt, they must have just assumed to carry it over.if i wasnt made aware then i feel it must have been misslod

zppp

S2escortrsturbo wrote: »

I was not asked at all if i wanted ppi cover on the new loan, i was not advised, i asked for more money an then basically told me where to sign, i wasnt aware this was a new loan,Surely i should be asked if the cover was atleast still nessacery? I wasnt, they must have just assumed to carry it over.if i wasnt made aware then i feel it must have been misslod

How would you not have been made aware, seeing as you signed loan agreement forms stating there is no PPI?

The banks are dammed if they offer it and dammed if they don't.

S2escortrsturbo

A was nt aware it was a new loan becuase i asked for more money added on to my exsisting loan, i didnt know it was a new 1. I guess you could call me nieve, like i said i was just told where to sign with no run through of the paperwork, i believed it was just standard practice for addin on to the loan, surely they should have asked if i required ppi on this newloan becuase it was indeed another loan? If they diddnt offer me it this time but i had it, then they added it without me saying yes.

zppp

When did you extend your loan?

S2escortrsturbo

Around a year after i took out the original. The original loan was over48 months, when i had the other loan it was also over 48 months so it was a new loan. It was back in april 2006 when i did this

zppp

So you extended it in 2007?

Was this on the phone, online or in branch?

PPI_Technichal_Expert

S2escortrsturbo wrote: »

I was not asked at all if i wanted ppi cover on the new loan, i was not advised, i asked for more money an then basically told me where to sign, i wasnt aware this was a new loan,Surely i should be asked if the cover was atleast still nessacery? I wasnt, they must have just assumed to carry it over.if i wasnt made aware then i feel it must have been misslod

when I say advised I dnt mean whether they said anything to you about the ppi I mean the specific way it was sold to you. When the brokers sell ppi they sold it either as an 'advised' sale or a non advised sale. It is important that you know this distinction as it will have an effect on whether u are able to claim for the second loans ppi. Phone the bank and ask them whether the policy was sold on an advised basis, and if so, whether you were entitled to a pro rata rebate upon early cancellation. If the answer to the first question is yes, and the second question no, then you may have a case.

S2escortrsturbo

Sorry i wasnt clear, i took out the original loan in 2005 and exstended it in 2006, i did this in branch, with regard to wether it was sold advised or not, do u mean wen i took out the first loan? As i mean cos i didnt get asked if i wanted it on the new loan, thats why i feel it was miss sold. So i thought it was irrelevent considering it was added without my consent on the new loan, it was all a very fast process- he popped out printed the paper work out and told to sign, he never asked me outright " do u want the payment protection on this loan" or u can get it elsewhere cheaper or asked if i had an means of making payments if i was out of work. The first loan i can understand having the protection but not the second,