Thread: Pussycatdoll V Natwest

Background is I took a loan out 2001 with PPI included and was not advised that I could take out an alternate insurance. In fact the document I have says Personal Loan Agreement with PLP.
I have original agreement here and they have also added £372.00 to the capital and then taken the interest on the whole amount. I think using one of the calculators that they owe me £633.98.

I intend to send the following letter after checking with other members that I am going down the right track:

[Your address]
The Complaints Department
[Lender’s address]
[Date]

Dear Sir/Madam,

Ref –

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £3000 loan at your xxxxx branch on 2nd February 2001 and also bought a payment protection policy which would cost me an extra £370 which was added to the loan. The total amount of my premiums for this insurance policy plus interest to date is £633.98.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

I was also not advised that I could purchase a payment protection insurance policy elsewhere if I wanted to.

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total £ 633.98.

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

[Your signature]

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus contractual interest paid.

I took out a £3000 loan at your xxxxx branch on 2nd February 2001 and was Mis-Sold a payment protection policy which would cost me an extra £370 which was added to the loan. The total amount of my premiums for this insurance policy plus interest to date is £633.98.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

I was also not advised that I could purchase a payment protection insurance policy elsewhere if I wanted to.

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total £ 633.98.

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Hiya pussycatdoll,

A couple of adjustments to your letter if you wish i think it sounds better.

I would also consider checking the FSA website first too as i think there has been some progress with there investigation and now it breaches fsa guidelines.

Here you go the latest FSA update on PPI:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/012.shtml

Regards

Pompeyfaith

Thanks for that pompeyfaith.

I will make the changes and get it sent off.

You might want to check out some of my other threads where I am looking for assistance and advice.

I have such a long list of CC's and banks to get my own back on I cant even open a parachute account anywhere.

PPI claim now sent off

For anybody's info the latest address for complaints is:

The Complaints Department
Natwest Customer Relations
FREEPOST NAT12685
BOREHAMWOOD
WD6 1BR