Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

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  1. #1
    Basic Account Holder Ihatemybank666 Novitiate

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    Default NatWest PPI claim advice

    I got my loan details i requested in the post today, well over 40 days after applying for them but i did give them the wrong account number.

    Anyway i just need some advice on what strategy to use when i write back to them.

    The figures are:

    Loan Date 23.3.01
    Loan amount 23000
    PLP premium 5290
    No of payments 120
    Total interesticon 13903.20
    Total payable 42193.20
    Monthly payment 351.61
    APR 8.9%

    On the form i have signed, the box has been crossed that i do want PPIicon but i was never asked this, they made me an appointment for a financial review and told me they could make my monthly payments a lot smaller, the sales guy came up with this loan and just told me to sign at the bottom, he never explained ppi or that it was optional, just to sign at the bottom.

    I did pay this off early, in 2005 i phoned up for a settlement figure and to my horror it was still 19200!
    So i had only paid off 3800 of the loan amount in 48 payments of 351.61.
    The guy on the phone said it was due t the ppi and the apr rate. So i took out a new loan for !9200 with no ppi and over a smaller period just to pay if off.

    How do you work out the interest on the ppi as it was just added to the loan amount and 1 percentage rate of 8.9% for the whole loan.

    I want to get the figures right for when i contact them by letter.

    Any help or advice is appreciated.

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  2. #2
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    Default Re: NatWest PPI claim advice

    bump


  3. #3
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    Default Re: NatWest PPI claim advice

    Quote Originally Posted by Ihatemybank666 View Post
    I got my loan details i requested in the post today, well over 40 days after applying for them but i did give them the wrong account number.

    Anyway i just need some advice on what strategy to use when i write back to them.

    The figures are:

    Loan Date 23.3.01
    Loan amount 23000
    PLP premium 5290
    No of payments 120
    Total interesticon 13903.20
    Total payable 42193.20
    Monthly payment 351.61
    APR 8.9%

    On the form i have signed, the box has been crossed that i do want PPIicon but i was never asked this, they made me an appointment for a financial review and told me they could make my monthly payments a lot smaller, the sales guy came up with this loan and just told me to sign at the bottom, he never explained ppi or that it was optional, just to sign at the bottom.

    I did pay this off early, in 2005 i phoned up for a settlement figure and to my horror it was still 19200!
    So i had only paid off 3800 of the loan amount in 48 payments of 351.61.
    The guy on the phone said it was due t the ppi and the apr rate. So i took out a new loan for !9200 with no ppi and over a smaller period just to pay if off.

    How do you work out the interest on the ppi as it was just added to the loan amount and 1 percentage rate of 8.9% for the whole loan.

    I want to get the figures right for when i contact them by letter.

    Any help or advice is appreciated.
    Hello,

    It this the good old Nasty, and there lovely front loaded single ppi policy. I successfully reclaimed back my ppi last year with them. You have to be determined with them, cos they don't like to give you it back.

    In my case they charged 4,600 for the ppi and after a bit of badgering them they confessed that the interest they applied at 8.9% was added every year. So in fact they charged over the 120months(10yrs) interest at 89% of the ppi. Actually they applied 4,094 in interest:o My loan was also in 2001.

    So off the top of my head, the interest they charged could have been 89% of 5290, which is 4,708.10

    I would write and ask them for a breakdown of the interest they applied and confirmation of your figures.

    If you wish I can pm you with the name and address of who to contact regarding your complaint.

    If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
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  4. #4
    Basic Account Holder charliebright Novitiate

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    Default Re: NatWest PPI claim advice

    Hi,

    Am going through the same struggle as you with thenastyWest as Hell likes to call them!!

    Any help with calculating interesticon would be much appreciated as I have all info i need to hit em but just want to do it properly.

    Took out loan for 20,000 in November 2006
    Single premium PPIicon or Loan protection Insurance as the Nasty call it added


    Loan Date Nov 2006
    Loan amount 20,000
    PLP premium 5650
    No of payments 84 (made 20 so far)
    Total interest 14,000
    Total amount payable 34,000
    Monthly payment 405
    APR 8.7%

    I cancelled the plp policy in February 2008 and have now had a plp rebate of 3600 to the account and interest on this of 1200. This has left me with a balance of 21k left to pay over the next 5 odd years.

    Having spoken to someone in their complaints dept, i was told that had i not taken out the plp(which i didnt want in the first place) The total amount payable over 7 years would have been 26000 not 34000.

    So far i have paid 7500 towards the loan.

    Am i right in thinking that i can claim 26000(amount the loan should have been for)-7500(amount i have paid so far today)=18500.

    so 21000(current balance) - 18500 = 2,500

    What interest can i add to this

    Help needed guys and gals


  5. #5
    Basic Account Holder Ihatemybank666 Novitiate

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    Default Re: NatWest PPI claim advice

    hellhasnofury - Thanks for the advice.

    I've only just got round to reading your reply so i have had a bit more progress on my claim.

    I sent the first letter of complaint about the ppi to the same place that sent me my loan documents i requested.

    The address was:
    PPI Concerns Team
    Regulatory Risk
    5th Floor, 1 Hardman Boulevard
    Manchester M3 3AQ

    I got a reply in the post today explaining that they are investigating my claim and they have sent me a questionaire to fill in but they state it is NOT mandatory that i send it back.
    I think i will fill it in as there are some points on there as to why i think it was mis-soldicon.

    Also all correspondence i am getting is from RBSicon, do they own Natwesticon?

    They have assigned a case manager and hope to have a decision with 4-8 weeks.


  6. #6
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    Default Re: NatWest PPI claim advice

    RBSicon Group include Natwesticon Bank


  7. #7
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    Default Re: NatWest PPI claim advice

    Quote Originally Posted by Ihatemybank666 View Post
    hellhasnofury - Thanks for the advice.

    I've only just got round to reading your reply so i have had a bit more progress on my claim.

    I sent the first letter of complaint about the ppi to the same place that sent me my loan documents i requested.

    The address was:
    PPI Concerns Team
    Regulatory Risk
    5th Floor, 1 Hardman Boulevard
    Manchester M3 3AQ

    I got a reply in the post today explaining that they are investigating my claim and they have sent me a questionaire to fill in but they state it is NOT mandatory that i send it back.
    I think i will fill it in as there are some points on there as to why i think it was mis-soldicon.

    Also all correspondence i am getting is from RBSicon, do they own Natwesticon?

    They have assigned a case manager and hope to have a decision with 4-8 weeks.
    Hello,

    What are they asking on this questionairre???????????

    And yes RBS and the nasty are one:o and none of them will come up with a credit agreement and be at all helpful

    If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
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  8. #8
    Basic Account Holder Ihatemybank666 Novitiate

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    Default Re: NatWest PPI claim advice

    Questions are as follows and the answers i have put in bold:

    1. Please confirm your employment status when you applied for the policy.

    Employed

    2. Please confirm total working hours per week when you applied for the policy.

    37.5

    3. Provide details of any policies that you held or why you now feel that you had no requirement for the plan.

    I have left this blank

    4. Please confirm how you applied for the policy, through branch, over the phone or the internet.

    I was called into my local branch for a 'Financial Review', so the loan was sold person to person.

    5. Please provide your recollections of the description of the policy that was given to you by the seller. If you believe the plan differs to the description given, please explain how.

    I wasn't told about any ppi policy, no details were provided at all.

    6. Did you provide the member of staff with any details of any cover that was in place before proceeding with the application and what was the sellers response.

    No, ppi was not discussed at all.

    7. Did the salesperson provide you with any brochures / literature regarding the policy and level of service that was being offered to you. If so please list the titles of these documents and if possible provide copies.

    None.

    8. If there are any further issues you would like the office to inverstigate, please detail them below.

    I feel i was mis-soldicon ppi as nothing was explained to me or any information given on it. The salesman automatically added this to my loan without discussing it and it wasn't made clear that this was optional.

    9. Please provide any other information that you feel may be releveant to your claim.

    If the salesman had been clearer and stated tha ppi was optional and not needed to have the loan approved i would have declined it. The interesticon charge for it and what it covered was never explained to me at all.

    Then there is space for additional comments.

    I didn't realise i had signed up for ppi until i phoned up for a settlement figure 4 years into the loan period. I was shocked to learn that i still owed 19000 on a 23000 loan after 4 years of payments. It was explained to me that the ppi was part of the reason for this. I had no idea how much the ppi was costing me or that it could be cancelled. I know now that the salesman didn't mention this as i would not have accepted the loan.


  9. #9
    Basic Account Holder Ihatemybank666 Novitiate

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    Default Re: NatWest PPI claim advice

    JUST A QUICK UPDATE

    I had an offer from RBSicon today for 5148.23!!

    I am very happy with the offer and have accepted.


  10. #10
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    Default Re: NatWest PPI claim advice

    Quote Originally Posted by Ihatemybank666 View Post
    JUST A QUICK UPDATE

    I had an offer from RBSicon today for 5148.23!!

    I am very happy with the offer and have accepted.
    Hello Ihatemybank,

    Absolutely delighted for you :grin:well done:grin:

    If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
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  11. #11
    Basic Account Holder Ihatemybank666 Novitiate

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    Default Re: NatWest PPI claim advice

    Quote Originally Posted by hellhasnofury View Post
    Hello Ihatemybank,

    Absolutely delighted for you :grin:well done:grin:
    Thanks mate!



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