in Reclaim PPI & other insurance
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Hi, in 1986 I took out a loan with NatWest. I made several attempts to claim ppi as I knew they sold me ppi because they said I couldn't have the loan unless I signed to have it although I didn't want it. Eventually after telling me I never had ppi they wrote to me out of the blue to tell me that I did have it, and I was awarded a sum of money. I was then told as the loan had arrears the awarded money would go towards the arrears. I tried to explain that as I was self employed at the time, NatWest told me that if I ever fell out of work the ppi would pay the loan. I fell out of work and was unable to meet the payments and then made a claim against the ppi to be told it didn't cover unemployment. I made some minimum payments but then couldn't afford that and stopped paying and then never heard anything. I argued that the loan should've been paid by the ppi as sold to me so therefore there shouldn't be any arrears and the sum awarded should be mine, am I just being stupid or am I correct?? The Ombudsman didn't help me either. Just need some advice if I can take this further??
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You can't then argue that you wanted the PPI and expect it to pay out.
You can't have all your premiums repaid (as if the policy never existed) and also the pay-out from a now non existent policy.
As to where you can go now. The ombudsman has found in the banks favour therefore the only option available to you is legal action in court.
accept it and move on with your life, you’ll be happier in the long run.
it's spelt d-e-f-i-n-i-t-e-l-y
there - 'in or at that place'
their - 'owned by them'
they're - 'they are'
it's bought not brought (i just bought my chicken a suit from that new shop for £6.34)
You didn't actually end up paying the PPI as you defaulted. So, you are asking for a refund for something you didn't pay.
Look it another way. You were self employed. So, you understand about customers being billed and customers paying or not paying. Say you did a job which cost £5000 and had a £500 bolt on for something extra. That customer fails to pay the £5500 and only pays £1000. You are £4500 out of pocket. Then nearly 40 years later, that customer says that £500 was missold and you should refund them. You tell them that you will refund the £500 but as the person only ever paid £1000 of the £5500 bill, you will offset it against the outstanding bill.
That is both logical and correct. And in terms of PPI redress, the FCA allow redress to go against arrears, defaults and amounts previously written off as part of an agreement.
It is highly unusual and unexpected for a 1986 policy to actually have been upheld as it predates the misselling period and is before the time that bank staff were given sales targets and put under pressure. So, they are likely upholding it for the fact you defaulted.