Thread: Natwest PLP or PPI Refund Claim - Any Advice?

Working my way thru all the various debts and disaster and have reached a Natwest consolidation loan, which we were encouraged to take out in 2002. As part of the deal a £6000 loan came with a Personal Loan Protection Insurance (PLP) for £1380

Details as follows
Amount of loan £6000
PLP Premium Loan £1380
Total of loan £7380
Total interest £2313
Total credit £2313.00
Total Payable £9623.00

In October 2005 this loan was consolidated into another loan, at no point was the PLP mentioned in the consolidation statements, so I assume that we paid all of the outstanding loan back at this point, feels like paying twice for something!

I would like to get this refunded as I feel decidedly ripped off...
Thinking of sending thsi letter ...
Dear Sir/Madam,

AGREEMENT NUMBER: ***********


Our request

We are writing to ask you to refund to us the sum of money paid for the Personal Loan Protection Insurance that we now believe was missold. We now understand that the PLP was entirely optional whereas it was implied at the time that we had to take out this plan.
We draw your attention to the following
(Court of Appeal Ruling[2005]EWCA Civ956) in the case of London Securities Ltd v Mr.& Mrs.Meadows and Another.
If there are any defects in the agreement it becomes unenforceable under Section 127(3) of The Consumer Credit Act 1974 because:
1.The Protection amount was imposed on the borrower.
2.The Protection Amount plus compounded interest was within the total charge of the credit facility.
3.Late payment fees may have been added


We also refer you to the recent statement from the FSA in regards to loan payment protection insurance where they quote the Code of the Association of British Insurers (ABI) which requires the seller to ‘ensure as far as possible that the policy proposed is suitable to the needs and resources of the prospective policyholder’.
We were also dismayed to discover that when account *********** was consolidated with our personal account overdraft in October 2005 there was no refund of the PPL, this situation seems to have been overlooked in the paperwork provided. If we are incorrect in this assumption please provide us with further details.

Your responsibilities
We would draw your attention to the terms of the contract which you agreed to at the time that we opened our account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

We consider that your representation that your PPI plan was required and reasonable was deceptive and that we were deceived into agreeing to pay it. This situation was then compounded by the consolidation loan that followed in 2005.

What we require

We are aware that that the Personal Loan Protection Insurance was for a sum £1380 plus interest at 11.9% APR, we look forward to receiving a refund of the full amount.

Our targets to resolve this matter

We hope that you will enter into a sincere dialogue with us about this matter and we are writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets.

We will give you 14 days to reply to us accepting unconditionally my request in principle and letting me know a date by which we will receive payment.

If you do not respond or you do not respond positively within this time period, we shall send you a letter before action giving you a further 14 days in which to reflect. We believe that these targets are more than sufficient for a large company such as yours with dedicated staff and departments.

After that there will be no further communication from us and we shall issue a claim and lodge a complaint with the FSA at the expiry of the second deadline.




Yours faithfully,

Anyone think its worth a go?



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