PPI Lost Agreement

muppetdodger

I have a credit card with natwest which has a largish balance on it. I've had the card for many years, and it has PPI which I was told I had to take out in order to get the card at the time. I have all the old statements and the PPI adds up to a very large sum.

I asked the bank for a copy of my card agreement, but eventually they replied that they couldn't find it although the agreement was still enforceable and I should carry on paying. Didnt know where to go then!

Anyway, it's come to a head, as my card is over limit and my bank (Natwest) has stopped my DD for two months and now the credit card has been cancelled and the card company (natwest) are demanding the balance.

Where should I go from here with the PPI, and where do I stand with the Credit card agreement/paying it back. It is also worth noting that a few months back I asked Natwest to switch the credit card balance to a loan which would have made me several hundred pounds a month better off, but they refused on the basis of my 'credit card activity' whatever that means!

Someone please help me get this straight.

di3004

Hi and welcome

You do not require the credit agreement to make a reclaim.

With your mis selling reasons you can still make a reclaim on the ppi, and you can also add any further info if you want to at the same time about the request of a switch.

With your reasons, you can complete the reclaim questionnaire below, send to the business who set up and sold you the account, remember to keep copies, good luck.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

dunstonh

Unfortunately, one of the risks of asking for your agreement is that if the card company cannot find it, they can suspend use of the card or lower limits to prevent further borrowing.

You never needed your agreement to make a complaint. It is pretty obvious whether you have it or not as it would appear on your statements each month. You should go straight to complaint if you have reasons for complaint.

muppetdodger

di3004 wrote: »

Hi and welcome

You do not require the credit agreement to make a reclaim.

With your mis selling reasons you can still make a reclaim on the ppi, and you can also add any further info if you want to at the same time about the request of a switch.

With your reasons, you can complete the reclaim questionnaire below, send to the business who set up and sold you the account, remember to keep copies, good luck

I've sent off the form today, with an accompanying letter explaining where I'm coming from. I've totted up the premiums paid and charges incurred and they total more than 8K. I haven't told them that and expect them to come up with an answer - is this the way to go about it or should I ask for a specific amount?

Also, I want to complain regarding the refusal of a personal loan to pay off the credit card. I know a bank doesnt have to lend you money, but it was blatently obvious that they were putting me in a precarious position by refusing the loan and instead making me keep the credit card which they knew I was struggling to pay. It's not like the lending was with different companies, they were both with Natwest. Sometimes you feel like they are keeping you on the credit card, because clearly there is more return in it for them. If I can make my feelings known, who do I do it to?

dunstonh

I've sent off the form today, with an accompanying letter explaining where I'm coming from. I've totted up the premiums paid and charges incurred and they total more than 8K. I haven't told them that and expect them to come up with an answer - is this the way to go about it or should I ask for a specific amount?

You dont ask for amounts but you have to give your reasons for complaint. There is nothing wrong with having PPI. There has to be a failing (and usually a provable failing).

Also, I want to complain regarding the refusal of a personal loan to pay off the credit card. I know a bank doesnt have to lend you money, but it was blatently obvious that they were putting me in a precarious position by refusing the loan and instead making me keep the credit card which they knew I was struggling to pay.

You can complain but it doesnt have any merit and its not something the FOS can look at either. Each lending unit is responsible for its own lending decisions. So, the branch is responsible for its lending. The credit card unit responsible for its lending. The branch didnt want to take on the liability of the card unit.

It's not like the lending was with different companies, they were both with Natwest.

Same logo but different units.

[Deleted User]

muppetdodger wrote: »

Also, I want to complain regarding the refusal of a personal loan to pay off the credit card. I know a bank doesnt have to lend you money, but it was blatently obvious that they were putting me in a precarious position by refusing the loan and instead making me keep the credit card which they knew I was struggling to pay.

You really cannot complain about this, it was your own decision to take out a credit card. It will have been the fact that you were struggling financially that made them refuse you a loan, not that they simply wanted to keep you paying the (more expensive) credit card.
You are actually saying that you want to complain about the Banking system. You might just as well be complaining about being forced to pay road tax, I'm afraid. It's just the way it is.

I hope you manage to sort out your finances soon, you might like to go to the "Debt Free Wannabe" section of this board.
http://forums.moneysavingexpert.com/forumdisplay.php?f=76
Where you'll find help and encouragement.