PPI claim against Natwest - old loan

[kateandpete]

Hi,

 

I've spent quite a lot of time reading around the subject before deciding to get started on my own PPI claim, but am afraid I still have a few questions to ask of more experienced people!

 

The loan in question was taken out in 2000 and paid back in full in (late) 2006. I have the original loan agreement and all statements bar one page (irritating but I know that it only included the first repayment, the date and amount of which is detailed elsewhere). A single premium PPI sum was added to the initial amount.

 

I believe that I am a victim of misselling for several reasons: I was told that an application including the PPI would be more likely to be approved as there would be "less risk to the bank". It was in fact nonsensical for me to pay a large amount to cover this one debt when I had plenty of other debt already at the time which was left uncovered (also with NW). In fact the cost of the PPI contributed to significant difficulty repaying all of these debts whilst IN employment! I was never quoted for the loan without the PPI. Given that this is my word against theirs 12 years later what evidence can I provide? Is it all too tenuous for me to have a realistic chance of reclaiming?

 

Also because of the time scales involved am I correct in saying I need to go down the court route rather than FOS?

 

Many thanks in advance

[ims21]

Hi

 

You don't need to provide evidence....you just tell it how it is. It is up them to investigate and give a decision from their point of view.

 

You do not need to go down the court route...fos will take it on if the bank decline to uphold your complaint.

 

Put in a standard claim i.e. completed fos questionnaire (available from the fos website), together with a spreadsheet of claim (see No.1 in my signature) and a brief letter requiring the refund.

 

They will have 8 weeks to investigate and give you a decision.

 

ims

[kateandpete]

Thanks very much! I've already completed the spreadsheet so will get to work on a letter and questionnaire. Do you have any idea how the FOS would be likely to regard a complaint like mine? If it is declined can court still be used as a last resort? Also should I request statutory interest from the outset or does this just come in if I need to escalate things?

 

Thanks again.

[ims21]

Hi

 

If you've done the correct spreadsheet then your 8% will be worked out for you.

 

On a loan you get back the premiums paid plus any interest charged on them plus 8% running from the date of payment right up to the date of settlement

 

Ideally this is the one to use as it does everything for you

 

StatIntSheet v101.xls

 

If it goes to fos and they do not uphold then you can still go to court if you wish. fos are meant to look at each individual case on its own merits.

 

In the PPI stickies you'll find a thread with notes for claimants. Have a look at the criteria...I bet there are a few that would apply, for example not having the true cost explained to you because of the interest being paid

 

ims

[kateandpete]

Yes, that's the spreadsheet I've done but wasn't sure if it all applied from the word go. Too true about not knowing the full cost - filling out the spreadsheet was a real eyeopener!

 

Will get it all sorted and post with updates as I go.

 

Thank you