NatWest - a few questions, and will they force me to use it to pay off my outstanding debts?

[dx100uk]

you should wait

 

but certainly document what has happened dates/times/names

for when you do goto the FOS.

 

as has been said

this is very typical of ALL banks now mostly.

 

they ask loaded questions to wriggle out of it

by your answers.

 

never ever talk on the phone.

 

as for the complaint.

 

send an email to the CEO.

 

no good doing this by phone.

 

dx

[lollipop2]

Right an update and a query.

 

Good news is NatWest has agreed to uphold all of my complaints on both my credit card and my loans.

 

On the loans,

I have asked for a detailed breakdown and will then match it off against my own calculations.

 

I needed to know how much PPI I had paid as quite a few of the loans were paid off early

with other loans and NatWest is saying that when the loans were paid off,

the outstanding PPI was refunded at the time.

 

On the credit card, I had an offer from NatWest over a month ago.

I wrote back to say that the calculations were incorrect and gave them a breakdown

of what the correct calculations should have been.

 

I gave them 28 days to acknowledge and make payment of the correct amount.

28 days has since passed and

 

I spoke to them on the phone today to find out what has happened.

 

Apparently they just ignored the letter and have used the total refund based on their calculations, not mine,

including interest, against my outstanding debts.

 

 

So my questions are:

1. Can they use the interest payments against my outstanding debts? They have asserted that they can but my understanding was that they must pay the interest directly to me.
   
2. What do I do if they will not accept my calculations despite a detailed breakdown with evidence to prove it?
   
3. Are they correct in telling me that when a loan was paid off early, the rest of the PPI was cancelled rather than rolled up into the next loan?
   

[dx100uk]

1. they cannot use the 8% stat int to off set.

 

2. you tell them so then fwd the whole complaint to the FOS.

 

3. you need to prove this by looking at the statements.

 

if they/you have no evidence you were rebated, then I cant see how they can claim that happen

we know NatWest have not rebate PPI but rolled it over under refinance in the past.

 

dx

[Andybars]

In answer to your questions;

 

1) They can offset a refund of interest that you have paid against the debt but not the 8% interest

 

2) If you believe it is incorrect then you can ask for their calculations and if not forthcoming raise the case with FOS

 

3) Natwest loans offered a non pro-rata refund on cancellation .

Essentially some of the money was refunded, but some wasn't

and was therefore rolled into the next loan e.g PPI was £1000,

cancelled half way through the term.

 

Rather than £500 being refunded (half the premium), perhaps £300 would be refunded

and you are therefore borrowing an extra £200 on the next loan (the rolled up PPI)

- (NB this is a very simplified example and these aren't the actual figures, its just to illustrate the principle)

[lollipop2]

Ok thanks for the advice

- I've asked NatWest for a breakdown of how they calculated the loan PPI and I will check it off against that and my SAR paperwork.

 

Regarding the credit card,

 

I spoke to the FOS and they advised that companies are entitled to use the entire amount including statutory interest to pay off outstanding debts if they so wish.

 

They did however say that if NatWest have told me one thing then done another, I could escalate it to the FOS.

 

I have spoken to NatWest credit cards again today (I asked for a manager call back)

and they advised they would respond to my dispute over the amount within the next few days

but they wouldn't change their decision to use the whole amount to pay off my debt.

 

What they did say is that it is different for NatWest loans

- and NatWest loans have confirmed to me that they do send a cheque for the interest.

 

One final note regarding credit cards,

 

I created my own spreadsheet for the calculations as none of the ones I've found on here or elsewhere online

seemed to exactly calculate a refund including card interest charged on PPI premiums.

 

Having spoken to the FOS I do need to amend the formulas slightly as I'd mistakenly added the 8% statutory interest

from the date the premium was added to my statement rather than when it was paid off.

 

However once I've done this I will share on the site in case others may wish to use it.

[dx100uk]

it is diff and confusing to have a CC & a loan PPI reclaim running on the same thread.

 

ALL of a PPI reclaim or PENALTY charges reclaim on a credit card CAN be used to offset

as in all effect, the sums owed are 'notional' in the outstanding balance.

 

this is the sheet you should be using for the CC

 

This third spreadsheet is a calculator that will work out a fos based PPI award on a Revolving Credit Account such as a credit card. It will also work out the additional 8% interest awarded where the account moves into credit as a result of the removal of the PPI from the account. Be aware that you will need ALL of the account statements for this spreadsheet to give the correct result.

 

FosRunningPPI v102.xls

[lollipop2]

Thanks, I did start a separate thread and they got merged into one again so I thought I needed to discuss all my issues in one thread.

 

Thanks for the spreadsheet, it's better than the ones I had seen. The way I had done it was to have a column for the monthly interest rate but this one seems a bit simpler so I will use that.

 

A further issue that has arisen out of all this is that when I received my SAR file, it became clear that NatWest has lost the vast majority of my credit agreements. Shall I start a new thread as I'd like some advice on whether I could use this to help me negotiate a settlement figure? (I'm going to sell my flat to try and wipe the slate clean but am not sure the equity will cover the entire debt).