NATWEST success............or not

[suvin50]

Just received a cheque from Natwest almost 2 years after I started my complaint. They finally capitulated after a complaint to FOS. Total PPI payments were £2329 but they have only added interest (at 8%) of £965. No contractual interest. What is the next step?

 

suvin50

[citizenB]

Were you not able to calculate your own expectations before making the original complaint ?

 

When you say, what is the next step.. Have you received a letter from NW - acceptance letter, which you have to sign before they will release the cheque. Or have you only been told by the FOS that NW have agreed ?

[dx100uk]

was this a credit card?

 

dx

[suvin50]

Hi

I should have explained better.

 

It was a credit card taken out in 1999.

Monthly interest was 1.313%.

 

They sent me a cheque, no letter of acceptance.

 

I don't have any statements prior to 2003.

 

PPI payments for the statements I have, 15 months from January 2003 to May 2004, were between £57 and £59 per month.

Balance was normally £8000-£10000.

 

cancelled the insurance after they refused to pay out on a claim.

I was self-employed.

The account was paid off in 2007 after I sold my house. (There was a charging order).

 

Balance was £10526 but, having looked again at the statements, I actually paid £11628, leaving a credit balance of £1101.

 

This appeared on my statements until April 2007 when it mysteriously disappeared and was transferred to Fort Recs, whatever that is.

[maynie]

Weird and clearly wrong of them. You should be getting a load of compound interest too. Do you think the PPI bit itself is about accurate? About 40 months paying around £58 a month?

 

I have no idea what you do next, call the FOS I'd guess, but there will be much wiser people to advise you!

[dx100uk]

so you should get CI on the PPI payments until the card was closed

then 8% stat int

on that figure till today.

 

did you do a spread?

dx

[suvin50]

No I didn't do a SS as Iam missing the first 4 years statements. This is despite threatening court action. They insisted they had no info before 2003. I think the next step is to ask for a breakdown of how they arrived at the figure.

[dx100uk]

you are quite within your right to use an avg of the known PPI payments

for months you don't know.

 

that's in the fos guidelines.

 

dx

[suvin50]

Is this letter OK to send to Natwest???

 

I have recently received correspondence from you regarding a complaint I made concerning mis-sold PPI on a credit card with Natwest. The correspondence consisted of a cheque for £3285.63 but no explanation of how this sum was arrived at.

 

FSA guidelines state that when PPI is mis-sold the account must be put back to the position it would have been in if the PPI payments had not been applied. You have patently failed to follow this guideline. The interest rate you have used in your calculations (8% simple interest) should have been the compound interest rate of 16.9%. I have reported this breach of the procedure to the Ombudsman.

 

Please supply me with a complete breakdown of how your figure was arrived at and re-calculate your offer to comply with the ruling.

[Andybars]

You should also make a claim for return of the £1101 balance plus interest that they transferred to their - "I cant believe we've got away with this one" - "Fortuitous recoveries" account , as this is money that they should have refunded to you in 2007 once they realised there was a credit balance on the account and that the account was no longer in use.

[suvin50]

Thanks for that Andybars. I couldn't figure out what that meant. Will get on to them immediately.

[suvin50]

Received a breakdown of their offer which shows that the simple interest redress as £956.65 when, using the FOS SS, it should be £1714.41. They have also taken 20% tax of their. figure. As a non-taxpayer how do I reclaim this?

Thanks

suvin

[citizenB]

Received a breakdown of their offer which shows that the simple interest redress as £956.65 when, using the FOS SS, it should be £1714.41. They have also taken 20% tax of their. figure. As a non-taxpayer how do I reclaim this?

Thanks

suvin

 

I will ask for you

[suvin50]

Thanks citizen8

suvin

[ims21]

Dropping in as requested by CB.

 

You say that you have now done a spreadsheet....can you post it up please.

 

To get tax back if you are a non tax-payer you will need to contact HMRC.

 

This will be a useful starting point for you

 

http://www.hmrc.gov.uk/incometax/tax-free-interest.htm