Natwest PPI Complaint - start of complaint

The_Magnificent_Spoon

Hey guys, just after a quick heads up that I'm on the right track :beer:

So in 2002, young version of myself took out a loan to get a car (for circa £2500, over 3 years). The salesperson at Natwest told me at the time, that as I hadn't been in work long or have much credit history, that I had to take PPI or they would decline the loan. So I took the PPI. The PPI was front loaded, adding around £800 to the loan total.

Then in 2003 almost exactly a year afterwards, I took out another loan to repay the first, with a bit extra. I remember it actually cost about the same to pay off as I took the loan out for in the first place despite a year of paying nearly £100 a month - I think I remember them saying it was because the loan payments went to pay off the PPI portion of the loan first. The new loan automatically had PPI put on it without me asking.

After a few weeks, I realised I'd been silly, and then took out a third loan with HSBC without PPI, at a lower APR, to pay off the Natwest loan. I continued to pay off this loan over 5 years, and then in 2008 was debt free (and still am to this day...!)

So, with that out the way, I filled out Natwests online form asking for details of PPI, to which they replied with an absolutely bare minimum of info. Basically saying that I had a loan in 2002 that had £800 insurance premium, and I had a loan in 2003 that had a £950 insurance premium.

So, what next? Do I just fill out the form they sent with this and hope they refund everything correctly? Or are they likely to try and wriggle out of it if I trust them? Should I complete an SAR to obtain all the info on my old accounts/loans and calculate it myself?

As mentioned, I'm mostly concerned that the PPI was front loaded on at least the first loan, maybe the second, and the loan repayments structured to pay the PPI off first... So I've probably paid a lot more on PPI than the £20 a month I originally thought I did!

Thanks in advance :beer:

[Deleted User]

The_Magnificent_Spoon wrote: »

Do I just fill out the form they sent with this and hope they refund everything correctly?

Yes. If your complaint is upheld, you will get the defined redress.

The_Magnificent_Spoon wrote: »

Or are they likely to try and wriggle out of it if I trust them?

It doesn't work like that.

[Deleted User]

The_Magnificent_Spoon wrote: »

I'm mostly concerned that the PPI was front loaded on at least the first loan, maybe the second, and the loan repayments structured to pay the PPI off first...

A string of loans with front loaded PPI sounds like an almost surefire success to me.

You have no reason to be suspicious that the bank will "wriggle" out of refunding you.

Even in the unlikely event your complaint does fail, you can still refer it to the Ombudsman.

Bermonia

Your second loan is likely to be upheld as it would have been a single premium loan refinancing another single premium loan (successive chain) which is now considered poor practice as it made subsequent loans more expensive due to the front loading, however I wouldn’t hold out much hope of receiving a refund for the first one as this would not be an issue and NatWest would likely have reasonable paperwork to indicate that the policy was optional - best of luck.

The_Magnificent_Spoon

Thanks for the input guys - I'll get the paperwork sent off today!