Natwest have Charged me £1438 to cancel PPI!

[jonat]

having recently cliamed back my bank charges from Natwest and generally getting my house in order I thought it was about time I had a look at my personal loan with Natwest.

 

I took out the loan 17 months ago, the lady who saw me at my branch told me that I should go for PPI as it would give me a much better chance of being accepted. She said the best bet was to take it in the short term and then cancel it after a couple of months. Any way slack alice here forgot and as a result I have been paying £84.46 a month for the last 17 months!

 

I called natwest to cancel the insurance straight away which they have done no problem. However I have just been looking at what they have knocked off my loan and it is alot less than I expecetd.

 

The total amount for the insurance including interest was £7094.64 (£5500 + interest) and I have paid £1351.36 (16 x £84.46) so I was expecting a rebate of £5743.28 (£7094.64 - £1351.36) but they have only given me back £4304.65, £1438.63 short!

 

I am currently trying to strike up some sort of dialog with the bank to find out why there is such a massive discrepancy with a vain hope of trying to get back my £1438.63. However I'm wondering (after reading all the threads in this forum) if I should go the whole hog and try an claim back everything I have paid over the last 16 months as well?

 

Any opinions on my what I should do next would be appreciated and any pointers on where to start would be greatly appreciated.

 

Appologies for the length of the post

 

A Natwest Mug!

[bandonbhoy]

look up OFT report on PPI October 2006. I have copy but it is 'filed' just now and cannot locate section. But within it there is commnet on someone being forced to take out PPI in prder to get loan. That is illegal abd is referred to in report. I am supposed to be going off to Ireland on Friday, so am not sure at this stage if I can get back to it. Look up Reident on this site under PPI and get in contact with him. Another Scot, but he's fare the silvery Tay.

 

Lok foprward to hearing your dev. It will take time, but I am sure you will get your monwey back

[Bicester1]

I'm very interested in this, particulary that it is illegal to insist on PPI. Some years ago I was told by Lloyds that I had to take out PPI if I wished to get aloan.[ I didnt need it i had a secure well paid job!] I paid the loan off early but only got a partial refund of the PPI.

 

I wonder if I might get this back?

 

Bicester1

[livelylad]

here it is

http://www.fsa.gov.uk/pubs/other/ppi_thematic_report.pdf

[reidnet]

Here is the link to the Latest FSA report on PPI.

 

http://www.fsa.gov.uk/pubs/other/ppi_thematic.pdf

 

This one released October 2006

 

Ian

[reidnet]

And here is the latest link to OFT website reports on PPI

 

http://www.oft.gov.uk/NR/rdonlyres/5488B3D6-3B6D-4544-94E9-AA18003EDC87/0/oft869.pdf

 

http://www.oft.gov.uk/NR/rdonlyres/1ABF5CB8-35AF-469B-B6FD-90961F9467B3/0/oft869AnnexeA.pdf

 

Plenty reading there..lol

 

Ian

[jonat]

Cheers Guys

 

I will read through all the reports and keep you posted on my progress.

 

Jonathan

[reidnet]

Cheers Guys

 

I will read through all the reports and keep you posted on my progress.

 

Jonathan

 

That lot will keep you reading for a while, But it worth reading and highlighting the relevent points.

 

If you get stuck or need some guidance feel free to shout.

 

Good Luck

 

Ian

[Bicester1]

Yup

 

Thanks guys I think this might just be the start of something!

 

The strugle continues!

 

Happy Christmas Lloyds!

 

Bicester1

[jonat]

Happy new year to you all,

 

Just a quick update on my case to date, I wrote to Natwest on the 22nd of December using the template supplied by reidnet (my case is slightly different so I edited it quite considerbly) but it was on similar lines.

 

I have recieved a reply back from them which is basically a fob off letter talking about the way they calculate their rebates using 'Rule of 78' and not even mentioning the main just of my complaint which is that I was mis sold the insurance in the 1st place.

 

I am currently composing a 'letter before action' again in a similar style to the one on reidnets thread. I will let you know when I hear something back.

[reidnet]

Hi Jonat,

I think all these outfits must also have a website where they share Template Fob off letters etc. They simply do not fully read or Understand complaints that they recieve by the looks of it.

 

Ahh the Rule of 78..lol I have Firstplus in court on 5th feb 07 to challenge the rule of 78.. They charged me £760 in early settlement interest charge under that rule..even though the FSA consider the rule of 78 as unfair and newer loan settlements are no longer calculated on that rule.

 

It will be interesting to see if they are Brave enough to stand up in court and defend this unfair rule of 78 lark.

I have not heard anything further from Firstplus since the summons was served.. I may have upset them too, they have been contacted and told that they get Named and Shamed in the Tonight with Trevor McDonald program due to be screened on Friday 12th Jan...(Now I wonder who did that..lol)

 

You just have to keep at them Jonat, Exhaust their Internal complaints procedures etc, Then move onto the FSA etc..

 

Good Luck

 

Ian

[Pezboy]

Hi there,

 

I think it's my duty as an FSA regulated GI salesperson, that at no stage of a lending application should the customer be led to belive that being accepted for the loan depends on wether they take PPI or not.

 

If you had reason to belive that you would not be accepted for lending if you did not take the PPI, then not only have you been mis-sold, the seller has not been GI compliant, and is therefore in breach of contract.

 

If you would like any more information, please ask, I work for one of the big 4, but I am here to help, and have already made myself known to the administrators.

 

All the best,

 

-Pez

[reidnet]

Hi Pezboy and Welcome to CAG, Its great that you are here to offer us support and Advice from the other side so to speak. Its is very much appreciated. I only hope you dont work for the croud that Im Gunning for..lol

 

I am sure I will have a few questions for you..lol

 

I have an ongoing fight on my hands, but Im in no great hurry to put it to court, I am taking my time with this one and getting all my facts, figures and evidence as watertight as I can. And when I do hit the court with it I am hoping to do some damage to them..lol.

 

I think we may see some more PPI questions appearing here after tomorrow night after the Tonight with Trevor McDonald program.

 

I will have another look over my statement of claim and I think I will have at least a couple of things that you may be able to clear up for me.

 

Take Care and Thanks for Joining CAG.

 

Ian

[Guest NATTIE]

Pezboy Welcome back to the CAG after soo long away. I hope you can help the Barclays Boys---unless you have changed banks:D

[Pezboy]

Pezboy Welcome back to the CAG after soo long away. I hope you can help the Barclays Boys---unless you have changed banks:D

 

Wow, I'm honored that someone remembers/recognises me

 

And guess what, I bank with First Direct, make of that what you will

 

I'm quite happy to help with anything at all that I can. My main speciality being Barclays of course, but more importantly internal processes and GI regulation, so I dare say I'll be hanging about in this here PPI forum for the future.

[reidnet]

Hi Pezboy,

I didnt think it would be long before I thought of a question for you ..lol

 

You refer to the GI Regulations on selling insurance, is there any way I can get hold of a copy of these regualtions, Just want to check that the Guy that Mis Sold me the PPI stuck to those regulations. Its just more information that I can Possibly use in my Statement of Claim.

 

Ian

[Bicester1]

Hi pezboy

 

I was told unequivocally by Lloyds that if I wanted the loan I had to take the PPI, are you saying that this is definitely mis-selling?

 

Can I get hold of a copy of these GI regs?

 

bicester1

[gofa]

HI, watch good olde Trever mc"d tonight!!!!

[jonat]

Hi Pezboy

 

Looks like my thread has been hijcked a little but not to worry it sounds like eveyone has got a little exited about welcoming back a legend;-) !?!

 

One question, and please forgive my ignorance, what are GI regulations? and, as others have asked where can we get hold of them?

 

Cheers Jonat

[reidnet]

Well just a wee Update,

 

I challenged Firstplus re the use of the Rule of 78 , I had issued summons etc and due in court 5th Feb..Guess what they aint going to court..lol They have settled in Full as a gesture of Goodwill of course..lol

 

I wanted them to stand up in court and challenge the rule of 78..but the chickened out..lol

 

Ian

[Pezboy]

Hi Pezboy

 

Looks like my threat has been hijcked a little but not to worry it sounds like eveyone has got a little exited about welcoming back a legend;-) !?!

 

One question, and please forgive my ignorance, what are GI regulations? and, as others have asked where can we get hold of them?

 

Cheers Jonat

 

GI (Or, General Insurance) is the term used by the FSA for any insurance product that is not taylored, such as an endowment policy.

 

I'm more than welcome to provide people with information regarding the selling on PPI, and of course, the DO's DONT's and DEFINATELY DONT's.

 

These regulatory guides are, for obvious reasons, only supplied to people who have passed FSA regulated exams that demonstrate that they are compitant to sell GI products... or not, as some of these cases may be.

 

I will scour around at work and collect as many documents manuals and forms with guidelines and FAQ's, and of course, publish them to the masses of the CAG

[Pezboy]

Hi pezboy

 

I was told unequivocally by Lloyds that if I wanted the loan I had to take the PPI, are you saying that this is definitely mis-selling?

 

Can I get hold of a copy of these GI regs?

 

bicester1

 

Yes, 100% without a shadow of a doubt.

 

If you are led to belive that the santioning of lending is based on the customer also taking an insurance policy, you have been mis-sold.

[Bicester1]

Hi

 

WOW thank you very much.

 

Lloyds here I come!

 

Bicester1

[reidnet]

Good luck Bicester...

[jonat]

Afternoon Guys,

 

Just a quick update, I recieved a letter this weekend from my branch manager basically saying that she "takes accusations of mis-selling very seriously" and please can I give her more time to respond in full. However she is willing to offer me £100 as a gesture of goodwill! Looks like there panicking about PPi almost as much as they are about charges:D. I am just composing a rejection letter and will use the breaking of GI guidlines info to add a bit more strength to my argument. (Cheers pezboy).

 

Congratulations reidnet on your win over first plus! Out of interest how did you chllenge the rule of 78? I'm going to stick to the mis-selling route for now but if that fails I will use it as a backup. (good to see you flying the flag on big trevs show the other night!)

 

Cheers

 

Jonat