hardship offered what now

[walsh41]

right my girlfriend applied and got accepted for hardship from the natwest her claim was in the region of £10,000 over a period 6 years now with the court decision she applied for hardship now they have give her an offer of £4019.00 now can you refuse the first offer or take what you given is her claim still ongoing(10k minus 4k)?? she has a loan with the natwest which has been frozen does this have to be paid out of the money it was orignally for £1750 with £600 protection but 24.1% apr whitch and think sounds like loan shark rates but what do i know.

 

could any one give us any advice of what to say or to agree on just dont want to be duped by these bas£$%S

 

regards

[PGH7447]

bump

[noomill060]

is this claim for bank charges or credit card charges?

[walsh41]

Bank charges she took the loan to pay the overdraft off and

got charges on that as well

 

cheers

[yourbank]

When did the period of financial hardship begin?

Why did her income drop?

[walsh41]

Her income hasn't dropped just applied for it

when we found out you could we have just started

renting feb 09 so that didn't help

[walsh41]

Anyone help??

[walsh41]

Phoned up and they were on about we would

have to pay the loan off out of the offer is this

normal practice if so she wouldn't have much left

to help her in fianicial hardship?

 

Is these offers like insurance claims were you get

improved offers when you refuse one she was

offered £6k when she first put the claim in a few

years ago.

 

Has anyone got any advice please??

[noomill060]

They can offset the refund they give against the amount owed, yes.

 

Did she take out Payment Protection Insurance (PPI) with the loan?

 

If so, this will probably have been mis-sold, which means she can reclaim the premiums and interest on the premiums.

 

Find out about any PPI.

[walsh41]

Thanks for the reply!! Yes it was took out with the loan we are in the process of claiming

for that! does 24.1% seem extremely high to you she was deffo

took advantage of she only took the loan to clear the overdraft

she was getting all the charges on.

 

Do you know if you get any more offers or is it a case of get what

you given?

[noomill060]

Did you know that mis-sold PPI can make the ENTIRE agreement unenforceable?

 

In other words, you can get the whole thing wiped

 

24.1% is on the high side, but less than I claimed for on mis sold PPI on my credit card.

 

I claimed:

 

PPI premiums + 26.8% compound contractual interest, plus county court interest also at 26.8%

 

This interest was over 8 years. Wiped out the entire debt.

 

Have you claimed PPI at the 24.1%? Is this claim going through the courts?

Edited January 20, 2010 by noomill060

[noomill060]

24.1% isnt excessive.

 

But that is in your favour now.

 

It means you can claim back interest on the mis sold PPI and county court interest at the same rate.

 

 

I work out that she is owed £2565.25 mis sold PPI, including the original £600 premium.

 

You can add another £1900 odd on top of that for county court interest.

 

Shes been offered £4004 for "hardship".

 

How much does she owe them as of now?

 

It seems from an earlier post that you say that this £4000 would clear the debt?

 

This "hardship" offer I dont understand. Banks dont give money away to alliviate hardship in others. Very interesting. I wonder why they want they to go away so much they want to wipe out her debt?

 

Please explain. Could you scan the offer letter and post it up here after deleying all personal details, so I can see what they actually saying and more importantly- not saying.

 

Does it include your PPI claim or is it a separate issue?

 

What about accepting the £4000, thus clearing the debt and then screwing them for the PPI afterwards?

 

The fact that they've offered her £4000 odd for something called "hardship" would indicate that they would rather like to avoid having to explain something to a judge...

 

Remember that the courts decided that the bank charges cant be assessed for fairness under the regs the OFT wanted to, and so the banks dont have to refund any money.

 

So why have they offered her £4000 odd?

 

Very odd....

 

Does this offer come as a Full and Final settlement, or is it just a goodwill gesture?

 

Do they ask her to sign an agreement to end any legal action?

Edited January 20, 2010 by noomill060

[walsh41]

http://img715.imageshack.us/img715/6271/img004u.jpg

http://img718.imageshack.us/img718/4739/img003.jpg

http://img51.imageshack.us/img51/9999/img002kl.jpg

[noomill060]

Give me a while to think about this.

[walsh41]

i like the idea of the debt getting wiped but how do go about that??

 

the offer is just for overdraft charges

 

we havent started a claim for the ppi yet we were gunna print the letter of this site and post it.

shes not sure how much she owes(gunna phone tomoro) but was paying it still upon till a few months ago the offer wold wipe it.

whats county court interest??

 

cheers for your help

[noomill060]

Well, the debt would be wiped by accepting their offer of £4000, so a claim for mis-sold PPI would be money in her pocket.

 

I think the way it was sold is called frontloading, and they lent this money on top of the original loan then charged interest on it.

 

(Im just thinking out loud here)

[walsh41]

how would we best going about claiming ppi and interest back??

and whats this county court interest?

[noomill060]

Through a small claim.

 

CC interest can be claimed if they dont cough up on demand and you then start legal action.

 

Its 8% if the contract doesnt state a rate, or the same rate if there is a rate stated in the contract, In your case 24.1% compound.

[walsh41]

hiya, i phoned my bank and they said the money thery offered me would go straight into the natwest account, which i havnt had for 7yrs by the way, and any outstanding debt will be paid off with that money, the amount they said still owing on that loan is £3,300, i spoke to the financial hardship team and said i was shocked at how much ppi i had on my loan and they gave me a number to phone, it was the insurance, they checked and said i wasnt even on the database as having insurance with them, i then spoke to the hardship team but they dont deal with that so they sent me a form to fill out to cancel the insurance so i faxed it over the other day in work, but i am still undecided whether to sign the form to except the settlement figure because for 1 i never had ins in the first place so they have messed up somewhere and i need some more advice, can anyone help.