My draft PPI compensation claim letter to NatWest: does it look okay?

CrazyClive

Hello!

I'm a brand newbie to MSE, and I'm already very impressed by the website.

I'm about to put in a PPI compensation claim to NatWest and have drafted the following letter, using templates taken from the Which! website and from here:

[NAME/ADDRESS]
PPI Customer Concerns Team
Royal Bank of Scotland Group
PO Box 833
5th Floor
1, Hardman Boulevard
Manchester
M3 3AQ [DATE]

Dear Sir/Madam,

Re: Personal Loan reference: Payment Protection Policy No: 0000000

I purchased the above policy from you in June 2001 in connection with the Loan referenced above.

I believe that I was mis-sold this policy for the two reasons given below, and wish you to investigate my complaint according to your normal complaint procedures:

*the policy exclusions were not explained to me before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me; and
*I now believe the insurance was unsuitable for me as I was in temporary employment at the time I took out the policy and was not made aware of the specific exclusions relating to unemployment cover.

In a letter dated 6th March, 2012, sent to me by your colleagues at the Subject Access Request Team in Edinburgh, they wrote:

“Our Group Records Management Policy allows for the retention of 6 years of personal data to be held. This is in line with the Data Protection Act Guidelines. Generally, if the loan was repaid more than 6 years ago, we may not have the information available.”

Therefore, please find enclosed copies of the original Credit Agreement (signed and dated on 12th June, 2001) and the Personal Loan Protector Certificate of Insurance, as well as covering letters (signed and dated on 12th and 13th June, 2001) for both. Please also find enclosed a completed PPI Consumer Questionnaire along with these documents.

As stated on the front of the Credit Agreement with the Bank, the purpose of the loan was to refinance debt. These debts were incurred on a credit card issued to me by MBNA. MBNA recently confirmed to me in writing that I took out a form of PPI cover with them on this card and have awarded me a substantial PPI compensation payment. Please also find enclosed copies of two covering letters relating to that matter and a copy of the cheque, all from MBNA.

Please now investigate my complaint within the eight weeks allowed to you.

Yours faithfully,
[Me, obviously!]
encl.

The MBNA award (for just over £1,000) has, in fact, yet to arrive, but will do at some point this month. Is the content contained in the MBNA paragraph tactically sound, or should it be removed? My thinking on this is that it ought to create some uncertainty in the mind of NaffVest and might further encourage them to uphold my complaint and make me an offer. Call it some Alex Ferguson-style mind games, if you will!

The seven digit number is, I believe, the policy (or certificate) number, stated on the first page, below my name, on the PLP Certificate of Insurance (this is the correct number to quote, right?)

What do you think? Any thoughts you have are welcome on this or on any part of the letter; and please excuse this post's verbosity!

Thanks very much, and the very best of luck to you if you're in the middle of making a PPI compensation claim too.

magpiecottage

The fact that you had a complaint about PPI to another bank upheld is not relevant.

The fact that you were in temporary employment MIGHT be but only if a real person advised you.

CrazyClive

MagpieCottage,

Thanks for your reply, however tersely put!

Okay, I'll remove the passage about MBNA: not difficult to do and it simply means there's a very good chance that I'll be mailing the claim off tomorrow rather than a week or two.

I was indeed advised by a real person over the phone, who subsequently sold me the loan. I have no recollection of being told about any specifics; the conversation was, after all, nearly eleven years ago! (Thoughts?) I haven't mentioned it in the letter because I have indicated this at question B3 on page 2 on the PPI consumer questionnaire, which my letter makes reference to.

I am, however, troubled by question C3 on the same questionnaire: "C.3 Have you ever missed payments or gone into arrears on this borrowing?" The answer is yes, but I cannot recall any details. How crucial is this for the claim?

Also, it would be nice to have it confirmed by you or anybody that the seven digit figure on the PLP insurance certificate is indeed the correct number to quote on the covering letter. I don't want to make any mistakes.

Thanks once again. :beer:

CC

[Deleted User]

CrazyClive wrote: »

I am, however, troubled by question C3 on the same questionnaire: "C.3 Have you ever missed payments or gone into arrears on this borrowing?" The answer is yes, but I cannot recall any details. How crucial is this for the claim?

It's not crucial to whether redress is paid. It's only relevant to those still in arrears who would find any redress being used by the Bank to repay the outstanding debt.
In other words, it's not a problem for you to be concerned about at all

(I agree that you should remove the reference to MBNA)

CrazyClive

Moneyineptitude,

Excellent, that means I'm all set. I shall be printing off the papers tonight to post off by recorded delivery tomorrow. And then begins the two month wait...

Thanks very much! :beer:

CC

[Deleted User]

CrazyClive wrote: »

Excellent, that means I'm all set. I shall be printing off the papers tonight to post off by recorded delivery tomorrow. And then begins the two month wait...

Best wishes for good result!

CrazyClive

I wasn't sure whether to put this on a new thread or keep it here; on balance, it's probably best to keep it here since it's entirely to do with the claim I described earlier.

With the claim now mailed off, I wonder what compensation I could expect if it is to be successful. From the loan agreement, these are the numbers:

Amount of Loan: £2000.00
PLP Premium Loan: £460.00
Total Amount of Loan: £2460.00
Number of Repayments: 60
Total Interest: £1379.40
Total Charge for Credit: £1379.40
Total Amount Payable: £3839.40
Interest Rate (and APR): 20.9%
Normal Monthly Repayment: £63.99

The loan was signed and agreed on June 12, 2001 with the first repayment starting in August of that year. I don't know whether these figures speak for themselves or not. Any thoughts?

CC