PPI Reclaiming Discussion Part 5

fuzzgun19

amersall wrote: »

Did you request all financial information they hold on you and not just specific items?.
Did you have PPI, were you mis sold and have the card number? if you do then make the claim, if you could afford to repay the card in any eventuality, had life insurance, a good sick package from work and maybe savings?, then use these as reasons for mis sell too.

Thanks. I asked for all info, I quoted them the 2 account numbers, and also enclosed a copy of my council tax bill for ID.

Here's what I've done so far -

1st July 2013 - SAR posted
W/E 7th July 2013 - SAR received by Bank.
Cheque not cashed.
13th July 2013 - ID/Collect from branch letter received.
15th July 2013 - ID form posted back.
16th July 2013 - ID form received by BC.
10th Aug 2013 - SAR Non-Compliance letter sent.

From what I can gather, my next step is complaining to

Information Commissioners Office after 7 days.

Carol123_2

Hi All,
I only caught on about the whole miss-selling of PPI and decided to call my bank and ask the question and to my surprise, RBS (Natwest) had indeed applied PPI on my loan.
I initially I took out a £12k loan back in 2005 and since then I have reconsolidated the loan 4 times. The current loan was taken out back in 2007 and the total repayment was around £20k (including the interest). Trouble is; I have now received an offer of £924.27 from Natwest as a measure of good will because they were unable to determine whether or not PPI was miss-sold to me or not. Furthermore, the offer letter added that the bank is not at liability because they couldn’t determine if I was miss-sold.
My concern is that, having read all examples of offers made where complaints where upheld, ‘’good will’’ seems ridiculously low?!
Natwest didn’t actually include a thorough break down of how PPI was calculated against each of my loan accounts but they did state in the letter that they made the calculations as follows:
PPI Premium and associated Interest £685.55
Statutory and Stay Interest Values £298.40
Less Tax (20%) £59.68
Net Interest £238.72
Total Offer £924.27

My question is that, at first glance without actually knowing what the premium is/was within the loan agreement, can someone advise me if this looks correct? Giving the fact that I had taken out an initial Loan back in 2005 of £12k and reconsolidated it 4 times and the current loan was around £20k (with interest) which was consolidated back in 2007.

Many thanks guys
Carol 123

-taff

goodwill offers can be whatever they like.

You can either refer it to the ombudsman, or ask them to re-investigate properly based on single premium over a consolidated chain of loans, where you were never made aware that the PPI charge was a lona with added interest, if you consolidated the PPI would be rebated but the interest would stay on the following loan etc, and that if you had cancelled the PPI the interest wouldn't have been rebated.

You have six months from their offer letter to go tothe Ombudsman so you can do either one above.

amersall

fuzzgun19 wrote: »

Thanks. I asked for all info, I quoted them the 2 account numbers, and also enclosed a copy of my council tax bill for ID.

Here's what I've done so far -

1st July 2013 - SAR posted
W/E 7th July 2013 - SAR received by Bank.
Cheque not cashed.
13th July 2013 - ID/Collect from branch letter received.
15th July 2013 - ID form posted back.
16th July 2013 - ID form received by BC.
10th Aug 2013 - SAR Non-Compliance letter sent.

From what I can gather, my next step is complaining to

Information Commissioners Office after 7 days.

Sorry but I cannot find your original post, you can complain to the ICO but wait and see what reply you get from the non compliance letter.
As you have the account numbers, I would make a claim for mis sell
with the reasons and see what they come back with.

Carol123_2

-taff wrote: »

goodwill offers can be whatever they like.

You can either refer it to the ombudsman, or ask them to re-investigate properly based on single premium over a consolidated chain of loans, where you were never made aware that the PPI charge was a lona with added interest, if you consolidated the PPI would be rebated but the interest would stay on the following loan etc, and that if you had cancelled the PPI the interest wouldn't have been rebated.

You have six months from their offer letter to go tothe Ombudsman so you can do either one above.

Thank you Taff,

I did call RBS yesterday to get clarity on the letter and they confirmed that they have upheld my complaint.

They then started breaking down how the derived at the offer of £924.27 but unfortunately the phone cut out and I when I called back the office was closed :mad:

However, I managed to get the gist of the calculations and indeed the bank confirmed that when I reconsolidated my initial loan 17 months later; there was a PPI rebate on the second, third and fourth loan account.

I will give them a call later to finish the explanation, but from what you are saying it seems almost in sync with what they have told me.

I will come back with a thorough explanation as I really need to understand how this all works.

Thanks
Carol123

TeresaGreen

Apologies if the answer to this is elsewhere...i've searched but cannot seem to find.

I had 2 loans with Alliance and Leicester which ran
consecutively from 2000-2004. When I initially spoke to Santander who have now taken over these claims I made them aware I didn't have the original loan agreements. They said that was fine. I have since gave them both the account numbers and bank statements showing the initial credits and the direct debits that followed. After all that they are still asking for the orig Loan agreements as its over 6 years old...

Will it be the ombudsman or has anyone had luck via another route?


Thanks

-taff

Carol123 wrote: »

Thank you Taff,

I did call RBS yesterday to get clarity on the letter and they confirmed that they have upheld my complaint.

They then started breaking down how the derived at the offer of £924.27 but unfortunately the phone cut out and I when I called back the office was closed :mad:

However, I managed to get the gist of the calculations and indeed the bank confirmed that when I reconsolidated my initial loan 17 months later; there was a PPI rebate on the second, third and fourth loan account.

I will give them a call later to finish the explanation, but from what you are saying it seems almost in sync with what they have told me.

I will come back with a thorough explanation as I really need to understand how this all works.

Thanks
Carol123

You need to find out how much PPI was applied to your current loan [if there is some on there], because that should also be rebated, all of it, including the interest. They should recalculate your payments and take the total off the loan. It will be more than 900 on a 20k loan.

-taff

TeresaGreen wrote: »

Apologies if the answer to this is elsewhere...i've searched but cannot seem to find.

I had 2 loans with Alliance and Leicester which ran
consecutively from 2000-2004. When I initially spoke to Santander who have now taken over these claims I made them aware I didn't have the original loan agreements. They said that was fine. I have since gave them both the account numbers and bank statements showing the initial credits and the direct debits that followed. After all that they are still asking for the orig Loan agreements as its over 6 years old...

Will it be the ombudsman or has anyone had luck via another route?


Thanks

You don't need the original loan agreements, you need the loan numbers. Due to the age they might not have documentation os to check you shoudl send a SAR and £10.

Read through this
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

TeresaGreen

ok great, thank you

So after I provided the account numbers they said they still didn't have the full loan details so I needed to provide the agreement. I seem to be going round in circles with them...I have just sent them the full bank statements and asked them to tell me what little info they did have..probably doesn't help that its not Alliance and Leicester that are dealing with this direct anymore

The frustrating thing is, I had a older loan with RBS from 1997, I filled all the forms out over the phone, I had no account number or agreement... they sent me an offer letter out within 3 weeks

ahinds

no but was told more likely to be granted if i took it