Natwest offers are these right?

shirleyc

Hi, hoping someone can help me if possible please. Have been awaiting offers on 5 loans from the Natwest all of which were on a chain, the last loan took out had no PPI on it.

Received 5 offers this morning and would like to know if these are correct, will try giving as much breif info as possible:

Loan 1 PPI was £480 and NO offer has been made for some strange reason...they have not refused it, but its not listed within the other offers? This was the first of the chain and loan lasted for 1 year exactly.

Loan 2: PPI £96 loan lasted 11 month and offer of £114.65p

Loan 3: PPI £995 loan lasted 18 months and offer £745.08p

Loan 4: PPI £2020 loan lasted 3 years and 2 months offer £2546.94

Loan 5: PPI £4353. loan lasted 6 months offer £753.67

Loan 6 of which NO PPI was taken out on this loan as is listed on the sheet we received of all loan history from the Natwest? They have offered £1480.49?

I am slightly confused with these offers they all form a chain from 1 through to 6. We claimed on all loans with PPI as hubby was told no PPI no loan! All these offers include interest and the interest has been taxed at 20%.

With loan 6 if they are offering that amount and yet no PPI was taken, the letter states if the loan is still open (which it is!) the refund will be applied to the loan account. But I believe this is unfair as it states quite clearly in the PPI box on our list n/a!

Is this amount so low because when hubby continued the chain of loan it means he did not pay of the full PPI and it was recalculated, so he is being refunder the monthly premiums he paid?

Hubby has taken little one out so I can try to make some sense of this with some peace and quiet so any advise would be welcome!

Do the amounts look right? Many thanks in advance, my first thought was dont worry i'll come on here someone will be able to advise!

amersall

Is this amount so low because when hubby continued the chain of loan it means he did not pay of the full PPI and it was recalculated, so he is being refunder the monthly premiums he paid?

You are correct, when you settled each loan there will have been given a rebate of PPI, the remaining PPI would have been carried over to the next loan and so on.
Loan 6 would have had the remaining PPI after the rebate from loan 5 added on, that is why they have given you redress on loan 6.

Are they taking the whole PPI amounts off the live loan?, if they are then you need to ask them why they are doing this, it is possible that the last loan refund only is being used, does this clear the live loan?.

If you have had no arrears and want the redress paid back to you then ask them.
They have given the PPI amounts and PPI after settlement back to you with interest, the redress looks right to me.

shirleyc

amersall wrote: »

You are correct, when you settled each loan there will have been given a rebate of PPI, the remaining PPI would have been carried over to the next loan and so on.
Loan 6 would have had the remaining PPI after the rebate from loan 5 added on, that is why they have given you redress on loan 6.

Are they taking the whole PPI amounts off the live loan?, if they are then you need to ask them why they are doing this, it is possible that the last loan refund only is being used, does this clear the live loan?.

If you have had no arrears and want the redress paid back to you then ask them.
They have given the PPI amounts and PPI after settlement back to you with interest, the redress looks right to me.

Many thanks for the reply!! I have no idea what they are doing, they sent 5 seperate offers in one envelope and each offer states if the loan is still open then the refund will be paid on the loan account. Does this mean hubby wont see any of the money? Am very anxious if this is the case! He cant call them as the opening hours are only 9-5 mon-fri and he works, also he is not very clear when on the phone which is why i have been dealing with the claim for him. We dont want it to go on the loan amount, we thought the last loan had no ppi on it and that meant all loans with ppi had been re-paid already.

[Deleted User]

shirleyc wrote: »

the letter states if the loan is still open (which it is!) the refund will be applied to the loan account. But I believe this is unfair as it states quite clearly in the PPI box on our list n/a!

As you are on Debt Management and the loan is in arrears the Bank can and will apply the redress to the outstanding amount. It matters little that you don't actually have PPI on this loan as it forms part of a consolidation chain which did have PPI.
I think we've had this conversation in the past.

shirleyc wrote: »

Do the amounts look right?

Yes, you've been awarded all of your PPI premiums plus 8% simple interest which is full redress.
The 20% additional reduction is what you would have otherwise owed the taxman.

[Deleted User]

shirleyc wrote: »

Does this mean hubby wont see any of the money? Am very anxious if this is the case!

As I said back on the 15th of June:

Moneyineptitude_on_15/06/12 wrote: »

You're unlikely to get anything personally if you are paying a DMP, any redress won would go towards the amount you still owe them. Only if the amount owed is less than the redress will you get anything at all.

To which you replied:

shirleyc wrote: »

I'm on a debt management plan and I was paid the money directly to myself.
I have not and had not given my permission for my money to be paid to anyone else and the loan was in my name.First of all the money went to the debt company and a week later a cheque arrived with me, the money was refunded by the company.

That was your experience with Halifax, I believe? But did you actually still owe money to that Bank? If you had, Halifax would have retained your redress in the exact way NatWest will now do.

At least your debt with NatWest will be reduced (or cleared).

shirleyc

Moneyineptitude wrote: »

As you are on Debt Management and the loan is in arrears the Bank can and will apply the redress to the outstanding amount. It matters little that you don't actually have PPI on this loan as it forms part of a consolidation chain which did have PPI.
I think we've had this conversation in the past.

Yes, you've been awarded all of your PPI premiums plus 8% simple interest which is full redress.
The 20% additional reduction is what you would have otherwise owed the taxman.

Hi money,
Hubby is not on a DMP and so this is a different case than to my own I have had.
Many thanks

shirleyc

shirleyc wrote: »

Hi money,
Hubby is not on a DMP and so this is a different case than to my own I have had.
Many thanks

Also he is not and has never been in arrears on any of his loan payments.

shirleyc

Moneyineptitude wrote: »

As I said back on the 15th of June:


To which you replied:


That was your experience with Halifax, I believe? But did you actually still owe money to that Bank? If you had, Halifax would have retained your redress in the exact way NatWest will now do.

At least your debt with NatWest will be reduced (or cleared).

Sorry Money it seems there has been crossed wires here
I myself did a claim through the Halifax whilst on a DMP, and yes the loan is still outstanding. I was re-paid the PPI I had been missol, originally it went to the company who took over the debt, and then I received a cheque myself. I questioned this several times and was told the PPI was mine.

The thread I have posted about today relates to my hubby PPI and his loans, all of which he has never missed a payment on and was missold PPI. I am nothing to do with his loans, my name is not on them, and I am merely dealing with the PPI claims on his behalf if that makes sense. Many thanks once again for the advise.

[Deleted User]

shirleyc wrote: »

Hi money,
Hubby is not on a DMP and so this is a different case than to my own I have had.
Many thanks

shirleyc wrote: »

Also he is not and has never been in arrears on any of his loan payments.

In which case, your husband must write to the Bank and tell them he doesn't agree that the redress should be applied to his loan. No hurry for this, he can do it together with his acceptance of the redress.
Now have a worry free weekend!:D

[Deleted User]

shirleyc wrote: »

I am nothing to do with his loans, my name is not on them, and I am merely dealing with the PPI claims on his behalf if that makes sense. Many thanks once again for the advise.

Just to be clear, is your husband's NatWest account held in your joint names? If so, this might complicate matters a little.

shirleyc

Moneyineptitude wrote: »

Just to be clear, is your husband's NatWest account held in your joint names? If so, this might complicate matters a little.

Not a problem the loans were only ever taken out in his name. So can I now rest and relax knowing that he will get the full amount back? :beer: