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miss sold PPI and business overdraft
A_J_Portsmouth
Posts: 1 Newbie
Hello,
I am not sure if anyone can help me but I am posting on behalf of my parents in law. My father in law had PPI for his business overdraft (sold to him by the bank manager of natwest "in case anything bad happens"). Over five years ago he was bumped £34,000 by some reckless builders that he installed bathrooms & kitchens for in a complete block of flats.
His overdraft limit was £9,000 but as he was not paid the interest spiraled and now is in excess of £17,000. back in 2010 he attempted to take out a loan with Natwest to remove the high interest which he was refused (at which point the amount owed was £10,000) and tried numerous times to sort out a financial scheme to rectify this problem.
When he attempted to claim on his PPI to recover the loss Natwest told him that his PPI didnt cover any financial loss and therefore he had to pay the full amount back. They have also now claimed that my mother in law's name was also on the PPI and now are trying to put a hold on their house for the outstanding balance.
Natwest have recently admitted fault in selling the PPI but are only offering £3,000 as a "good will gesture" and have admitted that the payment was miss sold. Does this mean that they are technically liable for the full outstanding balance as we do not know where we stand with this?
They have now passed the case onto debt recovery despite my father in law attempting numerous times to set up a payment scheme and are threatening to take him to court.
We have no idea where we stand as the ombudsman will only deal with the business overdraft or the PPI and will not deal with the overlap.
If anyone could give me any advice it would be most appreciated as we are all getting desperate.
Thank you to anyone who tries to help.
I am not sure if anyone can help me but I am posting on behalf of my parents in law. My father in law had PPI for his business overdraft (sold to him by the bank manager of natwest "in case anything bad happens"). Over five years ago he was bumped £34,000 by some reckless builders that he installed bathrooms & kitchens for in a complete block of flats.
His overdraft limit was £9,000 but as he was not paid the interest spiraled and now is in excess of £17,000. back in 2010 he attempted to take out a loan with Natwest to remove the high interest which he was refused (at which point the amount owed was £10,000) and tried numerous times to sort out a financial scheme to rectify this problem.
When he attempted to claim on his PPI to recover the loss Natwest told him that his PPI didnt cover any financial loss and therefore he had to pay the full amount back. They have also now claimed that my mother in law's name was also on the PPI and now are trying to put a hold on their house for the outstanding balance.
Natwest have recently admitted fault in selling the PPI but are only offering £3,000 as a "good will gesture" and have admitted that the payment was miss sold. Does this mean that they are technically liable for the full outstanding balance as we do not know where we stand with this?
They have now passed the case onto debt recovery despite my father in law attempting numerous times to set up a payment scheme and are threatening to take him to court.
We have no idea where we stand as the ombudsman will only deal with the business overdraft or the PPI and will not deal with the overlap.
If anyone could give me any advice it would be most appreciated as we are all getting desperate.
Thank you to anyone who tries to help.
0
Comments
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They are not technically liable for the full amount, as they said, the PPI was not to cover financial loss. If his PPI policy had said it did cover the loss, he would be in a different position
If he can show he paid more PPI thn you can contest it, otherwise, you can't.Non me fac calcitrare tuum culi0
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