Thread: NatWest PPI meeting tomorrow!*won*

Thanks for your advice Ian (reidnet), it is much appreciated. We had the meeting with the Natwest and adjusted our 'action plan' accordingly.

In my initial (angry - ooops, sorry!) post I omitted to mention that the crux of one of the claims for mis-selling of NWPPI, was because at a meeting with NatWest Bank in August 2004, to 'chat about our finances' (arranged following an unsolicited telephone call from them), our original NatWest loan was cancelled without discussion, knowledge or permission and a brand new loan set up.

At that meeting, we were ONLY told that they could 'restructure' the original loan, that there would be 'no admin fee' and they could 'reduce the APR by 1%'. NO mention was made of the fact that it was a brand new loan (this has just been discovered following a financial review)! At the time, we were lead to believe (whether by intent or omission) that 'restructure' meant it was an internal admin function to save a few quid a month for a customer of over 25 years standing! NWPPI was applied to the new loan and it had begun (again) at 84 months duration (there was 74 months remaining on the original loan).

We were not told that in fact it was a new loan, we were not told that NWPPI was added. The NWPPI was not discussed whatsoever. It was not suitable anyway (was on a Temporary Contract at that time, so was useless in that respect). No NWPPI documents were shown or given at the meeting and no NWPPI documents were subsequently received in the post! Hence this mis-selling claim.

At the recent meeting we were met by a CSA to 'review your finances ' !!! .... I told him that actually, we wanted to outline 2 X claims of mis-sold NWPPI's & 1 X claim of 'unaccounted for' loan repayments, give them a copy of the detailed document we had prepared (to memorialise the claims) and leave them to decide what action to take. The CSA then fetched the Bank Manager to join us in the meeting. After again outlining our claims, we were told they would deal with it accordingly and write to us in 10 working days. We await a written reply.

At the end of the meeting we also handed them a letter to cancel the NWPPI with immediate effect.

Yesterday we received a letter to confirm the NWPPI had been cancelled. Whilst not pro-rata, a credit has been applied to the loan account which equates to a saving of fifty pounds per month for the remaining 4 years of the new loan.

By presenting our claims in person, and to the actual branch which processed both loans, we are giving them the opportunity to resolve them before we escallate via the 'official route'

We'll see what happens.

I'll update again when I hear from the NatWest.

UPDATE:-

11/7/07 - As promised by the Natwest, we received a letter (9 days after our meeting with them) which confirmed that the PPI had been cancelled, that our complaint was being processed and that they would keep us informed of the progress.

18/7/07 - As promised by the Natwest, we received another letter to update us of the progress of our complaint. Interestingly it also stated .... 'I am not yet in a position to provide a refund for you but the amout due is being confirmed by our Head Office'.

So far, we are very pleased that the NatWest have appeared to treat our complaint seriously and have communicated in writing as promised. We await further contact within 2 weeks (as stated in the recent letter).

Hi Hellhasnofury,

Yes, although we can't be absolutely sure, at the moment we are assuming the 'restructured' (NEW) loan in 2004 was signed for.

When the PPI was cancelled recently we did not have to take out a new loan without it.

We do have copies of both loan agreements (but both copies are unsigned and undated).

We too are very interested in what the Natwest are going to tell us.

UPDATE:

20/7/07 - 4,680 pounds was credited to our Natwest Current Account.

20/7/07 - 1,954 pounds was credited to our NatWest Loan Account.

1/8/07 - Letter received from our holding Branch of the NatWest Bank confirming that (including the credit of 2,379 pounds to our Loan Account when we cancelled the PPI on 2/7/07) a total of 9,013 pounds had been credited (4,680 pounds to our Current Account & 4,333 pounds to our Loan Account).

Our original claim was for 10,522 pounds so the total refunded equates to almost 86% of that claim. To say that we are thrilled with this outcome is an understatement!

Wow . .congratulations.. well done.

That was quite a quick settlement as well (2nd July)


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Thanks all!

Our strategy came about because we were told by the (PPI) Insurance Company that we could only cancel at our Branch of the Natwest Bank. We felt that this would be an opportune time to address the PPI mis-selling claim (which we had already prepared). We believed they would be keen to deal with our complaint at 'Branch level' and also thought it would be more beneficial to us than posting our complaint to some anonymous department to deal with. We had nothing to lose by giving it a try. Whilst the idea of raising our mis-selling claim at the Branch, face-to-face was a bit daunting, we knew we had a sound case and were well prepared.

As, they say, the rest is history ... the NatWest Bank did not admit any mistake on their part but they automatically credited us with 9,014 pounds (almost 86% of our claim) and without any questions asked. For various reasons, we have decided to accept 14% less than We claimed. We are very happy with this outcome.

Below is the main part of our claim document (with personal information removed). Should anyone wish to try our approach by going direct to their Branch then Bank Name, Dates, Names, Appendicies, Monetary Amounts a bit of jiggling will be needed to suit personal circumstances. I hope it conveys the gist and tone of our claim.

Please note though, that I am not financially qualified to give advice, I am only passing on the information that worked in our case. I cannot guarantee it will work for you. You may wish to research the CAG site and ask questions of the more knowledgeable.

What we did: - We made an appointment to speak to someone at the branch to 'discuss our account'. We took 3 copies of the document along. We asked for names (for the record), we told them that we were not there to negotiate, only to outline our claims (which we did), leave the document with them, ask that all correspondence would be to us in writing and agreed on a timescale for them to get back to us. We made it clear that we were there to allow them to resolve at 'Branch level' and would escallate through 'appropriate channels' if necessary. I mentioned that we were also prepared to go to Court to resolve if required (we would have). OH! and then we handed them the letter to cancel the PPI with 'immediate effect'.

It may be worth mentioning that I presented myself as the 'claimants representative' because the loan/PPI was in my partners sole name. I did all the talking (as a representative would do). If the Bank assumed I was there in a 'professional' capacity, that was not to our detriment. I was only asked if I was a Lawyer or Solicitor and told them I was not (I'm not).

Here goes ......... any questions, please PM me. And GOOD LUCK! if you wish to try addressing any mis-selling at your Branch.

(FRONT PAGE)

This document memorialises the claim made by Mr Anybody against Whichever Bank, during the pre-arranged meeting at the Whichever Bank in the Whatever Branch, Town, at Time on the Date.


Present at this meeting

Mr Anybody (Claimant)

Ms Anybody (Claimants Representative)

(Whichever Bank Representative) - Fill in blank when meeting takes place.


CLAIMANT

Mr Anybody
Address
Anytown
Postcode




Mr Anybody has been a customer of the Whichever Bank for over X years, the Accounts referred to in this meeting are as follows:


Current Account number XXXXXXXX sort code 00-00-00

Original Loan (Date) reference XXXXXXXXX

'Restructured' Loan (Date) reference XXXXXXX

(PAGE 1)

CLAIM 1

In Date, Mr Anyone arranged a meeting at his holding branch of the Whichever Bank in Whatever Branch, Town. At that meeting he requested a loan for Amount to clear and consolidate his Whatever Bank overdraft, other Credit Card debts and other financial obligations.

The loan was approved and credited to Mr Anyones Current Account on Date (see appendix 1). The APR was ?% at a total cost of XXX over XX months. The repayments were fixed at XXX per month and the first repayment commenced on the Date via direct debit from Mr Anyones Whichever Bank Current Account (see appendix 2). XXX (including interest) was charged for Whatever Banks own Payment Protection Insurance - this sum represented almost ?% of the total cost of the loan (see appendix 3).

Mr Anyone claims that during that meeting he was mis-sold the Whatever Banks Payment Protection Insurance based on the following facts:-

1) It was implied that if PPI was not added to the loan, the loan may not be approved.

2) Mr Anyone was in fact in Temporary Employment. PPI does not cover Temporary Employees in cases of unemployment therefore the PPI was worthless to him in this respect.

3) Mr Anyone was not told that he was entitled to arrange Payment Protection Insurance with another provider if he so wished.

Based on the above facts, Mr Anyone is therefore claiming a refund of XXX for the mis-sold PPI. This amount represents the total contributions he paid via Direct Debit over X months from Date to Date. In Date Whichever Bank cancelled the policy when it 'restructured' the loan. No claims were made on this policy.

(PAGE 2)

INTRODUCTION TO CLAIM 2

In Date Mr Anyone received an unsolicited telephone call, at home, from a Whatever Bank Representative. He was asked if he would like to 'discuss his finances' with them (or words to that effect). Mr Anyone agreed, and an appointment was arranged immediately.

The appointment took place at his holding branch of the Whatever Bank in Address, Town in Date. Mr Anyone met with Whatever Bank Representative (insert name if known), a Customer Services Advisor for Whatever Bank. Mr Anyone had no reason to suspect or question the integrity of the advice given by Whatever Bank Representative (insert name if known) during what was a friendly and informal meeting.

Mr Anyone was told by Whatever Bank Representative (insert name if known) that the APR on his current (Whatever Bank) loan could be reduced by ?% from ?% to ?% by 'restructuring' it. This would reduce his current fixed monthly repayment of XXX to a fixed XXX saving him XXX per month for the duration of the loan. He was told that there would be 'no admin fee' to 'restructure' his current Whatever Bank loan.

Mr Anyone was confident that as Whatever Bank Representative (insert name if known) also had access to all his computerised financial records with Whatever Bank, she/he would be honest and open in his/her dealings with him/her and would not suggest an option that would be detrimental to his/her current financial position.

Whatever Bank Representative (insert name if known) never mentioned, stated or implied that the 'restructured' loan was to be a brand new loan. As the 'restructured' loan agreement (see Appendix 4) clearly shows only a couple of pounds (insert exact amount) as the 'Amount of Credit' (for rounding-up purposes), Mr Anyone firmly believed that the 'restructure' was purely an internal Whatever Bank administrative function - that was to 'move' his current Whatever Bank loan accross to a revised (lower APR) Whatever Bank loan.

It is pertinent to reiterate that this meeting came about as a result of an unsolicited telephone from Whatever Bank. Mr Anyone had not met with Whatever Bank Representative (insert name if known) with the intention of asking for a new loan. Mr Anyone had not made prior enquiries about a new loan. Indeed, even during this meeting, he did not request any additional borrowing at all. He was at this meeting because as he had been a customer of the Whatever Bank for almost XX years, he anticipated honest and beneficial advice regarding his finances.

Mr Anyone made the last 'current' loan payment of XXX via Direct Debit from his Whatever Bank Current Account on Date (see Appendix 5). The first payment of XXX via Direct Debit from his Whatever Bank Current Account for his 'restructured' loan was made on Date (see Appendix 6). NO funds were credited to his Whatever Bank Current Account.

(PAGE 3)

In Date Mr Anyone underwent a full review of his finances. After much closer scrutiny of the Date Loan Agreement (Appendix 4), it became apparent that the 'restructured' loan made in Date by Whatever Bank Representative (insert name if known) of the Whatever Bank was IN FACT a brand new loan.

During the aforementioned meeting and without the knowledge or permission of Mr Anyone, the following actions took place:-

a) Whatever Bank cancelled Mr Anyones original (Date) Whatever Bank loan and Whatever Bank Payment Protection Insurance (Appendix 3). This was done despite X/X repayments having already been made by Mr Anyone, leaving only X/X installments outstanding.

b) Whatever Bank 'paid off' the original (Date) Whatever Bank Loan/PPI.

c) Whatever Bank started a brand new loan with Whatever Bank (Appendix 4). This loan was for XX months duration. Whatever Banks Payment Protection Insurance was also applied.


CLAIM 2

Mr Anyone claims that during the aforementioned meeting in Date, he was mis-sold the Whatever Bank Payment Protection Insurance based on the following facts:-

1) Whether by intention or omission, Whatever Bank Representative (insert name if known) of Whatever Bank allowed Mr Anyone to believe the 'restructured' Whatever Bank loan was just a continuation of his current Whatever Bank loan, when in fact (as it has only now been realised) it was a brand new loan.

2) Whatever Bank Representative (insert name if known) made no mention whatsoever of the PPI. Mr Anyone was not told it had been cancelled. Mr Anyone was not told it had been applied to the brand new loan. Mr Anyone was not consulted, neither was there any discussion as to whether he would want it or whether it was suitable for him. The subject of Payment Protection Insurance was not raised during the entire meeting.

3) At the time of the meeting Mr Anyone was in fact (still) in Temporary Employment. PPI does not cover Temporary Employees in cases of unemployment therefore the PPI was worthless to him in this respect.

4) Mr Anyone was not told that he was entitled to arrange Payment Protection Insurance with another provider if he so wished.

5) During the meeting, Mr Anyone was neither shown or given any documentation pertaining to the PPI. Neither was any information or policy document subsequently received in the post.


Based on the above facts, Mr Anyone is claiming a refund of XXX (? months X XXX) for the mis-sold PPI which commenced in Date. This amount represents the total charge, including interest, which has been added to the new loan. No claims have been made on this policy.

(SUMMARY PAGE 4)

SUMMARY OF CLAIMS


Mr Anyone is claiming a total of XXX from Whatever Bank PLC for the following reasons:-


That he was mis-sold Whatever Bank PPI in Date XXX.XX

That he was mis-sold Whatever Bank PPI in Date X,XXX.XX

Other Issue in Date X,XXX.XX
--------------
XX,XXX.XX

Hi, Just had to say Congrats and well done,
Lynn

Another update:- following a casual discussion about our success, a friend realised that he too had in fact been 'coerced' into taking a PPI on a loan.

We then explained in more detail about how we had prepared our case and our stance when we visited our local Bank with our document, appendicies and claims.

None of us expected for a second that it would work a second time - although it was a different Bank in a different part of town. He paid them a visit and made his claim.

On Friday, his Bank (our friend has asked that we do not mention which one, because he has become 'they' who have, subsequent to his claim for PPI misselling, have taken out a mortgage with them) refunded ALL of the PPI.

He received just over two thousand pounds.

He is thrilled at the refund, they are equally happy because it is money they did not expect and can spend toward their wedding.

FYI

This is the frist time I have ventured onto this board and I'm delighted to see a success story right away. Well done!!!

I also need to spread the word many companies will be willing to negotiate re PPI as the FSA has carried out an investigation. I know our product was withdrawn and 'reviewed.'

Captial One refunded some PPI as I was in the process of claiming back charges on my Bro's CC. He was not aware he had ever had it, worth knowing I think you'll agree

What a great victory Saxonlady. Well done. I bet your friends are greatful for your motivation too.

Best wishes

Another update : Since our success at recovering over 9k, and our friends good fortune at getting 2k, the latest news is that our tactic of taking comprehensive and sound documents and calculations (with appendicies and back-up evidence) direct to the Bank Branch (which gave the loan & PPI) has AGAIN been successful. Our friends were refunded over one thousand six hundred pounds.

UPDATE - today we received news of yet ANOTHER good result. By going direct to Branch after making an appointment to 'review a loan' a friend of the friend who made a successful claim in January was ALSO refunded! A small victory of just over 400 pounds - but a victory nevertheless.