Bank loans PPI - Nat West

[Boltmaker]

Could this be a seasonal present to become a reality in the new year.

 

Been with this bank for over 40 years and had several personal loans over that time,

back to 1991, all with PPI.

 

Following a SAR request they have provided information on all the loans

and the amount of the PPI premiums added to the loans, in total over £15k.

 

I intend to apply for refunds of these premiums as I did not require them

due to the fact that I would have received full pay at my work for over 26 weeks (minus SSP)

and I was advised that not to take out the PPI could influence the outcome of the application.

 

Am I right to think that I could be entitled to a full refund of all premiums paid (no claims made)

plus interest and interest at 8%.

 

Your advice would be greatly appreciated.

[ims21]

Hi

 

Essentially yes you are correct but in order to work out what the figures might be you would need to know the date of each repayment to each loan.

 

In addition, if any loans refinanced a previous loan there is some maths to do there as well since, subject to any PPI rebates you may have received on settlement of an account, you may have been paying on an earlier loan through a later one.

 

It is not necessarily quite as easy as it may seem to calculate what is due back.

 

Have a read of No.1 in my signature.

[dx100uk]

whos the bank too please

 

dx

[ims21]

whos the bank too please

 

dx

 

Nat West dx?

 

Will move to the PPI forum

[ims21]

Moved from Nat West forum to PPI forum

[dx100uk]

doh! look where the thread was dx!!

 

ok well they usually cough ok

[Boltmaker]

Thanks Ims,

Have now read your very interesting article on reclaiming and will be going ahead after Xmas.

Many thanks for sharing your hard work

[ims21]

No probs Boltmaker.

 

If or when you have questions, just shout here.

 

In the meantime, have a good one

[Boltmaker]

Thanks again Ims

 

Hope you and all your colleagues have a really good one too

[Boltmaker]

Hello,

 

 

Hope someone can give a little advice on which will be the best way to approach this reclaims.

Details of the claims are from information provided by the bank as the result of a SAR request.

All details relate to personal loans.

 

 

23/06/1992 Loan amount £6517. Insurance premium £1017. Closing date 18/11/1993 (Loan one)

18/11/1993 Loan amount £8000. Insurance premium £1480. Closing date 23/12/1996 (Loan two)

19/12/1996 Loan amount £10000. Insurance premium £1890 Closing date 06/01/2000 (Loan three)

05/01/2000 Loan amount £10000. Insurance premium £1760 Closing date 19/12/2002 (Loan four)

19/12/2002 Loan amount £15000. Insurance premium £3614 Closing date 19/02/2004 (Loan five)

19/02/2004 Loan amount £23000. Insurance premium £5803 Closing date 09/09/2008 (Loan six)

All loans are now completed and paid off in full.

 

 

It is since the last application and loan paid off that I became aware that a reclaim became possible.

 

 

Would it be best to make six reclaim applications or can it be done on one claim for the lot.

 

 

I wait with anticipation for your advice.

Thanks

Boltmaker

[ims21]

Hi

 

What you have here is a classic rollover situation.

 

You can put in one claim but on your fos questionnaire make sure that you mention all loan account numbers since they all impact on each other.

 

Have a read of No.1 in my signature as there is a lot of information on how to calculate rollover amounts.

 

If and when you get stuck, shout here.

[Boltmaker]

Thanks Ims21

 

 

Here we go, but will read your signature first, then hopefully complete the FOS questionnaire.

[ims21]

Ok...as I said, if you need help then shout here

[Boltmaker]

Hi Ims21

 

 

I am thinking of applying for copies of all the agreements for these loans with respect of the amounts of interest charged on each one so I know where to start and what I need for the relevant calculations to come. Do I need to send £1 for each agreement or will £1 do for all.

[sammy509]

I was in the same situation as you I just filled in the form the bank sent,saying not given option ppi just added to loans and had full employment package so would have not taken ppi if asked,I have just had refund of £21,095. back.

[ims21]

Hi Ims21

 

 

I am thinking of applying for copies of all the agreements for these loans with respect of the amounts of interest charged on each one so I know where to start and what I need for the relevant calculations to come. Do I need to send £1 for each agreement or will £1 do for all.

 

The lender is only required to keep documents for six years after an account has been closed so you are likely to have a bit of a time of it on getting details of those old loans.

 

You can always put in a claim without doing spreadsheets but it will be tricky to calculate whether any offer is right or wrong. You can always get the lender to send you detailed workings so that you can take a view on things.

 

You posted some details of the loans earlier in the thread...where did these details come from? (not from the agreements obviously)

[Boltmaker]

Hello Ims21

 

 

The details of the loans as listed were included in the SAR request submitted to the bank, so they it seems have information to some degree on the older loans. What about the fee £1 for all agreements or individually

[ims21]

If you are thinking of a CCA request for the agreements, they are not required to provide them where there are no sums due under the agreement. Accordingly they are not required to comply with a CCA request for agreements which have been paid off which , according to your first post, is all of them.

 

You could try writing to them or even calling them to see if they have any more details on the loans but of not you may have to put in a claim without the details and see what offer (if any) they make. You would be entitled to see a complete breakdown of their calculations to take a view on whether it might be correct or not.

 

I don't suppose you have your actual payment records going that far back do you?

[Boltmaker]

Hi Ims21,

 

 

The bank tru the SAR request have supplied details of loans ending 1090,5459,9788,2212 respectively on what they call Copy Ledger Responses which show each payment made, and copy payment statements for loans ending 9046 and 8775.

[Andybars]

Do you know the intended term of each loan - if you have this as well as the monthly payment- you should be able to work out the rebates when each loan was refinanced and how much was carried forward into the subsequent loans. Given that these are almost certain to be non-pro-rate rule of 78 refunds on RBS loans of this vintage - I would expect the redress figure to be rather substantial

[Boltmaker]

Thanks for that Andy.

 

 

I do not know the intended term of each loan as they all rolled over into the next one.

I understand from the FOS that a separate application should be made for each loan PPI refund. Not sure at all I can work out how much I may be entitled to or whether the bank is actually playing fair or taking some protection to themselves.

[Boltmaker]

The information I possess is as laid out in message One

[ims21]

As all of these loans are linked (as far as PPI payments are concerned and if the mis-selling reasons are broadly similar, you can put them all on one fos questionnaire).

 

The reasoning behind this is that, knowing the banks, they will not be straight with you and if you put them in as individual claims they may try and get away with dealing with each as a "stand alone" product. If they do that you will not get as much redress as you should be entitled to.

 

The main difficulty you have is the age of the loans and getting data from which you can accurately calculate the amount you should be getting back.

 

You might have to take a view on any offer that you might get and if you do get an offer then do ask the lender to provide a full and detailed breakdown of their calculations. That will help you to check whether they are trying to pull the wool over your eyes.

[Boltmaker]

Thanks Ims21,

 

 

Your comments are duly noted, one application, and if an offer is made full disclosure of calculations. All the loans are based on being misselling on the basis I did not need PPI as a "guard" against sickness or injury as I would have had been paid full salary ach month less SSP, and also it was indicated at each application interview that it may help with the application.

[ims21]