Help Me Reclaim Ppi From Natwest Please

[charliebright]

Hi guys, need some help with this ppi claim, maybe i am not so bright afterall:-(:-(

 

After sending nat a S.A.R - (Subject Access Request), I have now received the Loan agreement. (1 sheet of paper) My loan was taken out in Nov 2006 and I have paid PPI till Feb 2008. After realising the sods had ad PPI to my policy,without being applicable to me(self employed) I cancelled it.

 

The loan was for £20,000 and the interest nat added was £5646. On top of this interest they added a Single Premium Policy of £7476.Total repayable £33,122. The APR is 8.7%

 

The agreement states that the Main loan repayments are £315.26 per month and the insurance loan repayments are £89 per month.

 

I have made 16 monthly payments of £404.26 and my payments since cancelling PPI are now £334 per month.

 

I have searched the CAG site and havent found any suitable templates for working out my claim. Is there anyone out there who has claimed PPI and knows how to calculate the full amount to claim. Would really appreciate some hellp:-)

 

I have calculated that if the PPI was not added to the loan, I would only have to repay £25,646 over the term and my monthly repayments would actually be £25,646 / 84(7yr loan)£305.31 per month. As i have overpaid £98.95 per month for the 16 months I had the PPI policy, this means I have overpaid by £1583.62.

 

On top of this amount what interest can I add to the loan and if I set out a letter stating these facts how will the bank take my claim seriously?:?:

 

I have also been told by the bank that my monthly payments would reduce to £334 per month if they removed the PPI. I think they should be even less as because i am making payments towards the capital (£20,000) and the interest (£5646), the more I pay, I am reducing the cost of the capital amount and so would reduce the cost of interest.

 

Even so, If i calculate £25,646 (loan amount inc INT) / 84months (7 year loan) I get a sum of £305.31 so how can this be £334 per month. I think Nat are trying to pull wool over my eyes!!

 

I know you dont have to but your thoughts would be much appreciated if you could help out:cool:

[citizenB]

Erm, maths NOt my strongest point I'm afraid. Was the PPI added to the front of the loan as a single premium do you know ?. If you are self employed then surely it was mis sold ?.

 

In the first instance you should write to the company see what they have to say about the refunding of premiums and interest etc. If they dont come up with a satisfactory reply within a period of 8 weeks, I think you are able to take your complaint to the Financial Ombudsman. HTH

[charliebright]

cheers for reply citizenb, the policy was added as a single premium policy at the start of the loan. Yes, i would like to claim back the premiums and interest I have paid for the loan but in the 19 months I have had the loan, All or most of my monthly payments have gone towards this insurance policy

that I was missold. I have paid £6468.16 towards an insurance policy I did want, not only do the sods add the PPI to my loan, but they also make me pay that off first before paying of the capital and interest for the loan.

 

So £6468 is the figure I want from those buggers!! not forgetting the extra 8% interest!!

[citizenB]

I have a feeling that single premium poliices have been a nono since about 2005. I am sure I have seen a link somewhere over the last couple of days. If I find it I will pop it on here for you. xx

[citizenB]

Ok, heres one of them.

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/135060-links.html

 

BRB with the other. xx

[citizenB]

This one is a Which article xx

 

Payment protection | Were you mis-sold PPI? | PPI - rules before 2005

[charliebright]

Great!:)thanks for that, am gonna spend evening searching through! and figuring it out how to get the sods!!

[charliebright]

Guys are you out there?

 

If i have had a loan for 18 months but my monthly payments have only gone towards single premium ppi am i right in thinking that if the ppi was missold, I can claim all this back.

 

I have paid £6464 in monthly payments and still have pretty much the same balance of apprx £20K which is what the loan amount was for.

 

Those sods have only been using my monthly payments to pay off ppi, not towards loans:evil:

[citizenB]

If you can prove a mis sold policy then yes.. you will get all the premiums you have paid back. They will probably need to restructure the loan. They can only do this by using the same interest rates etc that were used at the time of the original loan.

[charliebright]

Sorry for late reply, been so busy with work,Great thanks CitizenB, am feeling confident abou getting back my money the unlawfully buggers took. Will fill everyone in on my progress:)

[alanalana]

Hello charliebright,

 

you can claim your PPI was mis-sold on the single premium issue and many others. It is then up to the bank to prove it was not mis-sold the onus is placed firmly in their court. I cancelled my PPI on my last loan and got a substantial rebate on the PPI and the interest. However there is nothing to stop you claiming back the money you have paid in monthly premiums with interest added on top.

I would check your statement of account on the loan and see exactly what money you were repaid when you cancelled the PPI. If you check out my thread..post 96 you can see the last account I am claiming on when I received a rebate on the PPI.

alanalana PPI claim against RBS (looking for some help) please

 

Hope this helps you out with you reclaim;)

 

regards

 

aa

[charliebright]

Many thanks aa! I hope you dont mind me using some(a large majority)! of your letter to hit them where it hurts! I want my money back!!:mad:

 

I still have not got all the information back from them relating to my account. I have requested a SAR and they have just sent me a little bit of information but not information calculating how they worked out the interest when they added the insurance premium to the loan.

 

Did they send you all your information?

[citizenB]

Many thanks aa! I hope you dont mind me using some(a large majority)! of your letter to hit them where it hurts! I want my money back!!:mad:

 

I still have not got all the information back from them relating to my account. I have requested a S.A.R - (Subject Access Request) and they have just sent me a little bit of information but not information calculating how they worked out the interest when they added the insurance premium to the loan.

 

Did they send you all your information?

 

Any information you think is missing, you can write and ask them for.

[charliebright]

thanks citizenb yes, will write back to them its just that they always make excuses.

 

I remember last month I sent them 2 letters of the same content to different addresses and just spoke to a lady this morning who told me they had not received it. Damn liars:mad:

 

These are the same banks we are supposed to trust:evil:

 

They even said they have not received my £10 for the SAR:evil::evil:

 

So reluctantly, I will have to fork out another tenner:mad:

 

Oh well, I am in this for the war:rolleyes:

[citizenB]

How did you send the original £10.00 fee.. postal order/cheque ?. Did you send your letters recorded or special delivery ?

 

If you sent by postal order, then you will have a counterfoil (it is a separate slip a bit like a till receipt). You will be able to check that out with the post office to see if it is cashed.

 

If you sent by either recorded or special then you should be able to see if and when it was received from the Royal Mail site.

 

Of course if it was signed for then, they are fibbing and they have received the postal order.. end of story

[citizenB]

thanks citizenb yes, will write back to them its just that they always make excuses.

 

 

Oh well, I am in this for the war:rolleyes:

 

If they make excuses you can just report them to the Information Commissioners Office

[alanalana]

hello charlie,

 

feel free to use as much as you wish from my letter but remember it has not yet stood the test of posting to the bank.

 

aa

[charliebright]

Cheers for that CitizenB, the unfortunate thing is that I stupidly did not send by recorded delivery so cannot prove it was sent:(

 

I will never be that stupid again when corresponding with the enemy:)

 

 

i am now waiting for their SAR form which i will have to send back to them along with £10.

 

I will personally take this to a branch and have them sign something to acknowledge the payment!!

 

If they still mess around after, I will no doubt take this up with relevant authorities.

[citizenB]

Yep, put it down to experience and bounce back fighting