Nat west taking processing times

whatwasithinking

Hi all,
I put in some PPI complaints through resolver late August and so far had 3000 refunded.:beer: thank you MSE :money:
I am waiting on 2 Nat west complaints now.
They have upheld a chain loan PPI complaint and they received my consent form agreeing to the settlement figure back in early nov. Just wondering how long before they Process the payment? I did ring them and they said they could say how long cos of back log ?
Anyone reading this had a refund from them my question is how long did it take?
Also I am still waiting on a decision on a credit card account that they are still looking into. I presume this is taking time due to last minute rush? But wondering why cc is taking a lot longer than loan decision. I presume their is no point in going to the FO as it won’t speed things up on the backlog?
Most of the money will go to my debt that I am paying off in a DMP so keen to get it all resolved.
Also should I wait till NatWest have paid me to apply for tax rebate for all the refunds or start with ones already refunded now?
Any guidance would be much appreciated.
it would be so amazing to finally clear my old debts :j:j

[Deleted User]

whatwasithinking wrote: »

Hi all,
I put in some PPI complaints through resolver late August and so far had 3000 refunded.

You've had 3000 complaints refunded? Has to be a record!

Seriously, no one here can accurately predict how long a particular complaint might take to process. The Banks are still snowed under with the backlog and conservative estimates are that it will take until the end of the year to clear.

Any tax refund you request must always be done after the tax is paid.

whatwasithinking

Oops sorry moneyineptitude I meant £3000 refunded so far !!!😂
With regard the tax refund I wondered if I should wait till NatWest pays out and put them all in together at same time one all have paid refunds or claim the tax refund on the £3000 I was already had refunded then do NatWest later as from your reply could take time for that one!
Is each refund a separate tax refund claim or do you add up all the tax taken on all refunds and then claim it as a lump sum ?

[Deleted User]

whatwasithinking wrote: »

Is each refund a separate tax refund claim or do you add up all the tax taken on all refunds and then claim it as a lump sum ?

You need to fill in HMRC form R40 which is effectively an updated tax return.

Best to contact HMRC for further individual advice

Are you certain you'll be able to obtain a refund of all the tax you will pay? Are you a tax-payer?

Bermonia

Keep in mind you must submit for the relevant tax year... so if you are waiting on the NatWest one which could go past the end of the tax year then I personally wouldn’t wait and submit the forms now (not a great hardship to submit another of required)

matday

I'm in the same boat. Natwest / RBS promised payment by 15th November. They sent me 3 text messages to confirm this. I'm owed £2,500. They say my payment is in a queue....

What i'd like to know is surely there must be a deadline that agreed PPI payments must be made by or is it just indefinite???

If the shoe was on the other foot and i owed the bank £2,500 i'm certain they'd be all over me and i would've received default notices, charges etc etc way more than the supposed interest that they say will be paid after the initial payment date, which is subect to tax.

It's unbelievable that a bank can just drag their heels and draw the whole process out.

Out of all the PPI claims that i made, Natwest / RBS was by far the most complicated and time consuming. They litterally took 8 weeks to send out the initial letter, then another 6 weeks to receive another. Then 7 weeks to confirm receipt of my written acceptance. I also called to give a verbal acceptance over the phone after i complained about how long it was taking. The member of staff i spoke to even offered to get a cheque from the payments team and pay it into my account to save me waiting. Needless to say this never happened and depsite notes on their system backing this up they still say i have to wait for a cheque. It's ridiculous!!!!

Does anyone know if there is a legal timescale for payment or should i contact the FCA?

I'm sure anyone would welcome £2,500 but i feel quite powerless to do anything more to get the money! I think Martin Lewis should highlight how banks like Natwest and RBS are taking so long to resolve this!

It will be 2 months late in a few days...

[Deleted User]

matday wrote: »

Does anyone know if there is a legal timescale for payment or should i contact the FCA?

Neither. The redress is a regulatory issue, not a legal one, and its FOS (the Ombudsman) not the FCA (the Regulator) from whom you might want to seek assistance.

Do realise that the Banks are snowed under with the backlog referenced earlier in the thread and that referring your complaint to the Ombudsman at this stage might actually delay your payment still further. Keep pursuing the Bank directly for the time being....

As to Martin Lewis, he no longer owns or runs this site.

Bermonia

Keep in mind banks are not ‘dragging their heels’ intentionally as this costs them additional money - staffing to deal with constant update queries and majority of the three calculations continuing to accrue 8% statutory interest.

The delay is simply due to the volumes and they will work the calculations in date order of oldest complaints first.

whatwasithinking

Thank you all for your reply’s I think I will just keep chasing and update the treat when I get the cheque. I’ll speak to my accountant re the tax rebate see if he can work it out as pat of my SE in April. I am not paying much tax as I’m a carer so can’t work full time at the moment.

whatwasithinking

matday It’s reassuring to know I’m not the only one waiting on a cheque. Hopefully we’ll get it soon. I’m thinking it look them about 2/2.5 months to process the complaint so maybe about the same to process payment ��!♀️
And why is the CC complaint taking so much longer than loan I guess more people with more CC’s so more of a back log?? Oh well as previously mentioned we will get interest Until it’s paid..

Freechill

I too now know I'm not alone in waiting....Mid October 2019...3 months to authorise a payment and counting).
Also not too impressed with the tone the couple of times I have phoned to enquire....We will text you.....
Appreciate they are snowed under but my line of work is too but still try and be polite and positive.

Oh well just discovered I can recover some of the tax paid (when it is )