Natwest ppi claim started **WON**

[livingdeadguy]

Aha thats good reading!

 

Sound file sent in Email to you

[pompeyfaith]

Oh Thanks ill take a listen now

 

PF

[pompeyfaith]

Nice one looks like he slipped up in saying that but hey that's tough they have admitted it now so no going back.

 

Just out of interest did you record that with a mobile phone ? if so im wondering if my nokia n95 can do that.

 

PF

[livingdeadguy]

Yes i used the voice recorder or sound recorder as its sometime called. i was using 2 phones, one to talk on and the other held next to it to record the conversation.

Obviously the sound is better if you can have your conversation on loud speaker

[livingdeadguy]

One long winded kick ass letter sent today!

[pompeyfaith]

good good keep us posted PF

[livingdeadguy]

You can count on that!

I have taken your advice(again) and given them 14 days. Roll on the 2nd of October

[livingdeadguy]

Well to update on this, i have had a few letters in the post today but nothing back from Natwest.

I did state to them that i wanted a full and final decision from them within 14 days or i would pass to the FOS. That deadline is tomorrow!

I thought that given the fact i had the recording of them admittin missellin PPI, that they may have responded by now.

We shall sit in tomorrow in anticipation but not getting my hopes up

[pompeyfaith]

Hiya LDG just remember to send the recording to the FOS as it will speed things up

[pompeyfaith]

was this the first letter asking 4 it back cant remember now if it is prepare your LBA letter and include in it a ref to the FSA's latest update

[livingdeadguy]

I sent the initial letter to them for PPI reclaim . Then 8 weeks later they sent their decision with the "offer" . so i sent them back a refusal letter 2 weeks ago asking for the 8% to be added plus compensation (thought it worth a try)

Also included was the recording on disc.

I gave them 14 days or i would contact FOS

 

So do i take it that was my LBA? ie before going to the FOS?

[pompeyfaith]

ok you can do one of two things A) send an LBA as above including the ref i mentioned above or B) instructed the FOS bearing in mind the amount of complaints they have at the moment it could be worth using the LBA and giving them a further 14 days to reflect as the fsa update is a damming report and they have been told to get there house in order

Edited October 1, 2009 by pompeyfaith

[livingdeadguy]

Cheers PF. i'll pop by later

[livingdeadguy]

Right ho . I shall wait till maybe mid week next week to see if they reply then i'll go for it with another 14 days.

Is there any templates for a good LBA?

[pompeyfaith]

Here you go you can edit this one to suit your situation this is the one i used

 

Your Address

Customer Feedback

Team 314

PO BOX 600

Skelmersdale

WN8 6GF Your Reference

 

 

Date

RE: ACCOUNT NO:

LETTER BEFORE ACTION

 

Dear

 

 

I am in receipt of your letter dated ------ in which you respond to my assertion that the Cooperative Bank has Mis-Sold Payment Protection Insurance (PPI) to me when I took out the above loans.

 

I am shocked and disappointed in your continued assertions that you have conducted yourselves in a manner that is appropriate for an extremely large and well respected financial institution. I continue to assert that this has not been my experience. You have failed in your duty by selling me a product that did not suit my individual circumstances, you have failed in your duty to provide me with sufficient and appropriate information to allow me to make an informed choice when purchasing the compulsory PPI, and you have sold me a product that I assert is useless to me as pre-existing medical conditions were not ascertained by your salesperson which therefore rendered the policy useless to me as I would have been unable to make a claim on it.

 

PPI is not a compulsory product when taking out a loan, and adding PPI to my loan account in this way is a clear breach of both FSA regulations and guidelines and the Banking Code of Practice provided to the financial services industry. As a respected financial organisation, you will have been quite aware of these regulations and this makes your organisation's action even more serious. It is extremely poor business practice to say the least.

 

In taking out a loan with the Cooperative Bank, I reserved the right as your customer to receive appropriate information to enable me to take out a compulsory insurance product that suited my demands and needs. The Cooperative Bank had an obligation to me the borrower, to provide sufficient and appropriate information to enable me to make an informed decision as to the suitability of both the loan and the PPI to meet my needs and financial circumstances. I should also have been made aware of alternative options available or comparative costs of similar PPI products from other suppliers, which information as a well known financial institution, you would most certainly have had access to.

 

The Financial Services Authority (FSA) provides guidelines which your organisation should adhere to while making both Advised and Non-Advised sales. Where a Non-Advised sale takes place, as in my own case "The customer must, however, still receive sufficient information on the product to enable them to make an informed decision as to whether it meets their own demands and needs." (FSA) These regulations apply to the lender whether the sale is made face-to-face, over the telephone as in my case, or via a lender's website.

 

At no point did I receive any such information, either by letter, document or telephone call which followed the above guideline. The documents that you have provided copies of do not contain any of the information that I have outlined above and cannot, therefore, be deemed as meeting the standard of care which you should have provided.

 

I assert that I have been deprived of the right to choose PPI when taking out the loans, and that you have taken advantage of my lack of knowledge.

 

I reposed absolute trust in your ability as a respected financial institution to provide a reasonable level of care and skill in ensuring that my best interests were met when taking out a financial product with your organisation. This has not been the case and I am extremely shocked and disappointed.

 

I would further suggest that the Principles of Business which are legally binding on the Cooperative Bank under the Financial Services and Markets Act 2000 and which are contained in the FSA Handbook have not been followed. Therefore you are in breach of regulations.

 

I would remind you that the FSA takes the Mis-Selling of PPI extremely seriously and you will be aware that recent investigations by both the FSA and the Competition Commission have found that lenders continue to engage in "poor sales practices" and that "customers were not informed orally of both the monthly and total cost of their PPI". (FSA report, 30 September 2008.)

I would also draw you attention to the FSA’s latest report on the 29th September 2009 titled FSA unveils tough measures to protect PPI consumers

I request the return of all moneys paid to you for the above policies including contractual interest within 14 days of receipt of this letter by you. If you do not comply with my request, I will have no option but to escalate my claim to the FOS and/or the civil courts. I should remind you that the FOS take the issue of Mis-Selling of PPI extremely seriously and in many cases, have imposed large fines on financial institutions who are in breach of regulations.

 

Yours sincerely

[livingdeadguy]

Excellent!!

[livingdeadguy]

No need now PF!

The letter arrived today. Revised "goodwill gesture" now includes the 8% interest and they have put me back to the position had i not had the PPI!

Thanks PF, another successfull claim you have helped put through.

I owe you a large drink!

[landy_alert]

Hi ldg:)

 

Just read your thread from start to finish - I was particularly interested in the part where you recorded their faux pas:D

 

Very well done on your result!

 

Regards,

 

Landy x

[pompeyfaith]

WOW Fantastic LDG

 

Really pleased for you just goes to show with your perseverance and a little bit of guidance from me you can take on the world !!!!!!!!

 

Onwards and Upwards we go.

 

PF

 

Dont forget let our Mega PPI Site team member Alan know so he can mark this thread **WON**

[livingdeadguy]

how do i do that . via pm?

[pompeyfaith]

Yes you can do

 

Alanalana loves marking those posts as Won

 

PF

[livingdeadguy]

PM sent.

Thanks PF

And thanks Landy.

It really is a boost when you get a win. Not just the money side though. Just the buzz from taking on a big organisation and winning!

[pompeyfaith]

Sure is and will come in handy with Xmas fast approaching

 

PF

[livingdeadguy]

PM sent but no reply

 

Alanalana can you mark this as WON

Cheers

LDG

[alanalana]

Title changed to add the required WON, delay due to being away for sons engagement party.

 

Also a well done to all involved. :grin: