Natwest Front Loaded PPI for several loans.

IJM

Hi

I have been looking into some PPIs I had for a sequence of 5 or 6 loans I had from Natwest over a period of 10 years starting way back in 1988. I'm in the fortunate position in which I have all the paperwork including the loan agreements (showing the cash loan, the PPI premium, the interest rate and everything), the PPI certificates and bank statements covering the entire period.

The remainder of most of these loans were paid off by subsequent new loans forming wee chains. Only the very last PPI loan was consolidated into a loan without PPI in 1998.

So, Question 1: can I really go back to 1988?

Question 2: I am correct in assuming that I can reclaim these PPIs solely on the basis that they were all front loaded?

Question 3: Because these are all more or less linked in a sequence, do I fill out one PPI claim for all of them or one claim form for each?

Lastly, Question 4: because I have the paperwork, should I pro-actively enclose copies of the loan paperwork or wait until they ask for them? (Because I'm guessing that they might not have details going back to '88).

Many thanks.

amersall

Put the claim in, list all account numbers, put they were all consolidated and Front loaded PPI, enclose copies of all paperwork you have and see what they come back with.

If you had good sick pay, life insurance or other means to repay these loans should the worst happen, put these as reasons for mis sell also.

Front loaded PPI is the worst, it is a loan on the loan that you repaid to term with interest, at settlement of each of your loans, you would have been given a rebate of the PPI, the remaining PPI would have been paid by you at the settlement out of the next loan, this means you are paying PPI again, not only on the first loan but the amount of PPI paid back in settlement.

CheekyMonkey

Not sure I understand the PPI rebate principal, as Im in a similar situation with Lloyds:- 7 loans, all front loaded with some consildated into new loans (seperate thread).

If for example the loan was £1000 and PPI £100 - I owed the bank £1100 + interest, over the agreed term. If I repaid this early the total outstanding balance (incl. PPI) would be offset against the new loan agreement. So where does a rebate come into play? No matter what length of time, I paid back the £1100.

-taff

No it wouldn't. The PPI would be rebated, but the interest associated with it wouldn't be.

IJM

I'm going to work through my loans and my statements and match them up to the amounts repaid with particular attention to see whether or not there are any adjustments to take account of the outstanding principle of the PPIs when loans are repaid early. In theory the bank should have deducted the remaining principles of the PPI component when calculating settlement figures. I suspect that they didn't make any such adjustments which could potentially add another piece of ammunition to an argument of a missell.

IJM

I've been through all my statements. I did get PPI refunds twice. Once when I paid a loan off early myself. And another time when I restructured the last year of my final PPI loan into a new non-PPI loan.

The one other occasion I completed a PPI loan early was when I rolled the last six months or so into a new loan for a car. There was no refund for that one.

I've used my spreadsheet skills to calculate the repayments and interest for the PPI alone. All the figures tie up perfectly. So I've been able to calculate roughly how much I can expect to recover (before tax) assuming it's upheld. A smidgen over £9k. That will go a long way to getting myself out of my debt-hole.

I'll get the questionnaire filled out, documents copied and get it all sent off this week.

I've got a couple of credit card PPIs to have a go at too. I've got a Virgin/MBNA one that could potentially be worth £3.5k, but I don't know if that was an online sale or a paper form application. I'll need to put in a SAR for that one. I can see that one not being upheld, but it costs nothing to try.

I also have a Natwest VISA that I took out in 1990. That was a face to face sale. In fact the lass filled out the form for me. I don't remember discussing PPI for that. But I was working for BAE at the time whose T&C's were some of the best around: full sickpay, death in service benefit. So I can argue that the policy sold wasn't appropriate for my circumstances.

IJM

I have an additional question. On these old Natwest loans (1988 thru 1998), Natwest do not quote any account numbers for the loan accounts themselves. I think this may have been because the loans were associated with the current account, so they regarded any such account numbers as internal data.

So all I have is customer copies of the loan agreements, the PPI certificates (which do have certificate numbers on them) and my statements, which do show the debits and credits relating to the loans, but do not quote the account numbers for such transfers.

Do I still have sufficient evidence? Or do I need to do a SAR first (which may be useless for stuff quite so old). Or do I throw copies of everything I have at them and let them sort it out?.

-taff

Yes, make copies and include them with your complaint.

IJM

-taff wrote: »

Yes, make copies and include them with your complaint.

With all the statements, that's going to be a lot of paper. It's going to make a hefty package. I think I'll try scanning the statements into my computer as images and see how many I can get on a side of A4 while keeping them clearly readable. Even if I can get just two per side, double sided, I can cut down the volume of paper by a factor of 4.

I can include a statement to the effect that if they wish to view the originals, I can bring them into a branch for a staff member to verify their authenticity. That might be overkill though.

-taff

Send them one or two from each year, and let them you know you have all the rest and can provide them if necessary. That's what I did.

IJM

Okay. I could do that. I can select statements from the starts and ends of the loans, any that include overpayments, the two that include the early repayment PPI refunds and a couple per year besides. I've already got the raw data of all the loan related transactions transcribed into a spreadsheet, so I could easily print that out as a complete summary.