PPI reclaimed, however NRAM created a new loan number without ppi

[panzai345]

I hope this is the right place to post this, if not please move to the appropriate place.

 

I had a succesful PPI claim from a well known bank, however, after the claim was paid out,

the bank then changed my loan account number without informing me.

 

To cut a long story short,

i phoned the bank to find out why the account number had changed.

 

They informed me that this was due to having to remove the PPI.

 

Ok no biggie i thought, however, i phoned the bank to get a copy of the Credit agreement for the loan i took out back in 2005.

 

I was informed they had 2 credit agreements on file, one for the previous account number and one for the new one.

 

I asked them to send me a copy of both agreements.

 

A few days later i received a copy of the agreement for the original loan account number,

at the top right of the agreement it states the loan account number.

 

They also sent me a letter that said a new agreement wasn't necessary as the remainder of the loan had been transfered to the new loan account

and had updated details of amount outstanding and APR.

 

The big question is does the new account they set up need a new credit agreement,

as the original credit agreement has the old loan account number on the front page?

 

I will be sending an SAR request for all document pertaining to the loan.

[ims21]

What should happen is that the original loan should have been restructured to remove the future, unpaid PPI from the account.

There should not have been a new account set up, purely a restructure of the old one.

 

On a restructure no new agreement is required.

 

I would press the bank on what they have actually done and if it turns out to be a restructure then all should be OK.

If they confirm in writing that they have a new agreement which you have not agreed to or signed then I think they are in a bot of trouble.

 

I would save the ten pounds for a SAR at the moment and write to them and ask them to put in writing what they have actually done.

[panzai345]

Thanks, the letter sent to me from the bank states the following.

 

I can confirm that PPI was removed from the above reference (old loan account number)

and a new loan reference of xxxxxxxxx was allocated,

we did not issue new paperwork as this is a continuation of your original loan.

 

Doesn't mention about restructuring.

 

They couldn't even tell me how much i paid off,

 

i did request via letter however they only sent me what i had paid off from the new loan account number.

It struck me as odd when i phoned them about whether they have a copy of the loan agreement,

they checked on their computer and said they had 2 on file.

 

Looks like they will be sent another letter still going to SAR them as well.

 

Anybody else had the same issue?

Edited August 22, 2013 by panzai345
updated

[ims21]

OK

 

As long as it is the same loan under the same agreement then it is OK for them to change a reference number.

[dx100uk]

like to know how you signed that new agreement!!

 

whos the bank please

 

dx

[panzai345]

DX,

 

The bank in question is NRAM.

 

I presume they may have transfered the balance minus the PPI to the new loan account,

but dont understand why they would do that.

 

Why use a new account number?

 

What strikes me as odd is when i asked for a how much i had paid back since the inception of the loan,

they only sent me the figure i had paid from the new account number,

 

so if the new account number was a reference then it would have refered to my original loan agreement and they should then have sent me the correct figure.

 

I have been searching around about this but only managed to find this http://forums.moneysavingexpert.com/showthread.php?t=3398520&page=1

Edited August 23, 2013 by panzai345

[dx100uk]

show me my signature on this new agreement NRAM...

 

cant?

 

oh!! whys that

 

dx

[Hortz]

I wouldn't worry about it.

 

Some loans are set up in a way that means they have to close it and open another one without PPI in order to remove the cover.

 

What matters is that you're not paying for it anymore.

 

The original loan agreement is still evidence of the rights and obligations of the two parties.

[panzai345]

Hortz,

 

I am aware of the obligations, i have acted in a fair and lawful manner by paying the loan. I hope NRAM are acting in the correct manner also. We shall see.

[Hortz]

Hortz,

 

I am aware of the obligations, i have acted in a fair and lawful manner by paying the loan. I hope NRAM are acting in the correct manner also. We shall see.

 

I wasn't suggesting that you hadn't.

[panzai345]

Thought i would bump this as ther have been some developments,

 

after sending a few more letters and an SAR request

i received a letter back in relation to my SAR request stating the following.

 

"In relation to account number xxxxxxxxxxxxx ( my previous loan account number)

because you have settled this personal loan in xxxxxx 2013.

We retain only a limited amount of archived information"

 

Issue 1 ) this loan was not settled by myself,

issue 2 ) Surely they must have archived data for a loan that was still active in 2013?

 

Not only that, there is another loan account number referenced.

I have sent yet another letter asking for an explaination.

 

I smell a rat.....

[dx100uk]

keep scratching

 

 

this is beginning to smell.

 

 

the sar is a LEGAL document

 

 

you need to remind them

they have a legal right to retail documentation for at least 6yrs from last transaction. or settlement/closure

 

 

dx

[panzai345]

Thanks for the reply DX, its amazing what info an SAR throws up.

[panzai345]

Update,

 

After sending letter requesting copy of the credit agreement and previously missed out SAR data today i received a response,

jeez, it gets better and better.

 

The salient points if the letter state.

 

They did not have to send a copy of the credit agreement due to section 77 (3)

in a nutshell as the loan has been settled they dont have to send it,

they did send it however.

 

they have admitted the loan has been settled for the original account number

and that my loan is held in another account for administration purposes.

I did not settle the loan.

 

I think they have settled the previous loan by issuing a loan to clear the balance,

the new loan has been put into another loan account without my permission, signature or credit agreement.

 

Thoughts please.

[dx100uk]

so as we guessed in august

 

show me the SIGNED agreement please

 

dx

[kg123]

so as we guessed in august

 

show me the SIGNED agreement please

 

dx

 

What are you driving at here?

[dx100uk]

they cant do that.

 

Unless the new loan's agreement specifically references the old loan number and the fact that

the new agreement is solely created because PPI was removed and it run under the same T&C 's and period

they are stuffed.

 

as unless its signed by YOU its not legally binding.

 

typical welcome finance trick too.

 

dx

[panzai345]

they cant do that.

 

Unless the new loan's agreement specifically references the old loan number and the fact that

the new agreement is solely created because PPI was removed and it run under the same T&C 's and period

they are stuffed.

 

as unless its signed by YOU its not legally binding.

 

typical welcome finance trick too.

 

dx

 

Hi Dx,

 

Where did you get the above information from as i need to send a response to their latest letter i received today.

 

Regards

P

[dx100uk]

consumer credit act.

 

dx

[panzai345]

Cheers DX, any idea what section?

[panzai345]

Just a quickie, am i right in thinking that if they have stated the loan has been settled then does section 172 (1) come into play?

[dx100uk]

If you've never signed the new agreement

 

then is totally unenforceable.

 

they'd have to rely on the old onr.

 

dx

[panzai345]

but the old one has been settled so they tell me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[dx100uk]

only because it was refinanced by the new one.

 

dx

[dx100uk]

I think IMS21 might like to comment further.....

 

dx