Am i being cheated again??

richard2622

Hi guys im new here and this is my first post so appologies if i get it wrong!!

The other day i recieved a letter from my bank (Natwest) saying i had grounds for a PPI claim. I hadnt considered it before but thought what the heck ill give it a go and see what they come back with. The claim was relating to 5 previous loan dating back to 2006. Within 10 days i got a reply offering me just under £1500 as a "gesture of good will"?? However i then started to look through some old paperwork for some loans. The only one i could find that clearly defined the PPI payment was for a loan in 2008 that was included on the list of 5 in the letter. However on the breakdown on the loan agreement the PPI total is £1634.16 for that one loan on its own never mind the other 4 loans. Does this mean i should be entitled to the full ammount back for this one loan plus the other 4 or should i just cut my losses and be greatful for the £1500 their offering?

[Deleted User]

richard2622 wrote: »

The only one i could find that clearly defined the PPI payment was for a loan in 2008 that was included on the list of 5 in the letter. However on the breakdown on the loan agreement the PPI total is £1634.16 for that one loan on its own never mind the other 4 loans. Does this mean i should be entitled to the full ammount back for this one loan plus the other 4 or should i just cut my losses and be greatful for the £1500 their offering?

The Bank wrote to you inviting you to complain if you felt you had reason to. It appears you think that it was somehow wrong just to have PPI-it's not unless it was mis-sold to you.

The Bank have offered a "goodwill" payment without admitting any liability, but if you have valid mis-selling reasons then you can take your "complaint" to FOS as long as you realise that the Banks offer does not indicate that you are entitled to any more (or less) than they have offered.

Realise also that a "goodwill" offer can be withdrawn if you go to FOS and, if the Ombudsman does not uphold your complaint, you may end up with nothing at all.

In addition, the Ombudsman process currently takes in excess of eighteen months.

sava05

Only if the Bank objects the FOS initial assessment then it goes to the adjudicator/ombudsman. Don't forget to tell richard2622 that bit...

richard2622

When i was sold the PPI i was and still am in full time employment with my current employer. They are a big industry and look after their staff well. They have a insurance policy that will pay out for upto 12 months of sickness at full pay. Also in the event of what they term"death in service" (doesnt have to be at work) they will pay out 3 years salary. So do you feel that gives me good enough grounds to complain that i was mis-sold it as i didnt need it?

[Deleted User]

richard2622 wrote: »

So do you feel that gives me good enough grounds to complain that i was mis-sold it as i didnt need it?

All of your reasons are valid, but whether it sways the Bank to increase it's current offer is another question entirely.

-taff

You should have sent your copies to them to support your complaint. In any case, as they are offering you the amount they usualy do for something they have no record of, send them copies and see what they say.