Northern Rock PPI Claim

[pompeyfaith]

Hiya Jan4a,

 

I had 9 loans with the Co-operative Bank PLC all had PPI attached and the amount being claimed comes to £31,000 just under.

 

My claim is currently with the FOS.

 

Now if you need any help with the figures i am more than willing to guide you with this Alanalana will point you to me anyway bless him lol

 

And you will be surprised at how the interest builds up that is because it is compounded and not simple interest

 

So it the compounded interest rate at the interest rate they charged you that you want back as only this will put in the position you would have been in had you not had the policy mis-sold to you.

 

Oh and you can put the 8% statutory s69 judicial interest rate on the total sum to as this is compensation for being without that money over a period of time.

 

Regards

 

PF

[pompeyfaith]

In my case on the current loan i did not cancel it IMO they will cancel when they recieve your claim.

 

Regards

 

PF

[pompeyfaith]

well done see perserverance pays follow claim though like that and we will have another win

[pompeyfaith]

great they have 40 days to comply this is statutory as per DPA 1998 so put a note on your fone or calender when there time is up oh and allow 2 days i delivery

[pompeyfaith]

jan i will do a calculation 4 u soon as i can get to my pc the wife is using it at the moment lol PF

[pompeyfaith]

Hiya Jan4a,

 

Just doing a spreadsheet for you now give me 30 mins and ill have it ready for you.

 

Regards

 

PF

[pompeyfaith]

Yes it does mean it was front loaded with interest payable from the start

[pompeyfaith]

I started this but had to stop as i need the date of first payment can you furnish this please.

 

Regards

 

PF

[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

[pompeyfaith]

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

[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

[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

[pompeyfaith]

Your Welcome

 

PF

[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

[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

[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

[pompeyfaith]

double check your policy jan but id say it is a 5 yr one going by the cost of it and the fact ive never heard of a 10 yr ppi yet

[pompeyfaith]

one thing is 4 sure it proves it was missold because it is now aparant to me they did not tell u this and they should of done

[pompeyfaith]

no need to start a new thread just hit the red triangle this will flag up the siteteam just post a message there with a link to this thread a state what u wish it to be called