NATWEST PPI Can anyone advise please.

magpiecottage

Banana_Hammock wrote: »

Hi,
Im certainly not getting giddy about what I am owed but what am I actually entitled to reclaim ? Can i get back the PPI for every month that I paid it in full ?

The question is whether or not it was missold. The most common reason, a single premium added to the loan, does not seem to apply here unless the monthly payments you refer to are simply repayments on a loan to pay for a single premium.

Could the Bank fob me off and just make any derisory offer for what I am owed with a take it or leave it offer ?

If the loan is repaid they will use a piece of software to calculate the redress (which they buy in). Provided the right figures are put in the offer will be correct.

And all this and Ive then got to chase up PPI on my old car loans and credit card too.

Car loans are more likely to have single premium PPI. Pre 14 January 2005 policies are more difficult.

Banana_Hammock

Thanks for the info magpiecottage,

The PPI i was given was to cover me if I could not make repayments on the loans that I had, the policy was advised to me to take because I was Self Employed and told "what would you do if work dries up, How would you repay if your income halved, Itd be safer with this policy" but reading the policy and other posts on here the policy would never have been approved for me now my income has actually halved and money is tight, well ever since the recession the construction industry has suffered.

I dont understand the differences between Single Premiums, Fully Loaded etc etc.. the breakdowns on my repayment policy shows combined monies together that make 1 single monthly repayment, if possible could you make it understandable to somebody not really of a banking brain.

Im sure I have been missold based on my employment status and paid for a product that no way would have worked for me, I broke my ankle in 2008 and asked for help due to being off for 3 months and was told No so had to repay via a struggle and lots of sleepless nights.

The terms state cover will activate if I lose my job, I cannot lose my job being Self Employed I can only suffer a loss of work and lean times, they say only once Bankruptancy or Insolvency is applied would it activate but thats a whole lot further down the road to doom than losing a job, which is scary enough in its own rights, Self Employment is ups n down, highs n lows but the PPI was being paid for yet never any use.

Just trying to find as much info as possible before beginning my claim, the lady at Natwest did say the Insurance Loan Protectors are PPI formerly a Personal Loan Protection (PLP) so I have definately paid it, just need to establish if it was missold or not and who decides if it was ?

Much gratitude for the time taken to reply your all helping point my vision in the right direction, thankyou sincerely.

Banana_Hammock

Sorry to clarify things.

One of my loans I will post below to show you what it says

Loan Amount : £25,000
Loan Term : 84 Months
Monthly Repayment : £472.40

Loan Breakdown of payments..
Total borrowed : £31,677.00 (£23,890.29 for Refinancing, £1,109.71 Cash Loan and £6,677.00 Insurance Loan)

Total payable : £39,681.60 (includes £8,364.72 Insurance Loan)
APR : 6.8%
Repayments of £472.40 x 84 (£372.82 Loan repayment £99.58 Insurance Loan repayment)

Total Charges : £8,004.60 (interest includes £1,687.72 for Insurance Loan)

This is basically everything non personal data that is shown on my loan policy and it ran from Oct 2006 to Feb 2009 before settled by another loan, this is one of which I am trying to find out if the Insurance Loan (PPI) is reclaimable for the months it was paid or in full, I am trying to find out when this loan was settled was the PPI paid off in full or deducted from final settlement to enable a settlement figure without PPI.

It says regarding Self Employment.."If you are Self Employed, Unemployment claims will be considered if you have become bankrupt, involuntarily ceased trading due to financial insolvency, notified the Inland Revenue you have ceased trading. Temporay cessation of trading due to lack of work are not covered"

I took out the policy as I was told itd help me if i struggled with my job !

Cheers guys hope this info helps and somebody could have a quick look and see what type of PPI i had and if its reclaimable.

amersall

contact the Data Protection Manager at RBS in Edinburgh and request my Records so I can see what I have had running with Natwest and what was paid, also spoke to another very helpful Natwest gentleman who said I also need to send a letter to Natwest's financial records who keep all copies of anything you have ever taken out with them

This is the one request you make for all info they hold on you
https://forums.moneysavingexpert.com/discussion/1475553
Enclose £10 and give them 40 days to respond, send this anyway as it should get you all the info they have on you.

documents I have, so after checking all my loans I have found PPI paid on 4 of them.

Do these documents have the account numbers? if they do then that is all you need to make a claim for mis sell, your Loan PPI is front loaded, all this means is the PPI was put on the loan at the start and you paid this back to term end with interest, unlike a PPI payment that is made with one payment a month that can be cancelled month to month with no interest added to the remaining term of the loan.
You can claim mis sell on these loans with the front loaded aspect.
Do not worry about what you will get back or what you have paid, if your claim is successful they work out what you are owed, you do not need to give them this info, you are making hard work for yourself when all you need to do is put the mis sell claim in and use the front loaded reason for the claim.

amersall

Hi, banana, just for your information, when you took the second loan, the first loan would have had a rebate of the PPI, the remaining PPI on that loan was carried over to the second loan then each loan after that was used to repay the previous loan and PPI less the PPI rebate....and so on.
If you win redress you get the whole PPI back for each loan less all the rebates of PPI that they gave to each loan plus the statutory 8%.

If you got the car loans through a dealer then you need to find out who the dealer was to get your info but if you got a Natwest loan and then went and bought the car then Natwest are the ones you make the claim too, this will be a Sar unless you have the account number, on your CR there should be the last 4 digits next to the product, others on here have made requests and mis sell claims just with these 4 digits.

magpiecottage

Banana_Hammock wrote: »

£6,677.00 Insurance Loan

£1,687.72 for Insurance Loan

Bingo! FOS will almost always uphold on this - so I would expect the bank to uphold without a fight.

Fill in the FOS form, take a copy and send it off.

As the meerkat says, simples.

Banana_Hammock

Thankyou so much guys, so your saying just by looking at the loan I have shown I have a case for reclaiming ?

When you say redress etc...what does that mean, apologies for sounding so numb Im really not financially brained.

So if I paid 27 months into a loan of 84 months and only paid 27/84 PPI payments does the remaining PPI still get including in a settlement figure that my larger loan will have had to pay or will it have been removed and the simple settlement would have been what I owed at that date as PPI would not have been needed if the loan was ending ?

I just do not want to sound like a fool when I ring them (i save that for here lol, ask me anything about concrete and hgv's and i can answer perfectly, banking...nah) so being self employed am i within what you would say the parameters to be missold ?

I will keep you posted every step of the way, ive written 3 letters today, 1 to data protection manager in edinburgh requesting records, 1 to data protection officer in southend on sea and 1 to natwest historical records in manchester asking for my records with them, am i basically asking 3 seperate people for the same thing here ? Natwest did say their records would be free of charge to obtain.

If you were in my shoes would you be confident ?

Im hoping the records i get returned will also show the car loans i had, I had some loans with the car companies themselves or their finance people they used and some with Natwest depending on most attractive offer at the time.

My CR does not show any account numbers, its 22 pages long but I cannot see any, sorry to tread over old ground, so making a complaint/claim do I just mention the account number via the forms you said and do not need to go into the sums and what i paid etc.. etc.. just complain and they do it for you ?

Cheers, this site really is helping somebody with little knowledge on finance hopefully get a part of their life back.

Banana_Hammock

My concentration so far is purely on Natwest then once on the move I will then attempt to trace my loans with the car companies etc.

Banana_Hammock

Sorry pressed REPLY when I hadnt finished, is it better to register my claim with Natwests PPI service first before going to the FOS incase Natwest refuse I have a case ?

Banana_Hammock

amersall wrote: »

This is the one request you make for all info they hold on you
https://forums.moneysavingexpert.com/discussion/1475553
Enclose £10 and give them 40 days to respond, send this anyway as it should get you all the info they have on you.



Who do I send this too Amersall : ) my own Natwest branch or the Data Prtoection Manager.