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NRAM have written to me asking about my PPI **WON**


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I received a letter dated 17 Feb from Northern Rock Asset Management PPI Review team. The letter states that I was sold PPI during the period 14 January 2004 and 18 March 2008 and invites me to request a review of my policy.

 

They provide a checklist where I can select the possible misselling criteria that might apply to me.

 

My memory is sketchy about the loan I had with Northern Rock and I think I paid it off early. I have no recollection of taking out PPI as it would be something I would generally decline.

 

My initial thought was that this was a genuine attempt by NRAM to rectify any misselling incidents however another poster has mentioned NRAM are doing this review for a 30% fee. There is no fee mentioned in the letter I have received.

 

 

Does anyone know anything about this as I am sure I am not the only person to have received such a letter.

 

Thank you

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where have you seen they take 30%?

 

they are the banks own arm dealing with loans/mortgages etc

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for your reply.

 

Another post here entitled with NRAM in the title refers to something similar and says they are offering to do it for 30%.

 

It's an odd letter as on the face of it it appears correct and proper but then when I re-read it is very bland - no personal account details and no confirmation whether I had PPI or not. I could almost interpret it as a cold call touting for me to appoint them to look into it just based on the fact that I'm on a list as someone who had a loan.

 

Not sure whether to respond or start the process myself. Hence just wondering if anyone else has had one and what their thoughts are.

:???:

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obv something i need to get up to speed on

can you post up the letter please?

 

scan the required letters/agreements/sheets

as a picture[jpg] file

remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

 

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf

than many single ones

or if you have PDF as an installed printer drive use that

or use word and save as pdf

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

then hit reply button

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi Dx. Thanks for looking at this. I don't have facilities to scan but can probably do it in the week. I can type up the content fairly quickly if that would help in the meantime.

 

Letter is from: NRAM, NRAM PPI Review Team, PO Box 68596, London, EC2P 2LA Tel: 0800 294 6744

 

Each page is footed with Northern Rock (Asset Management) plc - Registered in England and Wales (Company no. 3273685). Registered Office - Northern Rock House, Gosforth, Newcastle Upon Tyne, NE3 4PL., Authorised and regulated by the Financial Services Act.

 

The letter is signed by Robert Thackeray, Head of Operations. The prepaid envelope enclosed quotes the PO Box address of NRAM PPI Review Team given above.

 

They quote their reference commencing T3G followed by nos. but I am not sure if it is personal to me.

 

I'll post the content of the 3 page letter next.

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PAGE 1 OF LETTER

 

17 February 2012

 

THIS LETTER IS IMPORTANT AND REQUIRES YOUR CAREFUL CONSIDERATION

 

Dear Mrs xxxx

 

We recently tried to contact you in relation to your payment protection insurance policy (PPI). The contents of the original letter are below. (note I don't recall receiving this letter at all) This letter is important and you should take time to read it and consider your options. If you have any queries in relation to this letter then please contact us on tel 0800 294 6784 or write to us at NRAM PPI Review Team (PO box address as provided). If you have recently contacted us then please ignore this letter.

 

Your Loan Payment Protection Insurance Policy

Northern Rock (Asset Management) plc (NRAM) has recently reviewed its sales processes for Payment Protection Insurance (PPI) sold with unsecured loans through Northern Rock's telephone, branch and internet sales channels between 14 January 2005 and 18 March 2008.

 

As you were sold a PPI policy during this time, you may wish to review the policy that was attached to your unsecured loan. If you believe that your PPI policy may not have been sold appropriately you should contact us, either by phone on 0800 294 6744 or using the response form at the end of this letter if you would like us to review the sale of your policy.

 

Depending on your circumstances you may be entitled to a refund of your premium and an interest payment of 8% to reflect the return you could have made if you invested this amount in another way.

 

Requesting a review of your policy will not affect the terms of you personal loan in any way. If your PPI policy is stilll active and a a refund is due, your PPI policy will be cancelled and the protection you currently have will be lost. It would be your responsibility to obtain alternative protection elsewhere if you felt it was required.

 

If you have recently contacted us to make a complaint in relation to the policy, please disregard this letter. We are reviewing your complaint and will contact you once our investigation is complete.

Edited by Andrea1967
typo
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PAGE 2 & 3 OF LETTER

 

What to do next

 

 

 

Please take time to read the key points set out in this letter and contact us, either by phone on 0800 294 6744 or using the response form at the end of the letter, if;

  • you think that any of the issues may apply to you;
  • you have any concerns regarding the purchase of your PPI policy and whether it was suitable for your needs; or
  • you have any questions about the sale of your PPI policy

When calling please have the account details to hand as these will be used to confirm your identity before discussing the account with you. (note; it's unlikely I still have any of these details having no current product with Northern Rock)

 

Key Points about your Loan Protection policy

 

1. Eligibility

 

 

 

To be eligible to claim on the PPI policy there were certain criteria you had to meet when it was added to your loan. These criteria were:

  • working at least 16 hours per week;
  • Resident in the UK
  • Aged between 18 and 64 throughout the term of the loan

In addition to the above, there were specific terms relating to the self-employed and contract or temporary workers which you should have been made aware of at the time.

 

2. Optional nature of the insurance

When you purchased your policy you should have been made aware that loan protection was an optional policy and was not a condition of the personal loan. Taking out this policy would not have enhanced your chances of being successful in obtaining the loan or determining the final rate of interest payable.

 

3. Cost of the cover

When you purchased your policy you should have been made aware of the total cost and in particular that the product was paid for by a single one off payment added on to your personal loan. It should also have been explained that interest was charged on the payment for the term of your loan. You should also have been made aware of the total amount you were paying for PPI each month.

 

4. Early repayment of your loan or cancellation of your PPI policy

You should have been made aware that if you redeemed your loan early or cancelled your PPI that the refund of your premium was not proportionate to the remaining term of your loan.

 

5. What are you not covered for

 

When you purchased your policy, we should have made you aware about the exclusions and limitations which applied to it, including that:

  • unemployment within 30 days, or notified within 30 days of the start date of the policy would not be covered
  • there was a minimum requirement to work 16 hours per week
  • the policy would not be valild after you were 65 years of age
  • psycho neurotic, back injuries or psychological conditions are not covered
  • pre-existing medical conditions or conditions that you should have known about at the time of the application are not covered
  • if the loan was a joint account the policy only covered the primary name on the account and not both account holders. You should also have been made aware of the need to read the policy booklet to ensure you fully understood all relevant terms and condtions.

6. Existing protection/means

If you purchased the PPI policy over the telephone or in a branch, the advisor should have asked for the full details of any existing payment protection or life cover, either with your employer, Northern Rock or another provider or ssome other existing means (such as savings or assets) that could have been used to protect your personal loan payments in the event of a reduction in income.

 

The advisor should have asked for full details and where appropriate taken them into account when giving advice. This should also have included details of any sick pay or redundancy payments you would receive.

 

7. Sales approach

You should have been made fully aware that the total premium for the PPI policy was added to your loan. If you purchased the policy over the telephone or in a branch then the adviser should have provided you with all of the key points and limitations to allow you to make an informed decision about purchasing the PPI policy and whether it was suitable for you.

 

A number of issues are identified in this letter that may be relevant to the sale of your loan protection policy. However, NRAM is not saying that the sale of your policy failed to adhere to the standards outlined in this letter, or that it mis-sold your individual policy. As such, this letter should not be construed as an admission of liability by NRAM in relation to the sale, and NRAM reserves its rights generally in this regard.

 

If you believe that any of the key points and limitations were not made clear to you when you purchased your policy please contact us by telephone on 0800 294 6744. Our team will be available to handle your call between the hours of 0800 and 1800 Monday to Friday. Alternatively, you can complete the enclosed response form and return it in the pre-paid envelope provided. Please provide a telephone number on which we can contact you to avoid unnecessary delays in providing you with the outcome of our review.

 

Yours sincerely

Robert Thackeray

Head of Operations

Edited by Andrea1967
not finished, clicked post by accident. typos
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This is the enclosed response form that also contains a QR code though I don't have means to scan it.

NRAM PPI REVIEW RESPONSE FORM

Name: Mrs XXXX

NRAM Reference: T3G_nos. here.

Contact tel no._________________

Best time to contact (between 0800 - 17.30)_________________

Having read your letter dated 17 February 2012 I woud like you to review the following areas of the sale of the PPI policy attached to m personal loan with Northern Rock (please tick each area you have concerns in):

 

There is then a table set out headed up Issue with a list of issues and next to it a tick box headed up 'Please Review'. Issues stated as:

1. I was not aware that the insurance policy was optional and I did not have to include it to obtain the loan

2. I was not aware that the total cost of the PPI policy was added to my loan and interest was charged on it throughout the loan term.

3. I was not made aware that I would not receive a proportionate refund of the cost of the PPI policy if I cancelled it before the end of the term

4. I was not made aware of all significant exclusions affecting my personal circumstances that could have led to a claim being declined

5. Any existing PPI policies or other means I had of making the monthly loan payments were not taken into account

6. I was not asked sufficient details about my personal circumstances to allow the adviser to provide appropriate advice

7. I was unduly pressured to include PPI during the sales process

8. I was not aware that I was being sold a PPI policy with the loan

 

If you have concerns in more than one area above please explain which one you feel was most important (1 to 8).

 

If you have any other reasons why you are unhappy with the way your sold your policy, or you have made an unsuccessful claim please describe the details here. (hmm?)

 

..................................................................................................................................................

 

As part of investigating your complaint, NRAM may need to contact Pinnacle Insurance plc, the underwriter of your policy and obtain some of your personal data from them. This may include the amount of premium paid, whether or not you have made a claim against your policy, what that claim was in relation to and any claims payments that were made to you but may also include other information that is held by Pinnacle Insurance plc. Without this information NRAM will not be able to fully assess your complaint.

 

By signing below, you consent to NRAM contacting Pinnacle Insurance plc on your behalf.

 

Signed.................................................

Mrs xxxxxx

 

Phew - that is the end of the content

Cheers Andrea

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if nram are a reclaims co then do it yourself and save the 30% fee

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi,

my wife has made a claim against them at the back end of last year. unfortunately (delaying our claim) northern rock have been sending out these letters to people who may be eligible for a refund just after we sent ours back so it could well be valid. personally if i was you i would do my own letter, a template can be found on here which we used. DONT let them get away with taking the 30% that is rightfully yours. Its not going to cost you anything except the cost of a stamp. They are slow at responding and say it can take up to 28 working days before they look at it and 10 days for it to be put into your bank account so i would suggest go for it as we are expecting the payment any day now :wink:.

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A family member had one of these,

 

we decided to send the FOS form instead, to be safe and as the loan was originally with Northern Rock, not NRAM, sent it to them.

 

Didn't actually have account of loan details, but gave as much info as could.

 

They just sent the form back saying they couldn't trace the loan (can you believe it), which only ended 2010,

 

so they should have details, they said it may be NRAM we need to send form to.

 

So do we send FOS form back to Northern Rock or do send to NRAM, we don't want charging either,

 

that seems inappropriate and can't see any mention on the NRAM form.

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you fire a claim off to the OC Original Creditor - who you PAID

 

as its only 2010 this should be easy to find out.

 

dx

  • Confused 1

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi, thanks for that, original was NRock, they stamped the FOS form as received and promptly returned it, wasn't sure if the old loans details had been passed to NRAM, but it was annoying and a waste of stamp, lol. Will have to send it back again with a letter of dislike then.

Best regards :-)

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so where is this 30% coming from then?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 2 weeks later...

I had a letter from NRAM, sent off the relevant information they requested and have received a letter back saying my claim is upheld, they also state in the letter how much they are going to pay me and that it will be depositied to my bank account within 28 days, no mention at all about any commision.

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  • 1 month later...

great result

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Hi, I have also received contact from NRAM over the last 3 months. On checking the documentation, locations and address's given I found that they were quoting a loan that I did actually take out and that I still had my own documents for, dates and account number correct. On returning their question paper with my concerns they have written back stating they confirm and have upheld my concerns. They have quoted an amount money equal to all ppi payments made + 8% interest, and will refund in total. No mention of deducting commission. Awaiting payment. Will report later.

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  • 3 weeks later...
Has anybody else had this letter and responded?

 

YES, I have had exactly the Same letter, which I ignored, then a second one came, which I ignored, now I have received a smaller letter saying the same!

I did take out a loan in 2008 from Northern Rock (and had other loans previous) but I cannot remember any details as so much happened in that year. One major thing that happened was I was declaired Bankrupt, therefore I don't believe I have any comeback on any loans I may of taken out..

 

Surely they would have important information like that, as I don't even have a Bank account now....

 

I haven't replied as I never repaid the loan off therefore morally I am not entitled to any money back!

 

Any further thoughts??

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  • 2 weeks later...

it might be a worthy idea for you to make your own thread

 

as it can be mred as successful and be quickly found by others

 

as with lots of people here....

 

posting on an EXISTING thread

often 'hides' you.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Northern Rock Assest Managent are dealing with any complaints re miss-sold PPI you may have taken out with an unsecured loan, or secured loan (mortgage) with northern rock.

There is NO FEE for NRAM to investigate a claim, as it is NOT a 3rd party company. They have 8 weeks in which to resolve your complaint, from the date of the aknowlegement letter they send to you, once you put in your complaint. If you are dissatisfied you can then go to the Financial service ombudsmen.

 

If you go to a 3rd party company, they will charge a fee, and often make it more complicated than it needs to be.

 

If you had a mortgage with Northern Rock, and you did take out PPI, knowingly or unknowingly, you will have taken it out with a company called Pinnacle. if you want to know if you took it out, contact them on (0)20 8207 9000

 

Once you have done this you can call the NRAM call centre and place a complaint re your missold PPI. Or you can just return the forms they have sent you.

 

If it was an unsecured loan, rather than a mortgage, just ring NRAM and they will put you through to the correct dept to log your complaint.

 

It is very very simple. Just put in your complaint, and sit tight for 8 weeks, then in theory you will have an offer of any premiums you have paid. they will also cancel your PPI policy for you.

 

It is important to note that PPI is a SEPARATE payment on your bank statements. It was through a separate company (pinnacle) and was not part of your monthly mortgage payment.

 

Hope this helps

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  • 4 weeks later...
Northern Rock Assest Managent are dealing with any complaints re miss-sold PPI you may have taken out with an unsecured loan, or secured loan (mortgage) with northern rock.

There is NO FEE for NRAM to investigate a claim, as it is NOT a 3rd party company. They have 8 weeks in which to resolve your complaint, from the date of the aknowlegement letter they send to you, once you put in your complaint. If you are dissatisfied you can then go to the Financial service ombudsmen.

 

If you go to a 3rd party company, they will charge a fee, and often make it more complicated than it needs to be.

 

If you had a mortgage with Northern Rock, and you did take out PPI, knowingly or unknowingly, you will have taken it out with a company called Pinnacle. if you want to know if you took it out, contact them on (0)20 8207 9000

 

Once you have done this you can call the NRAM call centre and place a complaint re your missold PPI. Or you can just return the forms they have sent you.

 

If it was an unsecured loan, rather than a mortgage, just ring NRAM and they will put you through to the correct dept to log your complaint.

 

It is very very simple. Just put in your complaint, and sit tight for 8 weeks, then in theory you will have an offer of any premiums you have paid. they will also cancel your PPI policy for you.

 

It is important to note that PPI is a SEPARATE payment on your bank statements. It was through a separate company (pinnacle) and was not part of your monthly mortgage payment.

 

Hope this helps

 

 

please start your own thread

 

see below

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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