NatWest/RBS PPI

Teregram64

Part 1 - I wasn't mis-sold. However, when I started to receive state pension, I believe that payments should have stopped because the product was no longer fit for purpose. My claim is 'being investigated'. I don't hold out much hope but is anyone else in (or has been in) a similar position? The bank nowadays does not allow people over the age of 54 to take out income protection insurance, so why do they not cut off PPI at the point of retirement? Part 2 - I asked for PPI payments to stop in March. It took until August for the bank to do this, and when they did, this reduced the loan repayments by only £15, when I was paying £74 per month PPI. I have a letter from the originating branch to tell me what the PPI payments were as distinct from the loan repayments, so I had assumed the total monthly repayment would reduce by the PPI amount, i.e. £74. The bank won't explain. They just keep telling me that my loan payments have reduced by £15 per month. Does anyone have experience of this and therefore a possible explanation? Part 3 - Does anyone have experience of going through the small claims court to tackle a bank under the BCOBS?

dunstonh

The bank nowadays does not allow people over the age of 54 to take out income protection insurance, so why do they not cut off PPI at the point of retirement?

Dont mistake bank internal rules with regulatory expectations. Also, dont mistake income protection (PHI) with PPI. its a different product type.

If the PPI had a clause that meant it would not pay out once in receipt of state pension then it should stop at that point.

Part 3 - Does anyone have experience of going through the small claims court to tackle a bank under the BCOBS?

The least efficient way and the one that is likely to be least successful. An option of last resort.

Wait to see what happens with your complaint.

Teregram64

Thank you but I was reflecting more on lack of consistency rather than being confused by types of insurance. Also, I would like some evidence to support your statement about the court being the least likely route to success. So far as I am aware, there is no evidence of this, given that banks seemingly prefer to settle out of court. Finally, as my complaint has been ongoing for six months without resolution, I think it might be said that I have waited long enough.

Anyone reading this have any direct experience, please?

dunstonh

but I was reflecting more on lack of consistency rather than being confused by types of insurance.

income protection would have different rules to PPI. Its a different product (comes under different parts of the FCA rule book and is issued by a life assurance company and not a general insurance company. PPI is General insurance).

Also, I would like some evidence to support your statement about the court being the least likely route to success.

There only a handful of known published cases via the courts. Yet we know the free of charge method has had hundreds of thousands of people use it.

Also, if you go down the court route, you then cant refer your complaint to the FOS.

Finally, as my complaint has been ongoing for six months without resolution, I think it might be said that I have waited long enough.

6 months is not long with a PPI complaint. Some people have waited 2 years or more. What it does suggest is that they have not immediately found any issues and are digging deeper and it doesnt look like auto-payout is going to happen either.

Teregram64

Thank you again, but would you please not reply any more because your lack of understanding is not helping. I'm looking for individuals who have experienced these difficulties. I am not claiming PPI was mis-sold. I am not expecting a 'payout' because I haven't claimed one. I understand that products differ but am trying (unsuccessfully, it would seem) to make the point that there should be common ground.

I really do appreciate you having taken the time to read and reply. Good luck.

-taff

Teregram64 wrote: »

Part 1 - I wasn't mis-sold. However, when I started to receive state pension, I believe that payments should have stopped because the product was no longer fit for purpose. My claim is 'being investigated'. I don't hold out much hope but is anyone else in (or has been in) a similar position? The bank nowadays does not allow people over the age of 54 to take out income protection insurance, so why do they not cut off PPI at the point of retirement?

In case you die and don't pay them?

Teregram64 wrote: »

Part 2 - I asked for PPI payments to stop in March. It took until August for the bank to do this, and when they did, this reduced the loan repayments by only £15, when I was paying £74 per month PPI. I have a letter from the originating branch to tell me what the PPI payments were as distinct from the loan repayments, so I had assumed the total monthly repayment would reduce by the PPI amount, i.e. £74. The bank won't explain. They just keep telling me that my loan payments have reduced by £15 per month. Does anyone have experience of this and therefore a possible explanation?

If you were paying a separate standalone PPI policy then that payment would have stopped. What exactly and how exactly were you paying the PPI?

dunstonh

but would you please not reply any more because your lack of understanding is not helping.

Perhaps you should consider explaining it better as you may have noticed that no-one else has made an attempt to answer. I am more than capable of understanding these things when written correctly.

I understand that products differ but am trying (unsuccessfully, it would seem) to make the point that there should be common ground.

Why would there be common ground on a totally different product? You may as well ask why house insurance doesn't have consistent terms.

Teregram64

Taff - Thank you for your reply.

Surely if it's just for settlement after death, PPI would be for everyone? My life insurance covers that anyway.

I was given two separate amounts to repay monthly, one for PPI and one for the loan. I have that letter. The two payments were rolled into one direct debit, which seemed to make sense at the time. At one point, some NatWest branch staff told me I was paying more than I had been told, but couldn't provide me with their evidence of this. Their own opinion was that it was mis-sold but of course I have no evidence of these conversations.

Never mind. I'll just keep battling on for the time being. Thank you again.

-taff

It sounds like single premium PPI then, When was the loan sold to you? After 2009/2010 it wasn't retailed anymore.

Teregram64

It was June 2008. Thank you again, Taff .

Teregram64

An offer has been made. I am much relieved. Good luck to everyone also making claims.