Do I have a claim with Northern Rock or NRAM

turvey34

Hi all,
There are so may threads on here and I haven't been able to trace one that matches my query.

I will try and keep it brief:
I had a load with Northern Rock started 2006 ended 2009.
I wanted the PPI and went for their gold cover
I had no intention of trying to claim the PPI as I was happy with what I'd selected and there was no pressure selling involved as it was done over internet.

I recently go a letter from NRAM asking if I wanted to claim, I checked the list of claim reasons and was happy that all was above board and I couldn't make a claim.

More recently I have come across more reasons why you can claim, there is one I would like confirming, that is:
Can I claim if although I wanted and accepted the PPI from Northern Rock (There was an option to say no to it)
I didn't know that I didn't have to take it out with them. I have checked the paper work throughly and there is no mention that I can have PPI from another source if I preferred to. And as far as I was aware at the time, if you wanted PPI you had to have it through whoever supplied he loan.

If I can claim for the above, Who do I send the claim form to?
I am unsure who NRAM is as the name (Northern Rock Asset Management) suggests it part of what was Northern Rock. Problem is I have heard some people say they charge a fee (not sure if its true).
If it isn't NRAM who do I right to as Northern Rock doesn't really exist any more, or does it?

Thanks in advance for any help you can give.

amersall

They do not have to tell you that you can take this cover elsewhere, if you paid this PPI in with the loan payment each month and not a separate payment on it's own, then this is front loaded PPI in effect a loan on the loan that you paid to term end with interest, this is the reason for mis sell that you use, it is the most upheld of all PPI reclaims.

Contact NRAM and get your claim in, they have the loan details to have sent you the form asking if you were mis sold.

turvey34

Hi Amersall,
Thanks for responding, I wonder if you could clarify what I should put on the form as I don't think it falls into the categories they list and I think I will have to put it in other reasons why I am claiming.

I can confirm that the PPI was added to the loan but it does state this in the paperwork and gives me a breakdown of what I will pay each month for the loan and the additional for the PPI.

Am I able to claim because they didn't give me the option to pay the PPI as a 1 off lump sum with no interest? As it would seem if you wanted their PPI you had to have it added to the loan with interest added on.

Your help on this is appreciated thanks

[Deleted User]

turvey34 wrote: »

Am I able to claim because they didn't give me the option to pay the PPI as a 1 off lump sum with no interest? As it would seem if you wanted their PPI you had to have it added to the loan with interest added on.

This is "front-loaded" PPI and is the most upheld complaint. Fill out your Ombudsman questionnaire as completely as possible, putting the front-load as your main complaint. But do add any other reasons if they honestly apply.
Good luck.

roonaldo

turvey34 wrote: »

more reasons why you can claim, there is one I would like confirming, that is:
Can I claim if although I wanted and accepted the PPI from Northern Rock (There was an option to say no to it)

Your talking of a regulated 2006 sale, PPI was not compulsory and was marked as optional

I didn't know that I didn't have to take it out with them. I have checked the paper work throughly and there is no mention that I can have PPI from another source if I preferred to.

they dont have to tell you, they are not a broker, Northern Rock are not going to discuss products they dont sell. eg you dont go to Tesco and they tell you to go to ASDA. this is a mythical complaint point

magpiecottage

turvey34 wrote: »

I can confirm that the PPI was added to the loan but it does state this in the paperwork and gives me a breakdown of what I will pay each month for the loan and the additional for the PPI.

Am I able to claim because they didn't give me the option to pay the PPI as a 1 off lump sum with no interest? As it would seem if you wanted their PPI you had to have it added to the loan with interest added on.

If they told you the TOTAL cost of the interest on the PPI premium over the ENTIRE anticipated length of the loan AND that the policy would expire before the loan was repaid (if applicable) then they have a defence because you were in a position to make an informed decision.

Otherwise I think a complaint is likely to be upheld - although they may argue that you would instead have purchased a monthly premium policy elsewhere and a notional cost (specified by the FSA) at £9 per month per £100 benefit.