Thread: Natwest Loan Protector/PPI Reclaim. - Help and Advice Please.

Good evening all.

After finally getting some of my Subject access request information from the Natwest I would like to try to reclaim the PPI (Personal Loan Protector) that was applied to the loan on the basis of it having been miss-sold.
From the information supplied in the SAR the application form provided already has the loan protector box pre ticked and therefore we were not
given the choice to go elsewhere.

Amount of loan £15000
PLP Premium £3450
Total amount of loan £18450
No. of repayments 120
Total interest £9067.20
Total charge for credit £9067.20
Total amount payable £27517.20

The agreement provided does not have an APR on it, but the SAR information makes reference to it being a FLAT RATE loan of 8.9% interest.

I have filled in the CAG PPI calculator which I have attached to this post if somebody could please give me some comments on if the figures are ok
and point us in the right direction please.

Payments were made uptil mid 2006 although a few of the later payments didn't clear, so I suspect these will have to be removed from the reclaim.

Many thanks for your help.

Regards

Originally Posted by GhostDebt

Good evening all.

After finally getting some of my Subject access request information from the Natwest I would like to try to reclaim the PPI (Personal Loan Protector) that was applied to the loan on the basis of it having been miss-sold.
From the information supplied in the SAR the application form provided already has the loan protector box pre ticked and therefore we were not
given the choice to go elsewhere.

Amount of loan £15000
PLP Premium £3450
Total amount of loan £18450
No. of repayments 120
Total interest £9067.20
Total charge for credit £9067.20
Total amount payable £27517.20

The agreement provided does not have an APR on it, but the SAR information makes reference to it being a FLAT RATE loan of 8.9% interest.

I have filled in the CAG PPI calculator which I have attached to this post if somebody could please give me some comments on if the figures are ok
and point us in the right direction please.

Payments were made uptil mid 2006 although a few of the later payments didn't clear, so I suspect these will have to be removed from the reclaim.

Many thanks for your help.

Regards

Please read the stickies at the top of the forum. I am not the person who can confirm you figures and spreadsheets but If you believe you have a mis-selling claim then you should :

a. send a request asking for a refund and laying down your reasons for claiming mis-sold PPI.

b. Keep to the relevant timescales for response to your claim 40 calendar days or no response means a claim can be submitted to the Financial Ombudsman Service.

c. Keep copies of all correspondence in chronological or itemised order. The fos will send orignal copies back but if you can provide copies so much the better.

I would not worry to much about providing accurate figures as the FOS will have a template for reclaiming providing you can supply documentation on the loan such as Consumer Credit Agreement etc.

If the FOS uphold your claim (90% success rate for consumers so far) then they will work out the claim before you accept but you can insist that Natwest provide you with the breakdown of how they come to the repayment figures before you accept. It is better to get the breakdown before acceptance after acceptance you will have no recourse to take further action.

I had a problem with this on my own claim and now believe the advice I recieved from the FOS was mis-leading as I accepted settlement before getting the full breakdown of the figures from the bank.

aa

Thanks for your input alanalana
was hoping you or Pompeyfaith would stop by as you both seem to be quite involved in these issues.
I was having a look through the stickies earlier, especially as this is from 2001 (i.e pre 2005) so the details are a bit more complex I believe.

Will continue reading round and appreciate any further feedback and comments.

Many thanks

Originally Posted by GhostDebt

Thanks for your input alanalana
was hoping you or Pompeyfaith would stop by as you both seem to be quite involved in these issues.
I was having a look through the stickies earlier, especially as this is from 2001 (i.e pre 2005) so the details are a bit more complex I believe.

Will continue reading round and appreciate any further feedback and comments.

Many thanks

Do not worry about the dates claim back as far as you can the issue is when you realised you had been mis-sold due to media and other coverage of the issues ie CAG it is not when the PPI on loans were mis-sold it is when you became aware mis-selling was a major issue.

aa

Many thanks