NRAM PPI reclaim query

hummingbird1982

Hi there

I have just joined and have a bit of a query. I, like many others, have received a letter from NRAM regarding the PPI that I took out on a loan in 2006. Although this was a while ago, I seem to remember being told that I had to take the PPI out with the loan as it was unsecured. I was living with my parents at the time but they were still insistent. I didn't realise that it got added to my loan amount until this week! I actually cleared the loan with another loan from the Bank of Scotland back in 2008. The original loan amount was for £15,000 and, after 2 1/2 years of paying around £270 pounds a month, I had only cleared £900 of it! I wish I had been more financially astute back then and queried it but it wasn't until afterwards that I realised that the PPI actually amounted to £5000 + interest at 9.9%! That's a third of the loan amount bringing the total, plus interest, to nearly £28K!! I have sent the letter back to NRAM. Am I right to do so? Also, do I have any other complaint to make as, 2.5 years spent paying only 900 pounds off a loan just seems ludicrous (and again, I kick myself for my stupidity).

Any thoughts?

di3004

Hi and welcome

It soon adds up doesn't it?
The complaint would be in the reclaming of the PPI itself really, but still I know it's shocking.

Yes if you believe you were mis sold the PPI, you are in your right to make a reclaiming complaint on all PPI you have paid, plus the relevent interest.

So this letter you sent back, was it in regards of a mis sold PPI?

Catriona82

I sent the form back but then phoned a couple of weeks later and apparently they never recieved it... hmmm..

So I ended up doing it over the phone but you will need to have all the information about the loan uncluding the exact monthly payment amount, the loan amount and the repayment period (even though they should have this information!)

If I were you I would save time and phone the number on the letter rather than posting the form back.

Riggsy1367

Hi Cat,
Do you have the number you called NRAM on? I'm trying to track a loan down...
Thanks

hummingbird1982

di3004 wrote: »

Hi and welcome

It soon adds up doesn't it?
The complaint would be in the reclaming of the PPI itself really, but still I know it's shocking.

Yes if you believe you were mis sold the PPI, you are in your right to make a reclaiming complaint on all PPI you have paid, plus the relevent interest.

So this letter you sent back, was it in regards of a mis sold PPI?

Hi

Yes it was. I believe it was part of NRAM's initiative where they are being proactive in contacting loan holders. As per the suggestions above, I may give them a couple of days and then give them a call to talk it all through. Luckily I kept all of my paperwork and so I shouldn't have any problem giving them the info they need.

Will see how it goes!