Help with PPI (or PLP) reclaim - should i take the settlement?

reach26

Please can someone give me some advice!
I took a graduate loan in 2000 and having recently read about PPI mis-selling found that i had taken it out without really realising.
I sent the template letter off to Natwest and have received a reply today offering me £580 - half of the premium loan which was added into the total loan at the start. While i am pleased with this, I can't help thinking that this amount is only about 25% of what I paid in total for the PPI including interest (and not including the template's suggested 8% interst). If i send of a letter asking for a higher settlement can they take the original offer away for good?

Hope this makes sense!

NWG_TLR

I've also received two letters today from the Natwest for two different PPI's and I was told "there was no evidence of misselling" and they are refusing to offer me a penny apart from the option to cancel at a considerable lowere amount to what was initially quoted. I wonder if tactics have recently changed as I've telephoned to challenge their decision and was met with silence in relation to my questions. It would seem that as Natwest have offered you a settlement, this is an admission they missold you the policy and therefore unlikely they can retract. Perhaps someone else might be able to provide you with a more constructive answer to your question but I'm also very shocked at the outcome of my concern and I will be taking it further (when I know how!). Hope this helps anyway.

prutter

I agree, if they've offered you a part settlement - then they know they're in the wrong.
I believe, unless they put 'this is in full and final settlement blah blah' that you can take the money, and then pursue them for the rest. Often most successfully. People over at the consumer action group forums suggest this quite often....