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Natwest Loan PPI
Yorkie1974
Posts: 62 Forumite
We've just had an offer regarding PPI missold by Natwest for a loan my wife had. They have made a 'goodwill, no liability' offer of £262.22.
Now, there are a few calculations to come to this figure that I would challenge. I know my wife claimed for about three months on the PPI when she had pneumonia back in 2001 - probably received about £600 in total.
We also entered a DMP in 2005, and in 2009, Natwest had gone to court to get the loan registered against our home (about £13000 outstanding, I think) having told the court that we were not paying anything - we had been, but the company we were paying to handle our DMP said that we shouldn't bother fighting as they wouldn't be able to force us to sell. Anyway, they did take us to court to force us to sell - we managed to pull together £11500 with a high-rate mortgage organised through our debt management company (they saw us coming, didn't they?!) and Natwest agreed to settle for that.
Anyway, on their calculations, they say that the "total refund of PPI Premium and associated interest paid to date, less claim", comes to -£901.23. The interest comes to £1454.31, and tax on that is £290.86, so their offer to us is £262.
The settlement we made was for full and final payment of the loan.
I understand that Natwest will want to claw back the amount of 'discount' they gave us on the loan. Can they do this, given that the account is now closed? I don't know what their calculation was for the refund (can anyone work that back from the interest they have calculated?), but the claim certainly didn't run into the amount they deducted from what we paid.
Any advice for how I should handle this? Should I accept the £262 and be happy that it is better than a slap in the face, or should I fight for more - or at the very least, an explanation of their calculations?
I should add that I hate Natwest with a passion - we should have fought against their original court action as we had been paying them every month without fail as part of the DMP for four years, but that was dodgy advice from the DM company. However, the stress we went through when they tried to force us to sell the house (we had a three month old baby at the time) was horrific - I'll never forgive them for that, so really want to make sure they give me back every penny for their dodgy dealings.
Now, there are a few calculations to come to this figure that I would challenge. I know my wife claimed for about three months on the PPI when she had pneumonia back in 2001 - probably received about £600 in total.
We also entered a DMP in 2005, and in 2009, Natwest had gone to court to get the loan registered against our home (about £13000 outstanding, I think) having told the court that we were not paying anything - we had been, but the company we were paying to handle our DMP said that we shouldn't bother fighting as they wouldn't be able to force us to sell. Anyway, they did take us to court to force us to sell - we managed to pull together £11500 with a high-rate mortgage organised through our debt management company (they saw us coming, didn't they?!) and Natwest agreed to settle for that.
Anyway, on their calculations, they say that the "total refund of PPI Premium and associated interest paid to date, less claim", comes to -£901.23. The interest comes to £1454.31, and tax on that is £290.86, so their offer to us is £262.
The settlement we made was for full and final payment of the loan.
I understand that Natwest will want to claw back the amount of 'discount' they gave us on the loan. Can they do this, given that the account is now closed? I don't know what their calculation was for the refund (can anyone work that back from the interest they have calculated?), but the claim certainly didn't run into the amount they deducted from what we paid.
Any advice for how I should handle this? Should I accept the £262 and be happy that it is better than a slap in the face, or should I fight for more - or at the very least, an explanation of their calculations?
I should add that I hate Natwest with a passion - we should have fought against their original court action as we had been paying them every month without fail as part of the DMP for four years, but that was dodgy advice from the DM company. However, the stress we went through when they tried to force us to sell the house (we had a three month old baby at the time) was horrific - I'll never forgive them for that, so really want to make sure they give me back every penny for their dodgy dealings.
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