Natwest Front Loaded PPI for several loans.

-taff

IJM wrote: »

I've already got the raw data of all the loan related transactions transcribed into a spreadsheet.

And I thought I was bad for spreadsheets......

CheekyMonkey

IJM wrote: »

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

Have you completed the questionnaire yet?
If so......how have you listed all of the loans, have you attached a seperate breakdown, as the questionnaire can be quite restrictive?

[Deleted User]

CheekyMonkey wrote: »

have you attached a seperate breakdown, as the questionnaire can be quite restrictive?

Send a separate questionnaire for each loan, but do specify that they were consolidations where appropriate.

IJM

I haven't done all that yet. I recently reinstalled Windows and haven't yet put back on the software I need to create all the copies of the documents.

I hadn't quite decided how to structure it all, though I had read through the questionnaire and have realised that it is geared towards one loan at a time. So I shall follow your advice; one questionnaire for each loan.

I have already worked through the loans. There were four. The first was six months from being paid off when it was rolled into the second for a car purchase. That second was then overpaid in it's last year until it was paid off early. The third was then also overpaid until that was paid off early after less than a year. The fourth and largest was for a car purchase. When that got to it's last year, the remaining balance was restructured into a new non-PPI loan for more or less the outstanding amount.

So there wasn't as much consolidation as I thought.

I do remember when I got that non-PPI loan that I got grilled about why I wasn't taking the PPI. They applied quite some pressure, but I stuck to my guns and got the loan without PPI anyway.

IJM

A question has occurred to me. I am aware that with credit card PPI claims, if the customer still owes anything on the card, any claim award will pay down what is owed on the card, as it should. Does it work that way for loans?

At the moment I have an unsecured loan with Natwest. It doesn't have PPI and is not related to the PPI loans for which I am claiming. When Natwest uphold my claim, are they likely to pay down my current loan or are they likely to just send a cheque?

[Deleted User]

IJM wrote: »

I am aware that with credit card PPI claims, if the customer still owes anything on the card, any claim award will pay down what is owed on the card, as it should.

This is not the case.
A successful PPI complaint about credit cards or loans will result in redress being paid direct to you unless you have finance which is in arrears or has defaulted.

IJM

Good. So I will have control as to what to do with the funds (i.e. to pay down my other loan) and control as to how pay down that Natwest loan (i.e. reduce payments, instead of reducing term)..

IJM

On Monday last week I put in my PPI complaints for the four front loaded loans I had in the '90s.

Today (Saturday) I have received three letters back from Natwest.

The good news is that one is an offer of £630 for one of the loans on which I had PPI. That is a hundred and odd pounds more than I calculated for the loan in question. It looks like an auto payout.

Now the bad news.

In the second letter they tell me they can find no record of PPI having been sold to me in relation to the loan account number I provided. This is in spite of my providing a copy of the loan agreement (which mentions PPI), the PPI certificate number and a copy of the PPI certificate itself!!!

Now the above two letters were in response to complaints for which I was able to provide loan account numbers.

For the two other complaints I don't have the account numbers, but I did supply the loan agreements, PPI certificates and applicable current account statements. None-the-less, I received a third letter in which they tell me I haven't provided a number that refers to a loan account and ask for further information such as policy numbers, amount borrowed, start dates, end dates, copies of the credit agreements and any other supporting paperwork DESPITE the fact that I'd already provided ALL these with my original complaint. I don't know which of my remaining two complaints this letter refers to.

Can anyone offer any advice please?

-taff

Tell them they haven't investigated your complaint adequately, and send photocopies again.
If you do this, there is no 8 week limit, they can take as long as they like because according to them, they'll be re-opening an investigation.
Tell them plainly in your letter that you are not asking them to re-investigate, you are asking them to investigate properly, and that the 8 week limit still applies..

It may work, it may not. If they treat it as re-opening, yuo could wait months. Then it's swings and roundabouts time whether you want to wait for them to investigate, or send it to the FOS and wait 18 months.....


First write back regarding all the ones they didn't uphold. If they were a chain of loans, really lean on that too.

IJM

Okay. An update, people. I spoke to a rather nice and very helpful lady in the RBS PPI team on the phone this morning. I could work out which complaints two of the letters referred to. But I needed to find out which complaint the third letter referred to.

It turned out that that third letter, (the one that said that they couldn't identify an account number and that wanted more information and recommended that I put in a DSAR) referred to the very oldest loan from 1988. They hadn't raised a complaint proper for this one yet.

But I found out something rather interesting. They had FIVE active complaints on the go for me, excluding the 1988 one above. I'd only put in FOUR complaints including the 1988 one. So there were two extra complaints I hadn't raised.

It looks like they raised complaints for every loan I'd ever had with Natwest bar the 1988 one. Never mind the fact that the two extra loans never had PPI on them which is why I hadn't put in for them.

So of the six loans:

• 1988 - Loan with PPI. Can't identify account number, have suggested I do a DSAR.
• 1991 - Loan with PPI. Account number identified. Can't identify PPI. I need to follow up with additional info.
• 1993 - Loan with PPI. Account number identified. Upheld, offer made.
• 1994 - Loan with PPI. Account number identified. Under investigation. Response due by 11th June.
• 1998 - Loan without PPI. Account number identified. Under investigation. Response due by 11th June.
• 1999 - Loan without PPI. Account number identified. Under investigation. Response due by 11th June.

I now have all reference numbers for all these. I will follow up the 1991 loan as Taff has suggested. The 1988 loan I will put a DSAR in to see if I can unearth an account number. But even if this fails I still have all the documentary evidence with which to pursue restitution.