PPI Offer

[Mushymoo26]

Hi

 

I have a loan which is running at the moment with Natwest. Ihave taken them to FOS, who has got them to agree to refund me the £2600 which they mis-sold me. I have been in contact with them today regarding this and some other issues, and was told that they wont issue the cheque but take it off my loan. I have told in her in circumstances do I want it paid like that but want a cheque. My question is can she force me to take the money off my loan. There are also alot of unanswered issues regarding the loan, which is in itself another complaint. If necessary can I withdraw my acceptance of this offer. Please help me

[dx100uk]

though not with the natwest, i got my O/H PPI refunded by Monument recently.

they advised me they were going to do the same, remove it from the loan total.

i wrote them a letter saying that they were not the only Co. we had debts with & as to be fair to all the others, so they got an equal share of MY money they took, could we please have it as a cheque.

 

they wrote back with a cheque enclosed.

 

might help

 

dx100uk;)

[Mushymoo26]

The route I am going to go, is that they made this condition AFTER acceptance. If this is the case, I will withdraw it and we can continue to fight etc. In all fairness Natwesthave really cocked up and they know it. Will call the lady back and see what she has to say. I am not in arrears with my loan, they have been mis-allocating the money each month which I have told them about. I am also considering reporting them to Trading Standards, FSA. I have already complained to FOS.

[Keith22]

I had this problem with Lloydstsb and in the end the money was taken from my loan which to my complete surprise was then rescheduled at a much lower APR. Although I really needed the cheque I gritted my teeth and accepted because overall I will end up paying far less money over the term of the loan and also had lower monthly payments which also helped.

 

I think I was lucky over the APR but this might be because it was a business loan. The attitude of the Bank seems to be that they lent the money to make a one of payment of the PPI premium and that if it was to be cancelled then the extra money was not required and they should simply remove it from the loan total. Well there are lots of arguments here but the suggestion in the above post might work - tell them that you have debts and need to share out the money.

 

I have dealt with a number of PPI claims now with Lloyds and there seems to be little consistency in their approach. It almost seems to depend on who they appoint to deal with it as to what happens.

[pixiepixie]

I had this problem with Lloydstsb and in the end the money was taken from my loan which to my complete surprise was then rescheduled at a much lower APR. Although I really needed the cheque I gritted my teeth and accepted because overall I will end up paying far less money over the term of the loan and also had lower monthly payments which also helped.

 

Hi Keith - hope you dont mind me contacting you. I read you thread on ppi with lloyds. I have a loan with lloyds and they advised it was in my best interest to take out ppi - havnt a clue what its for. Having read many of the threads on here i am about to write to lloyds and ask to have it removed and my payments adjusted etc, How did you start you letter off - im scared to death of lloyds and have been for years., I dont want them thinking i cant pay and they start being funny with me

[pc23]

Mushymoo you should be claiming interest too!!!!

[Keith22]

Hi Pixiepixie,

 

I'm not an expert but I'll see if I can help. The starting point is to clarify exactly what it is we are dealing with. So you need the figures - loan amount, APR, term and date of loan plus details of the PPI element etc. Don't worry too much about the Terms & Conditions at this stage. Hopefully you will have the paperwork. If not then you can request copies from the Bank. The next thing is to decide how you are going to get your money back. If there is no evidence of mis-selling it will be very difficult with Lloyds although I have heard of one or two people getting a refund just on request. I don't know whether requests are being dealt with more sympathetically in the light of the present climate. If you think the policy was mis-sold then I may be able to help you put a claim together (please remember I am NOT an expert and have had no legal training I'm just used to writing claims of one kind or another).

 

I wouldn't worry too much about your account - there is very little evidence that the Bank will get nasty with you if you reclaim PPI. In my case - once I had got past the mentality of the local area managers I found the people dealing with my claims (Bristol and Cardiff) were very friendly, helpful and efficient. In fact although its not the norm the Bank rescheduled my loan without the PPI at a much lower rate of interest saving me a great deal of money. I've no idea why they were so helpful.

 

It was a bit of a struggle initially before I went via the FSO for two of my claims. The whole process actually took about a year from start to finish although the FSO bit was relatively quick. The third claim was settled without the intervention of the FSO.

 

Good luck

 

Keith

[pixiepixie]

Hi keith - thanks for the reply! I now have a copy of my paperwork and i could quite happily cry.

 

Im paying £6526 for loan protection and being charged 12.9% interest on it

 

Do I write to my bank manager at lloyds or to the lloyds head office?

[pixiepixie]

mushymoo! ive received my paperwork and yes im being charged interest on loan protection!

[Keith22]

Hi Pixiepixie,

 

Head office will do - it will be redirected to the internal department dealing with refunds. Can you clarify the date you signed for the PPI as it might be have a bearing. I assume that the premium was added onto the loan as a lump sum. Do you think you have any grounds for saying the policy was miss sold? For example were you told it was optional? Was thePPI made a condition of getting a loan? These points will help us to assist you if needed.

 

I wonder if you would like to start a new thread for your complaint - I think we have hi-jacked somebody else's.

 

Keith

[marcelle]

Mushy, Keith, Pixie

 

Did you have a single payment policy on your loans and did you have to clear the loan before you cancelled the PPI?

[Keith22]

Hi Marcelle

 

Mine were single premium policies which were added to the amount of the loan. I did not have to clear the loans first - although my refunds plus interest were deucted from the outstanding loan. My loans would have continued as normal but with lower payments monthly. I asked to have the loans re-scheduled at the current APR rate ( which was much lower than that forced on when I took out the loans ) and to my surprise they agreed. Not only did I get the refunds plus interest but the total amount I will repay is also much lower.

 

Keith

[marcelle]

Oh thanks for responding Keith. I will write to my bank to see whether they will cancel my loan and refund me. I bet I get hassle. Maybe it's because you had a business account?

[fr0gg3r]

Just wondering how long it takes from complaining to the fos before a response/decision is heard?