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suvin50

NATWEST success............or not

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Just received a cheque from Natwest almost 2 years after I started my complaint. They finally capitulated after a complaint to FOS. Total PPI payments were £2329 but they have only added interest (at 8%) of £965. No contractual interest. What is the next step?

 

suvin50

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Were you not able to calculate your own expectations before making the original complaint ?

 

When you say, what is the next step.. Have you received a letter from NW - acceptance letter, which you have to sign before they will release the cheque. Or have you only been told by the FOS that NW have agreed ?


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1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

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2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

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4: Staying Calm About Debt

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2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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was this a credit card?

 

dx


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WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

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Hi

I should have explained better.

 

It was a credit card taken out in 1999.

Monthly interest was 1.313%.

 

They sent me a cheque, no letter of acceptance.

 

I don't have any statements prior to 2003.

 

PPI payments for the statements I have, 15 months from January 2003 to May 2004, were between £57 and £59 per month.

Balance was normally £8000-£10000.

 

cancelled the insurance after they refused to pay out on a claim.

I was self-employed.

The account was paid off in 2007 after I sold my house. (There was a charging order).

 

Balance was £10526 but, having looked again at the statements, I actually paid £11628, leaving a credit balance of £1101.

 

This appeared on my statements until April 2007 when it mysteriously disappeared and was transferred to Fort Recs, whatever that is.

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Weird and clearly wrong of them. You should be getting a load of compound interest too. Do you think the PPI bit itself is about accurate? About 40 months paying around £58 a month?

 

I have no idea what you do next, call the FOS I'd guess, but there will be much wiser people to advise you!

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so you should get CI on the PPI payments until the card was closed

then 8% stat int

on that figure till today.

 

did you do a spread?

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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No I didn't do a SS as Iam missing the first 4 years statements. This is despite threatening court action. They insisted they had no info before 2003. I think the next step is to ask for a breakdown of how they arrived at the figure.

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you are quite within your right to use an avg of the known PPI payments

for months you don't know.

 

that's in the fos guidelines.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Is this letter OK to send to Natwest???

 

I have recently received correspondence from you regarding a complaint I made concerning mis-sold PPI on a credit card with Natwest. The correspondence consisted of a cheque for £3285.63 but no explanation of how this sum was arrived at.

 

FSA guidelines state that when PPI is mis-sold the account must be put back to the position it would have been in if the PPI payments had not been applied. You have patently failed to follow this guideline. The interest rate you have used in your calculations (8% simple interest) should have been the compound interest rate of 16.9%. I have reported this breach of the procedure to the Ombudsman.

 

Please supply me with a complete breakdown of how your figure was arrived at and re-calculate your offer to comply with the ruling.

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You should also make a claim for return of the £1101 balance plus interest that they transferred to their - "I cant believe we've got away with this one" - "Fortuitous recoveries" account , as this is money that they should have refunded to you in 2007 once they realised there was a credit balance on the account and that the account was no longer in use.

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Thanks for that Andybars. I couldn't figure out what that meant. Will get on to them immediately.

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Received a breakdown of their offer which shows that the simple interest redress as £956.65 when, using the FOS SS, it should be £1714.41. They have also taken 20% tax of their. figure. As a non-taxpayer how do I reclaim this?

Thanks

suvin

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Received a breakdown of their offer which shows that the simple interest redress as £956.65 when, using the FOS SS, it should be £1714.41. They have also taken 20% tax of their. figure. As a non-taxpayer how do I reclaim this?

Thanks

suvin

 

I will ask for you :)


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thanks citizen8

suvin

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Dropping in as requested by CB.

 

You say that you have now done a spreadsheet....can you post it up please.

 

To get tax back if you are a non tax-payer you will need to contact HMRC.

 

This will be a useful starting point for you

 

http://www.hmrc.gov.uk/incometax/tax-free-interest.htm


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

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