I submitted a claim to Natwest as I believe I was missold PPI on a loan I took out back in 2004. The loan is now fully repaid.
The PPI was front loaded.
I have now received their review of my concerns:-
I claimed that I was only provided with a quote for the loan with PPI attached
I was self-employed when I took out the loan and their staff were aware of this
I was not asked whether I had any existing insurance benefits that would cover the repayments
The single premium policy was not explained to me
They refer to my signing the Loan Agreement Form which showed:-
The payment protection insurance premium payable
The single payment for the insurance being added to the loan
The level of interest on the loan and premium
The months repayments including the ppi
That the policy was optional
They also refer to the Application Form which shows:-
I signed that I was self employed and that I wished to purchase the optional Loan Protector Insurance.
In response to my concerns they say that the policy was provided on a 'non-advice' basis and that I was provided with a Certificate of Insurance containing the criteria I would need to satisfy to be eligible for cover under the policy and basically that I should have read them and cancelled it if not suitable.
My main gripe is that I wasn't offered the loan without the loan protector insurance and that had I known that "unemployment" in the case of self-employment basically means "bankrupt" I would have never taken out such a useless product.
They have sent me the Ombudsman Service leaflet.
Brief question - should I write back to them or go to the FOS?
Any help is greatly appreciated.
Very unhappy bunny