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I sent an SAR to Natwest regarding another matter and when the paperwork was returned, I found I had PPI cover on a loan.
I believe i was misold PPI. So i wrote to the branch where i got the loan on 31 July 09. Letter was delivered on 01 Aug 09. They finally sent me acknowledgement letter around 20 August.
I believe they have 8 weeks to investigate and after 8 weeks, I can go to the Ombudsman. Does anyone know if the 8 weeks starts on 01 Aug 09 or 20 Aug 09.
I didn't put any figures in my letter. If the 8 weeks starts on 01 Aug 09, I'm thinking of writing to them again, just to stress that I've not had a 4 week update as they promise and that 8 weeks is up on such a date and i want full resolution by that date or am going to ombudsman. What do you thiink about sending this?
Also, if i do send it, should i say how much i expect?
Does anyone know how to calculate what the refund would be?
I tried using the calculator on here, but didn't understand it.
If this loan was very recent why do you believe the PPI was miss sold?
I ask this because all of the banks have had an ar*e kicking over the last year regarding their sales practices involving PPI.
At the point of sale they should have advised the following;
1. insurance is optional
2. insurance will not affect the decision regarding loan application
3. insurance policy is available to purchase elsewhere, not just the company providing the loan.
If you do believe you have a valid complaint, wait for a final response from Natwest before contacting the fos. You will need a final response before the FOS will investigate. As the FOS currently have cases awaiting allocation going back to Dec 07/Jan 08 you will have a long wait.....
As for the 8 weeks the banks seem to please themselves on timescales.....
The amount of PPI should be shown on the original credit agreement for your account, they will have added contractual interest to this too, the same rate applied to the loan itself. If you do contest the PPI this is the amount you want back plus 8% in simple interest which is what the courts would award if your were successful using the county court system.
Good luck!
9-1-07 S.A.R - (Subject Access Request) sent:o !! Lloyds and Halifax!
20-1-07 S.A.R - (Subject Access Request) sent Capital One
20-1-07 S.A.R - (Subject Access Request) sent Halifax Card Services
20-1-07 S.A.R - (Subject Access Request) sent Marbles
20-1-07 S.A.R - (Subject Access Request) sent Halifax (Birchave0's sis)
8-3-07 PPI refund Lloyds TSB Loan £1200 + £2900 off loan balance
22-5-07 Halifax *Won* £1025
23-9-07 Goldfish 8k balance written off, £2300 PPI + charges returned, no agreement
The loan was taken out in 2005. I sent a SAR regarding something else and when they sent all the paperwork back, i found i was paying PPI.
I was certainly never advised it could be purchased elsewhere, I have existing medical conditions that i wasn't asked about and my employer gives full sick pay etc.
I contacted them and they have recently sent me a 4 week letter. So another 4 weeks to go!!!
Proof of pre existing medical conditions should IMO be a winner if you go to the fos not sure about the Courts.
My pre existing medical conditions got a £10k refund from RBS via the FOS. I could most likely have got costs as well if I had chosen the court route.
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Thanks for the info alanalana. I've read quite a few of your posts on PPI and it was those that prompted me to try to claim.
I got a response today. They have said they're unable to confirm what information was and wasn't given to me, therefore are making a gesture of goodwill offer without any admission of liability.
They've offered me what I have paid to date. (approx £4000). I asked about compound interest, but they said they don't offer it and i would have to go to the Ombudsman to get it.
If I accept, they will pay it into my loan account (as I am in arrears) and anything left after clearing the arrears they will transfer to my current account.
Once thats been done and my account is unfrozen, they will rework what is left and reduce my monthly payment.
They have assured me I will get the full cost of the policy back, part with the offer and part with reduced future payments.
What do you guys think?
I reckon the compound interest should be approx £750. Should i give up on the interest or should i go to the ombudsman.
Can i even go to the ombudsman with what they are offering?
Don't give up! Push for the interest.
Have a look at my thread versus Natwest. I pushed them after their final offer and as you will see, I got the interest i asked them for confirmed today!
IF YOU FEEL I HAVE HELPED YOU AT ALL PLEASE FEEL FREE TO TIP MY SCALES.
NATWEST PPI SUCCESS £490 25/08/09
NATWEST PPI 2nd CLAIM WON £1135 02/10/09
A & L PPI £395 WON
CREATION CLAIM PARTIAL REFUND £1825 01/04/10 NOW OFF TO FOS FOR THE REST
BARCLAYCARD STILL PENDING
LITTLEWOODS DCA . DEBT WIPED OUT AND CREDIT FILE UPDATED 23/09/09
Don't give up! Push for the interest.
Have a look at my thread versus Natwest. I pushed them after their final offer and as you will see, I got the interest i asked them for confirmed today!
Thanks LDG
Just read your thread. WELL DONE!!!!
Is there anyone on, who could work out the compound interest for me?
Also, I read the online PPI resource, calculating compensation
stuff and i can't make out from that, if the bank should be offering the 8% compound interest on what you have already paid, or not; or is that something the fos give you in addition.
What I think i'm trying to say is, if they offer you a full refund but not the compound interest, can you still go to the FOS and if so, what are the chances the FOS will decide in your favour?
They've offered me what I have paid to date. (approx £4000). I asked about compound interest, but they said they don't offer it and i would have to go to the ombudsman to get it.
It is not a case of they don't offer compounded interest, more the case that you have already paid it so you want it back and at the APR they charged you.
The 8% interest is statutory interest and is work out at simple not compounded you can indeed claim this also because they have deprived you of the money over a considerable time so they have in effect borrowed that money from you so it is only right that they should pay to borrow it just like we do.
Write back to them giving them a further 14 days to reflect and make it known that the FSA and fos take a dim view of financial companies pushing claims on to them that they can sort out quiet easily.
My original PPI policy was about £4200. Then interest at 7.9% (same as the loan), took total cost of the ppi to £5100 ish.
So far, I'd paid approx £4k of the £5100. So can i claim £4k plus simple interest? and how do you calculate simple interest? as i am going to tell them how much i want back.
As pompeyfaith says claim back the compound interest and the 8% statutory on top. There are calculators which PF can point you to but the fos have their own method to work out what is owed. Much better though to have an idea so you should be able to claim back you PPI month by month plus the compound up to the date the account was settled or refinanced and then the 8% stat from the start of each monthly payment up to the date a settlement is agreed.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
You should write accepting the £4,000 as a part payment of what they owe you for the mis-sold PPI that you have paid to date. Explain though that you will insist on the contractual interest at the rate they charged you when you took out the loan. You are also entitled to the 8% statutory interest from the start of the loan to the day the dispute is settled.
Explain that unless they agree to your proposals you will submit a formal complaint to the fos. This will mean a long delay but the FOS are upholding 90% of claims in the consumers favour. Also if you go to the FOS it will cost them a £500 fee to the FOS.
Hope this helps with an idea. Just draft up a letter and post it up so folks can read and advise but leave out all the personal data such as names, account numbers etc.
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
I know the initial cost of the PPI and then they charged me 7.9%. Then as far as i know the total cost gets divided up into 60 equal payments.
They have offered me what i have paid to date and will adjust my future monthly payments to take into account the remaining ppi payments i won't be making. So they are giving me the ppi, plus the interest they charged me back.
So I then say I want contractual interest on top of that, at 7.9%. and this is basically because i have in theory loaned them the money. Is that right?
And i don't understand where the statutory interest comes into it?
If i write back saying i accept it as partial payment and the refuse to give my the interest, will it not create problems if i go to the Ombudsman that i have already accepted a partial payment from them?
If this is anything like my own experience with them then they take PPI then add interest then divide up into equal monthly payments.
So all you need to do is add these together to get your total then add 8% to each monthly ppi payment and total it up.
The 8% is what you would have been entitled to as you have gone without the money that you have been paying.
I think this is correct but someone else will be along soon to confirm.
IF YOU FEEL I HAVE HELPED YOU AT ALL PLEASE FEEL FREE TO TIP MY SCALES.
NATWEST PPI SUCCESS £490 25/08/09
NATWEST PPI 2nd CLAIM WON £1135 02/10/09
A & L PPI £395 WON
CREATION CLAIM PARTIAL REFUND £1825 01/04/10 NOW OFF TO FOS FOR THE REST
BARCLAYCARD STILL PENDING
LITTLEWOODS DCA . DEBT WIPED OUT AND CREDIT FILE UPDATED 23/09/09
PPI claim to Natwest underway
to Natwest
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Originally Posted by livingdeadguy
