Interesting situation with Natwest...

[dmb248]

Hello all

 

I have a very interesting situation, I have an idea as to how I am going to deal with it but would be interested to hear others thoughts.

 

I have recieved from N/West a PPI offer of around £1400. I made the compaint as I found an old bank statement showing amounts being paid and refunded on redemption, no agreement so do not know the interest rate so cannot calculate as to whether this is a correct figure and the breakdown is simply:

 

PPI Refund xxxxx

 

Net Interest xxxxx

 

Additional gross int for delay xxxxx

 

Net Interest xxxxxxx

 

Total offer xxxxxxxx

 

No idea how they have reached that figure!!

 

 

Anyway the PPI letter states ' sign and return the delaration...on reciept we will arrange for payment to be made...subject to clearance of any arrears and indetedness you may have with the group...'

 

This is where my challenge lies as I believe that they have had more that enough to cover any liabilities I may legally owe and that I should receive the PPI refund in cold hard cash!

 

My history with them:

 

After my business (which was LTD) went under in 2004 I owed them just over 3k on a personal overdraft and around 5k in business overdraft.

 

I made agreement to pay them back monthly from March 05. About 6 months previous they had made the business overdraft into a personal loan. At the time I didn't question the banks actions as I knew no better (I signed a personal guarentee in 02). However (after understanding CCA, enforcability etc) In 09 I made a CCA request for the Credit Agreement for the loan, which I knew didn't exist because I never signed one! a year later they admitted to not having one.

 

I was making a monthly payment to the 'Bank' not individual payments to the two accounts (O/D, Loan)

 

I have SADR'd them (twice) re the current account to which the overdraft related and have discovered the following:

 

1. That in May 06 they agreed to suspend any interest. I am assuming that this refered to both accounts, it does not state otherwise. I was not aware of this. They stopped interest on the Loan but not the O/D to which approx £1900 was added in interest over the next 2 years.

 

2. In total since 05 they have recieved from me over £3.5k which has repaid more than the original O/D liability.

 

3. Nothing to back up the s74 Feb 1990 O/D determination amongst the documents or justify the amount of interest that they have added.

 

4. Bank Charges added to the account whilst in an overdraft over £2.2k

 

 

Also clarification would be helpful re the Business liability, and whether it could be statue barred.

 

They transfered it to a personal liability in 04 (no signed agreement ever existed) They paid the money into my personal account and then repaid the business O/D. I never acknowlaged it as a personal liability until 09 as I made payments to the 'bank' and it was obviously added to the O/D liability in 05.

 

As the Bank did not demand repayment in 04 as a business debt, as they do not have an agreement turning it into a personal loan and as it was over 7 years ago could that make it Statute Barred?

 

Anyones thoughts and opinions appreciated.

[radmm0]

Did you ever get anywhere with this? Also, did you use PMs on CAG to get the response to your questions? If not, where have you taken this case with NatWest?

[dmb248]

Hello again

 

An update on this situation and would be grateful for some advice as to what my next move should be.

 

Regarding the Current account overdraft I took the matter to the Ombudsman, basically with a complaint that Natwest claim an outstanding balance on the Account an I say their isnt, providing evidence. The Ombudsman has NOT upheld my complaint and just bangs on about 'Charges' being fair (Suprime Court determination etc) It would seem that the fact I have paid the bank MORE than owed since 2005 has been ignored.

 

Naturally I have rejected the decision.

 

My challenge now is that I am owed from them for mis sold PPI, I have that with the ombudsman also as I believe the figure offered is incorrect and that they are refusing to refund me directly (see above).

 

What action should I now take....Should I now wait for the Ombudsman regarding the PPI complaint? - I have all information held by NATWEST from 2 SADR's, and ALL statements should I take them to court to recover the PPI and have the account closed?

 

I have proof of ALL payments made to the bank since 2005 which shows more than the outstanding balance at that time...infact they refunded 5 years worth of interest last year so I am actually OWED money from them!...

The only defence that I can see is the outstanding balance on the Loan Account which they admit and I know they have no agreement for (because their isn't one) so is unenforcable.

 

Any thoughts much appreciated

 

dmb

[steampowered]

The PPI wording "subject to clearance of any arrears and indetedness you may have with the group" sounds like standard wording they probably put in all letters. You could ask them to clarify how they reached the PPI settlement figure (i.e. is it all the PPI you paid) and accept, and see if they pay the full amount. They could try to "set-off" amounts they think you owe under the other loan in which case you would need to take them to court for the rest of the PPI sum.

 

You could try taking Natwest to court now, but there is a costs risk of doing that. It might be better to wait and see if they try to set-off or not. If they do then you take them to court (if you are prepared to take the risks that come with that).