PPI Open Case - Advice much appreciated

Debtfree2018_2

Good morning!

I am an avid reader of the debt free forum, as I'm keen to get myself out of debt and I would really appreciate your help on the following.

Natwest sent me a letter back in sept '13, asking whether I wanted to claim for PPI, I left it thinking I cancelled after it was first offered to me.

However reading all the posts here, made me think, why not try, this could get me debt free earlier!

I called them at the end of aug'14, they filled out a form with me, I filed the complaint for the first loan I took out in 2005, my reason for complaint was, I was unemployed then (so shouldn't have been given PPI then), but was employed shortly after and PPI was sold as part of the Liam, as it comes with it, you need to take it.

The man on the phone said PPI relates to five loans, but I didn't click then and he didn't mention dates at all.

So, this weekend I looked through my paper work and found another PPI letter from oct'13, saying PPI relates to five the loans from 2005-2010, there in fact all the same loan, but I had put more money on top, so it seen as new loan.

Anyway to cut a long story short, I wasn't aware that I was paying PPI for all these years and I was working for big companies then that would have offered sick and redundancy packages, therefore should I go back and file that extra complaint, as I have only, in my mind complained about the 2005 loan OR wait until they come back with first offer?

Thanks so much for your advice

amersall

As all these loans were refinanced with the next, they should find all of them, see what they come back with.

Debtfree2018_2

Hi amersall thank you for your quick reply!

Definitely they are investigating all of them, but my complaint is in regards to the 2005 one, the complaint is different for the rest, should i re contact them?

[Deleted User]

Debtfree2018 wrote: »

Definitely they are investigating all of them, but my complaint is in regards to the 2005 one

If this was a consolidation chain of loans then your one complaint will be enough for all and the likelihood is that you will be successful-especially if the PPI was front loaded from one loan to the next.
There is no need to complicate matters unnecessarily by writing further complaints. See what result you get from this initial complaint first and take it from there. Do note that the Banks often uphold complaints for completely different reasons than those given by the complainant.

Debtfree2018_2

Thank you Moneyineptitude for your re-assurance, will try and be patient! Just want to ensure best outcome!

McKneff

I find it difficult to understand anyone giving you the original loan if you were unemployed.


Good luck with it.

Debtfree2018_2

Hi mckneff

I was In between jobs, but agree with you in principle

[Deleted User]

Debtfree2018 wrote: »

I was In between jobs, but agree with you in principle

Actually, being unemployed at the time of the sale would not have impacted greatly on your ability to claim on the insurance. Since no one at all can claim immediately after taking PPI, the fact that you quickly found work would have meant you were then eligible. If, however, you had remained unemployed the situation would have been different.

Regardless, the front-loaded PPI on a consolidation chain of loans is doubtless going to mean your complaint is upheld.

Debtfree2018_2

Hi Moneyineptitude

Hopefully! What worried me Is that I am 100% that I canceled PPI but it seems that I paid for at least 5 years afterwards, but unfortunately I have no proof that I cancelled it (or not yet found it) yet.

Do you know how much PPI would the banks have charged, is it a % of the loan?

Insider101

Moneyineptitude wrote: »

Actually, being unemployed at the time of the sale would not have impacted greatly on your ability to claim on the insurance. Since no one at all can claim immediately after taking PPI, the fact that you quickly found work would have meant you were then eligible. If, however, you had remained unemployed the situation would have been different.

Regardless, the front-loaded PPI on a consolidation chain of loans is doubtless going to mean your complaint is upheld.

Technically a lot of policies do state that in order to be eligible, you must be working 16 or more hours per week at the time of taking the loan. Therefore, if you weren't working but started a new job shortly afterwards you would be ineligible regardless of the fact that you subsequently found work.

In practice, if you made a claim and submitted proof of redundancy, it is unlikely that the insurer would ask for proof that you were employed at the time of sale.

Debtfree2018_2

Insider101- surely makes it even worth?! They shouldn't have sold PPI to me at all? Anyway I never claimed on it anyway!