Northern Rock PPI Claim

[Jan4a]

Are there any templates here for first letter to bank re reclaiming PPI? I found the SAR under Bank Templates but can't find any for PPI. If not I've got some from internet that I can doctor and then post on here for comments.

 

Thanks

[pompeyfaith]

hiya jan i got your PM getting late now so i will check your figures in morning as 4 template letter u will see one in the ppi stickys just edit to suit your needs

[pompeyfaith]

when u have done the letter copy and paste here removing personal details and ill check that 4 u too PF

[Jan4a]

Thanks. No rush as not sending letter until 2 August.

[pompeyfaith]

ok thank you but this is next on my hit list so i will get on to it this evening TC PF

[Jan4a]

Thanks for the spreadsheet - I am in shock!!! thought I'd be able to claim about £5k back - when I did Bog's I got over 9k and thought I'd done it wrong. Can't believe its over £10K!!! The more I go into this, the more apparent it is how much we've all been ripped off.

 

Best be especially careful with my letter now! I'll post it tomorrow for comments.

 

Jan

[pompeyfaith]

Hiya Jan,

 

Yes why do you think all Financial organisations use compounded interest rates ?

 

Now you know why

 

There is a PPI letter template in the PPI STICKYS just edit that to suit your needs.

 

Then post it here removing personal data (prying eyes) and ill check it and amend where needed.

 

Regards

 

PF

[Jan4a]

Probably me but I've looked through the Sticky's and can't find a PPI template ..... which Sticky is it under please?

[pompeyfaith]

Hiya Jan one minute ill go fetch the link for you.

[pompeyfaith]

Oh Silly me sorry that was a SAR letter but no worries i will get you a letter a post it here hang on ill go do it now

[pompeyfaith]

Right here you go courtesy of alanalana Just edit this one to suit your needs

 

Mr alanalana

(full address)

 

 

The Royal Bank of Scotland

(full address)

 

 

Dear Sir/Madam,

 

Re: Policy number: XXX

 

 

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx unsecured personal loan at your xxx branch on 21st August 2006 and also bought a Payment Protection Insurance policy (PPI) which would cost me an extra £xxx over the life of the loan. The salesperson who sold me the policy did not disclose all of the facts relevant to the PPI.

 

Firstly I was not given the correct information when the policy was sold to me, as your salesperson did not give me detailed information on what the policy would and would not cover. For example that the loan only covered the first 12 months should I become unable to work as a result of disability or unemployment. It should have been explained to me that the policy would not cover the full period of my loan term.

 

Secondly I was not informed that I had the option to buy payment protection insurance (PPI) from an independent provider to cover the loan at a more competitive price.

 

I was also not informed that the interest on the PPI would be payable over the full term of the loan.

 

Having recently looked at the paperwork for my loan I now realise that I have been paying for insurance (and the interest on that insurance). I believe that having cancelled the PPI, I am entitled to a refund of the payments made as no claim was made on the policy.

I am requesting a full refund of all my insurance payments that I have paid to date which are 5 payments of £xxx. The Insurance loan repayment figure was £xxx and the main loan repayment is £xxx yet after the cancellation of the PPI the monthly repayment was revised to £xxx some £10.06 more than the loan repayment figure listed on the loan agreement document i.e. £xxx.

 

As I believe I have been deprived of this money I also expect the statutory interest at 8% the amount a court would award, to be added to the payments made i.e. £xxx. Total £xxx. You will note from my earlier correspondence that I expressed concern that having paid 5 monthly repayments of £xxx totalling £xxx, you informed me on the 8th February that the total amount outstanding on the loan was £xxx. The last payment of £xxx was recovered from my account on the 22nd January 2007 some 17 days after receiving a letter from xxxxx xxxxxxx at the South West Customer Service Centre dated 5th January 2007 confirming the cancellation of the PPI.

 

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

 

Yours faithfully,

[pompeyfaith]

You have another email too

 

PF

[Jan4a]

Thanks v much. I'll post when amended.

 

Jan

[pompeyfaith]

Your Welcome

 

PF

[alanalana]

Thanks v much. I'll post when amended.

 

Jan

 

 

Jan who are you claiming against ? We know you have a claim but it would help you and also cag if we knew who you are claiming from ?

 

aa

[Jan4a]

Hi AA

 

It is Northern Rock. I tried to put it on the headings but it only went on the first one. Not sure how to do it so it goes on them all. I've just done this one advanced so its changed but the only way I know is to change the heading every time I post so I'll try and remember to do that - unless you know a way to just change the original one so it comes up every time?

 

Jan

[Jan4a]

PF - I have been looking at everything and have amended the dates on the spreadsheet as we had one extra month in. I have emailed it back to you with amends on dates. Would you mind having a quick check to make sure all the figures have changed accordingly? I was too scared to delete a row in case it messed other things up!

 

Thanks

Jan

[pompeyfaith]

hiya jan sure but i cant get to my PC until this evening is that ok with u im logged in on my nokia n95 at the moment as my wife is playing scrabble on the Pc

Edited July 30, 2009 by pompeyfaith

[Jan4a]

Of course its OK, whenever it is convenient to you is fine! I'm about to post letter as well and ask for comments on that before I add personal stuff.

 

Thanks

Jan

[Jan4a]

Hello

 

Below is my first draft of letter to NR. Pompeyfaith is currently helping me with the figures but i would be grateful for any comments/suggestions. Thanks.

 

Dear Sir/Madam,

 

Re: Policy number: X

 

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

 

I took out a £12,000 unsecured personal loan via telephone on 24 July 2004 and also bought a Payment Protection Insurance policy which would cost me an extra £5,821.20 over the life of the loan. The salesperson who sold me the policy did not disclose all of the facts relevant to the policy.

 

Firstly I was not given the correct information when the policy was sold to me, as your salesperson did not give me detailed information on what the policy would and would not cover. For example that the loan only covered the first 12 months should I become unable to work as a result of disability or unemployment. It should have been explained to me that the policy would not cover the full period of my loan term.

 

Secondly I was not informed that I had the option to buy payment protection insurance from an independent provider to cover the loan at a more competitive price

 

I was also not informed that the interest on the insurance would be payable over the full term of the loan.

 

I wrote to you on 9 November 2005 and stated categorically that I wished to cancel my PPI insurance. One of your sales staff rang me shortly after and advised me that I could not cancel my PPI without taking out a new loan and that I may not get the same interest rate. I now know this to be untrue. [should I put this para in or is it overkill? I don’t have a copy of the letter but remember sending it and they have a note on their Account Events saying “Letter from customer dated 9.11.05 requesting to canx PPI ... passed to sales to deal ...” There is no further note on their system saying that sales rang me and we had this conversation. NB. It was definitely worth sending SAR!! Am worried it might give them option just to refund from 9/11/05 rather than whole lot if I put this para in, so any advice welcome!

 

Having recently looked at the paperwork for my loan I now realise that I have been paying for insurance and the interest on that insurance. Please cancel the PPI immediately. I believe I am entitled to a refund of the payments made as no claim was made on the policy.

 

I am requesting a full refund of all my insurance payments that I have paid to date which are 61 payments of £ . The Insurance loan repayment figure was £xxx and the main loan repayment is £xxx. [not sure what to put here – should it be the monthly figure or total figures for whole loan period??]

 

Do I need an extra paragraph saying what I am claiming ie £ PPI, £ interest on PPI, £ for 8% interest?

 

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

 

Yours faithfully,

[pompeyfaith]

still on my phone but ill be on pc shortly to beef that letter up PF

[pompeyfaith]

Jan Ive ameanded the spreadsheet and emailed back to you.

 

Now i gota rush out around to my mums soon as i get back i will check your letter as there are a few changes i can do to beef it up.

 

Regards

 

PF

[Jan4a]

thanks.

[pompeyfaith]

Dear Sir/Madam,

PAYMENT PROTECTION INSURANCE COMPLAINT

 

Re: Policy number: X

 

I have been mis-sold a payment protection insurance policy for the reasons stated below and request a full refund of my premiums, plus interest paid.

 

I took out a £12,000 unsecured personal loan via telephone on 24th July 2004 and was also sold a Payment Protection Insurance policy which would cost me an extra £5,821.20 plus interest over the life of the loan.

The reasons this policy was mis-sold I have set out below:

1. I would be paying this with interest over a term of 10 years this I consider wholly inappropriate salesmanship as the policy term is only 5 years.

2. The salesperson who sold me the policy did not disclose all of the facts relevant to the policy.

3. I was not given the correct information when the policy was sold to me, as your salesperson did not give me detailed information on what the policy would and would not cover. For example that the loan only covered the first 12 months should I become unable to work as a result of disability or unemployment. It should have been explained to me that the policy would not cover the full period of my loan term.

 

4. I was not informed that I had the option to buy payment protection insurance from an independent provider to cover the loan at a more competitive price

 

6. It was not explained to me that the policy would only cover 5 years of a 10 year term.

 

I wrote to you on 9 November 2005 and stated categorically that I wished to cancel my PPI insurance. One of your sales staff rang me shortly after and advised me that I could not cancel my PPI without taking out a new loan and that I may not get the same interest rate. I now know this to be untrue.

I am requesting a full refund of all my insurance payments that I have paid to date which is £2,012.29. Plus the PPI policy premium of £5,821.20 which I expect to be refunded back into the loan.

As I have been denied this money over a considerable amount of time for which you have profited from I also expect statutory interest to be added at an Apr of 8% simple from date of loan to date complaint settled which I calculate to be £3,131.68

 

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

 

Yours faithfully,

 

 

 

 

Right here you go does this meet with your approval.

 

 

Leave this bit in red so it stands out

 

 

PAYMENT PROTECTION INSURANCE COMPLAINT

 

The rest you can change to black

 

 

Regards

 

PF

 

[pompeyfaith]

Send that off with a copy of the spreadsheet then sit back and enjoy a cup of tea as you have earned it.

 

Regards

 

PF