Hi,

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

My complaint was originally turned down by Natwest in September 2010 and I sent it to the Financial Ombudsman and the Adjudicator upheld my claim. Natwest wouldn't accept his findings and were also awaiting the outcome of the Judicial Review.

I have chased the FOS this week as I haven't heard anything for months and assumed it was in the queue for an Ombudsman's decision. I have received notification this week that Natwest are making an offer to settle my complaint but it could take approximately a month due to the large numbers being processed.

The insurance loan repayments were £42.30 per month for 60 months from March 2004 - February 2009. These equate to a total of £2538 over a period of five years. They show the premium loan as being £2014 plus APR 9.9%.

One question please - can I claim 8% interest on the £2538?

Very unhappy bunny

Hi there

What you should expect is each of the monthly ppi loan repayments plus 8% interest on each of those payments from the date they were actually paid right up to the settlement date.

I've attached a spreadsheet you can use to work out the amount you should expect.

You only need to enter list data in columns A, B and C....the rest of the calculations are done for you.

Hope this helps

Regards

ims

StatutoryInt.xls

Hi

Thank you for all the advice re my claim with NatWest. I am still awaiting a offer.

Just wondering how long they are taking generally to resolve these claims. I was told by the FOS on 25th July that Natwest would make an offer and they would contact the Bank after 14 days if they did not hear from me on the assumption that I would accept . The FOS tell me that they wrote to them on the 18th August, 2011. Natwest say they haven't heard anything from them and that the claim was a "forced closure" by them on the 19th September 2011 and that they are currently taking approximately 28 working days to settle claims.

Just wondering what others are experiencing with Natwest.

My ppi payments were £42.30 per month for 60 months from March 2004 to February 2009 = £2538.00. I have calculated (tried to) and estimate that I should get in the region of approximately £3900. Does this sound about right.

Any help much appreciated.

Kind regards,

Very unhappy bunny

Did you use the spreadsheet I posted above?

ims

Hi

Thanks for your help

I couldn't seem to use it for some reason and did it manually!! My calculation was to the 31st August 2011. I assume I will have any two months statutory interest on that unless I'm being a greedy beggar!

Regards,

Very unhappy bunny

8% workings.xls

I work it out to be just over £3.5K

see attached and change the dates to suit (i just put 1st of each month).