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NatWest PPI Claim


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Hi everyone,

 

I have a claim going with NatWest about PPI.

 

Have been sending Prelim letters asking for it all back + interest.

 

This is what NatWest have offered and the amount left after the offer.

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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Total Amount repayable on Insurance £4,941

Interest on the Insurance £1,957.92

Total Amount of Insurance + Interest is £6,898.92

 

Natwests Offer

 

Amount to be taken off the outstanding loan = £3,500

This would leave a difference of £1,440 and they say in the circumstances they are prepared to refund £720 into the bank account as gesture of goodwill.

 

Total of Natwests offer = £4220

NatWests offer is only based on the original premium of £4941 and does not include any interest.

 

What is the next step? Do I accept the offer above and pursue the rest through the FOS or court?

 

The outstanding amount on the insurance plus interest is £2678.92

progress.gif

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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Assuming this is a fixed term, fixed repayment loan, and the PPI was missold, and the whole amount plus interest was front loaded onto the loan, then you are entitled to have the full amount refunded - plus interest at 8% per year, from the date the agreement started.

Alan, Derby, UK.

 

 

 

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________________________________

 

Sorry, but I cannot deal with your case by PM - please ask questions in your own thread. If you do not get a reply within 48 hours send a PM, with a link to the relevant thread, to any Site Team Member.

 

DO NOT SEND QUESTIONS ABOUT YOUR CLAIM TO ADMIN, or our WEBMASTER - YOU WILL NOT RECEIVE A REPLY.

 

Advice given is purely my opinion, and is not based on any legal training.

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I didn't realise the 8% can be added onto the PPI before court.

 

So I guess I now refuse their offer or accept it in part settlement then ask for the full amount to be refunded and interest @ 8% from the date of the agreement, they will refuse so I will need to make a claim with the Ombudsman im sure.

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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It depends how you approach it - the FOS may not push the 8% so you are really in their hands. A court will back up the 8%, on the basis that you have been deprived of that money and are entitled to recompense.

Alan, Derby, UK.

 

 

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

 

________________________________

 

Sorry, but I cannot deal with your case by PM - please ask questions in your own thread. If you do not get a reply within 48 hours send a PM, with a link to the relevant thread, to any Site Team Member.

 

DO NOT SEND QUESTIONS ABOUT YOUR CLAIM TO ADMIN, or our WEBMASTER - YOU WILL NOT RECEIVE A REPLY.

 

Advice given is purely my opinion, and is not based on any legal training.

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Total Amount repayable on Insurance £4,941

Interest on the Insurance £1,957.92

Total Amount of Insurance + Interest is £6,898.92

 

NatWests offer is only based on the original premium of £4941 and does not include any interest.

 

What is the next step? Do I accept the offer above and pursue the rest through the FOS or court?

 

The outstanding amount on the insurance plus interest is £2678.92

progress.gif

 

Hello Orfoster,

 

Do you know how much interest they actually applied to the ppi premium.

 

On a premium of £4,600 they applied interest at 8.9% for ten years on my loan. This resulted in them applying a total of £4,094 interest to the ppi premuim, When the disclosed this to me, that is when they paid out.

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Thanks for your reply.

 

No I don't know how much interest they applied to the PPI premium.

 

On the agreement it says

Interest on the Insurance £1,957.92

 

So would that be it in total or is something hidden?

 

Do you think I should send them a letter asking them to disclose the interest on the PPI?

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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How would I get them to disclose the Interest on the loan. The loan was taken out on the 8th December 2006 and the Annual Percentage Rate is 10.5%.

 

They say in their agreement that the Interest on the loan is £1,957.92 so is this correct or is there more that is applied to it??

 

Help Im getting confused now.

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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If it is a fixed term loan then that is the interest you were charged. You can then add 8% p/a on top of £6898.92, from the date the agreement started until the day they settle.

 

Was the loan a fixed monthly repayment - or did it vary.

Alan, Derby, UK.

 

 

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

 

________________________________

 

Sorry, but I cannot deal with your case by PM - please ask questions in your own thread. If you do not get a reply within 48 hours send a PM, with a link to the relevant thread, to any Site Team Member.

 

DO NOT SEND QUESTIONS ABOUT YOUR CLAIM TO ADMIN, or our WEBMASTER - YOU WILL NOT RECEIVE A REPLY.

 

Advice given is purely my opinion, and is not based on any legal training.

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No its always been a fixed monthly repayment.

 

Thanks for that. by the looks of it Natwest haven't even taken into account the interest that was applied to the PPI and although the loan isn't finished yet they have still already charged it so it all needs to be returned.

 

I will get deep into it all later on hopefully but how many of the PPI cases taken through court are getting to court or are they all settling out of court?

George Loveless - “We raise the watchword, liberty. We will, we will, we will be free!"

 

My advice is only my opinion, I am not a legal expert.

 

IF YOU LIKE THE ADVICE I'M GIVING AND ARE HAPPY WITH IT, CLICK THE SCALES ON THE BOTTOM LEFT OF THIS POST AND TELL ME.

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I am not aware of any that have gone to court as yet - and believe me I have been trawling caselaw for weeks to find one. LOL

Alan, Derby, UK.

 

 

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

 

________________________________

 

Sorry, but I cannot deal with your case by PM - please ask questions in your own thread. If you do not get a reply within 48 hours send a PM, with a link to the relevant thread, to any Site Team Member.

 

DO NOT SEND QUESTIONS ABOUT YOUR CLAIM TO ADMIN, or our WEBMASTER - YOU WILL NOT RECEIVE A REPLY.

 

Advice given is purely my opinion, and is not based on any legal training.

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