PPI Claim

Dagenham_Dave

Hi,

I urgently need some correct advice. I was self-employed and took out a loan with Natwest and was told that I had to take out a PPI if the loan was to be agreed. So I did very reluctantly!

A couple of years later I had to close my business or would have been forced into bankcrupty. I put a claim in and after several months it was declined by Natwest. I complained to Financial Ombudsman, who after 9 months upheld my claim.

Now, what I would like to know is that even after making a claim, am I able to claim against the PPI I was missold initially by Financial Advisor at Natwest?

Look forward to hearing from you.

Dave

dunstonh

Now, what I would like to know is that even after making a claim, am I able to claim against the PPI I was missold initially by Financial Advisor at Natwest?

As it was a financial adviser and not bank clerk (very rare to see an FA do a personal loan as its normally bank clerks that do. Unless you are just using the term FA incorrectly) then the FA should have had a lot more data about you and a needs analysis and report issued. So, the audit trail for the advice should be very strong. The fact that most loan protections were not put in place under advice but used unqualified and unregulated staff with poor training has been one of the key reasons the PPI issue exists.

What was the outcome of the FOS complaint? If redress has already been paid then you wont get it again. i.e. if the FOS agreed the policy was unsuitable and ordered a refund then you have already had it.