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Natwest PPI claim rejected ref The Excess Insurance Company of Shoreham

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Hi,
in the late 80's my parents took out a loan with Natwest to buy a static caravan to live in permanently. Because my father was self-employed he was told by Natwest he had to take out insurance to cover the loan, which was supplied via Natwest from The Excess Insurance Company of Shoreham. It was approx £12 pm. We tried a couple of years ago to claim PPI against Natwest, who refused saying they had no knowledge of this company, even though we had bank statements to show the monthly payments to them. Also my wife worked for Natwest for 21 years and distinctly remembers them using this company for loan insurance, although she was not involved in my parents loan.

We gave up on the PPI claim as we had no other evidence. Last year my wife saw Martins program and there was an article about this insurance company and how it had been used for loan cover, so we applied for PPI again. Again Natwest refused, saying that it had already dealt with the case, so we went to the Financial Ombudsman saying that there was new evidence, however they refused again saying that Natwest said it had been dealt with and it was outside the time limits. The FCO currently has the case on hold to see if we can find new evidence. Has anyone else heard of this insurance company, apparently they went bust in 2016 according to Companies House.
Thanks, Mark


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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It doesn't matter if anyone has heard of the company..

    If NatWest sold you the PPI, they are the only ones you can complain to, and that avenue is now closed.
  • markcable
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    Ok Thanks

    Mark :'(
  • dunstonh
    dunstonh Posts: 117,082 Forumite
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    Because my father was self-employed he was told by Natwest he had to take out insurance to cover the loan, which was supplied via Natwest from The Excess Insurance Company of Shoreham. It was approx £12 pm. We tried a couple of years ago to claim PPI against Natwest, who refused saying they had no knowledge of this company, even though we had bank statements to show the monthly payments to them.

    This predates polarisation and regulation of 1988.  Back then, the banks didnt sell their own products.   They either had their own brokerage in each branch (not centrally) or they used local insurance brokers.   The brokerages were originally a perk for the branch manager until later when Natwest brought the agencies under their control and eventually shut them all down.     This is why Natwest have no record.

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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