How to claim PPI from Northern Rock (NRAM) if info appears to have been provided?

kinsae112

This is my first post so hope I’ve provided enough info here..

I have a £20k loan with Northern Rock taken out early 2007 for a 48-month period. Attached to the loan, was a Payment Protection Insurance of £4,399. With interest, the total amount payable (for both loan and PPI) is £28408.80. Due to change in personal circumstances in 2010, I am now on a debt management plan arrangement (via Payplan) to repay the debt to Northern Rock. I have £8,973 left to pay on this loan (incl PPI).

I would like to put in a complaint to Northern Rock (NRAM) to reclaim PPI paid to date. I would use any refund to pay off the outstanding debt. I am worried that if I am unsuccessful in my PPI claim, Northern Rock may no longer approve of the debt management arrangement we have in place to repay the debt.

Reviewing my paperwork, I appear to have been provided details of the PPI policy as well as details of the. They seem to have done an assessment to confirm that I need their PPI insurance to cover any unforeseen circumstances if I am unable to meet the loan repayments. On what grounds will I be able to reclaim PPI paid to date if I appear to have been provided with information at the start of the loan?

dunstonh

I would use any refund to pay off the outstanding debt.

You dont get the choice. That is where it goes (in the order or amounts written off if your agreement was to repay a lesser amount then defaults and arrears). Only if there is any after willl they pay you the surplus.

I am worried that if I am unsuccessful in my PPI claim, Northern Rock may no longer approve of the debt management arrangement we have in place to repay the debt.

It wont have any impact as long as you dont breach the terms of the agreement.

On what grounds will I be able to reclaim PPI paid to date if I appear to have been provided with information at the start of the loan?

Whilst they appear to have completed a needs analysis and you can find nothing wrong with that, they still charged you interest on the PPI by adding it as a single premium to the loan. By the sounds of it, that is your only reason for complaint. Although it is a very strong one.

kinsae112

Many thanks for your reassuring reply. I dont appear to have understood he definition of single premium. I thought that single premium was when the borrower was made to pay for the PPI upfront at the start of the loan. Mine appears to have been added to the original loan then repaid via monthly repayments, so I didnt realise this was referred to as 'single premium' PPI.

With regards to your response on my debt managment arrangement - does such an arrangement mean I am in breach of the agreement, since I can no longer repay the loan at the originally agreed monthly installments?

Thank you for taking the time to respond