Natwest Gold Visa & Mastercard PPI Complaint

[Baz1994]

I have now eventually received SAR details from NatWest but they cannot obtain a copy of the original agreement or any statements between November 1998 to October 2001 (due to inactivity on the account) as closed in June 2008.

 

Is this correct or should I be pushing for them to attempt location from their archives ?

 

I do have most of the statements from April 1999 to October 2001, its just that I was hopefully trying to locate any that I did not have.

 

Also when submitting complaint, shall I enclose any copies of statements that they do not have ? Do I also use the compound interest calculator and if so is the end date, last ppi payment or today ?

 

Cheers

[Baz1994]

Please can someone kindly advise thank-you.

[ims21]

There is no harm in pushing them for further data.

 

However, you mention inactivity on the account from November 1998 to October 2001 and if there was a nil balance during that period then there would (should) not have been any PPI applied for that period.

 

You don't need to submit copy statements at the preliminary stage of your complaint. If they claim not have data for a period where you do indeed have statements then you can submit them then.

 

As regards which spreadsheet to use, are there sizeable gaps in the statements you have or just small gaps here and there?

 

The Compound Interest spreadsheet will need further work on it as it is generally not appropriate for PPI claims.

[Baz1994]

There is no harm in pushing them for further data.

 

However, you mention inactivity on the account from November 1998 to October 2001 and if there was a nil balance during that period then there would (should) not have been any PPI applied for that period.

 

You don't need to submit copy statements at the preliminary stage of your complaint. If they claim not have data for a period where you do indeed have statements then you can submit them then.

 

As regards which spreadsheet to use, are there sizeable gaps in the statements you have or just small gaps here and there?

 

The Compound Interest spreadsheet will need further work on it as it is generally not appropriate for PPI claims.

 

Sorry ims should have been clearer.

 

I think they mean inactivity when account went into arrears and ppi cancelled I pressume. Then the balance was eventually paid and account closed.

 

I have most of statements for 1999 ( about 6 in total ) and all for 2000 and up to Oct 2001, so not many missing. So therefore shall I submit these with my complaint letter ?

 

I just wanted to enter details on the relevant spreadsheet to get some idea of potential figure if successful. Will the end date be last ppi payment when closed ?

[ims21]

Ah right got you now.

 

So if the PPI was cancelled then there should be no further premiums featuring from that point onwards. Personally I wouldn't submit copies to start with...only if needed later if they try and wriggle out of something.

 

The ideal spreadsheet to use is the FosRunning sheet from here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

Ideally you need all of the statements but you can use it if you are prepared to estimate the figures from the missing statements.

 

Sadly the refund of PPI is not as easy as just using a simple compound interest calculator.

 

What you need to bear in mind is that PPI redress on a running credit account such as a card will comprise the following....

 

1 -> A refund of all premiums charged to the account

2 -> A refund of any contractual interest charged as a result of those premiums

3 -> The account should be reconstructed with the above removed. If the reconstruction shows that in any month the account would have gone into a credit balance then 8% simple interest is awarded on that credit balance for that month.

4 -> If the account has been paid off and closed there will be a difference between the amount paid and the reconstructed balance. 8% simple is awarded on that difference running from the date of the payment to the date of settlement of the claim.

 

In addition you should be aware that any charges such as over limit charges which were triggered as a direct result of the PPI should be refunded together with any contractual interest charged as a result. The 8% simple mentioned above also applies to these.

 

So it is not a straightforward calculation to do. However, the spreadsheet I linked you to will deal with the PPI and associated interest to a fairly good degree but you may need to do some investigating and some maths as whether any charges incurred were as a direct result of the PPI.

[Baz1994]

Ah right got you now.

 

So if the PPI was cancelled then there should be no further premiums featuring from that point onwards. Personally I wouldn't submit copies to start with...only if needed later if they try and wriggle out of something.

 

The ideal spreadsheet to use is the FosRunning sheet from here

 

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

Ideally you need all of the statements but you can use it if you are prepared to estimate the figures from the missing statements.

 

Sadly the refund of PPI is not as easy as just using a simple compound interest calculator.

 

What you need to bear in mind is that PPI redress on a running credit account such as a card will comprise the following....

 

1 -> A refund of all premiums charged to the account

2 -> A refund of any contractual interest charged as a result of those premiums

3 -> The account should be reconstructed with the above removed. If the reconstruction shows that in any month the account would have gone into a credit balance then 8% simple interest is awarded on that credit balance for that month.

4 -> If the account has been paid off and closed there will be a difference between the amount paid and the reconstructed balance. 8% simple is awarded on that difference running from the date of the payment to the date of settlement of the claim.

 

In addition you should be aware that any charges such as over limit charges which were triggered as a direct result of the PPI should be refunded together with any contractual interest charged as a result. The 8% simple mentioned above also applies to these.

 

So it is not a straightforward calculation to do. However, the spreadsheet I linked you to will deal with the PPI and associated interest to a fairly good degree but you may need to do some investigating and some maths as whether any charges incurred were as a direct result of the PPI.

 

Many thanks again ims for your kind help.

 

I will give it a go tomorrow, and if I have any further questions hope you don't mind me asking. If I do complete ok, would you mind just running the rule over it ?

 

Cheers

[ims21]

Yes someone will always be able to take a look.

 

What you might end up doing as this is so old is preparing some figures yourself to get to what you consider to be a reasonable settlement offer.

 

Should an offer come through which is fairly close to what you have calculated then you may be in a position to accept. If it is wildly off then you would need to look at which set of figures needs looking at, i.e. yours, theirs or both.

 

With something this old with some missing data it is unlikely to be cut and dried if you know what I mean.

[Baz1994]

Yes someone will always be able to take a look.

 

What you might end up doing as this is so old is preparing some figures yourself to get to what you consider to be a reasonable settlement offer.

 

Should an offer come through which is fairly close to what you have calculated then you may be in a position to accept. If it is wildly off then you would need to look at which set of figures needs looking at, i.e. yours, theirs or both.

 

With something this old with some missing data it is unlikely to be cut and dried if you know what I mean.

 

Thanks again ims and that was my intention.

 

Just a quickie before I go - just looked at spreadsheet and the first statement, I have figures as follows :-

 

Balance from previous statement £566.48 (Enter in col C ?)

payment received £50.00 (Enter in col D ?)

Credit card protection £4.30 (Col F ?)

Interest £6.25 (Also enter in col C ?)

 

New balance £527.03 (Less PPI payment in col J ?)

 

Does the above sound right ?

 

Cheers

[ims21]

As this is your first statement then add the opening balance to the interest amount and the card protection figure (566.48 + 6.25 + 4.30) and enter that result in column C.

 

This will force the calculated closing balance to be correct.

 

Pop the payment figure of £50 in column D (as you said).

 

Pop the £4.30 in column F (as you said).

 

enter the interest rate for the card in the box at the top of the sheet and the sheet will work out the interest on the PPI for you

[Baz1994]

As this is your first statement then add the opening balance to the interest amount and the card protection figure (566.48 + 6.25 + 4.30) and enter that result in column C.

 

This will force the calculated closing balance to be correct.

 

Pop the payment figure of £50 in column D (as you said).

 

Pop the £4.30 in column F (as you said).

 

enter the interest rate for the card in the box at the top of the sheet and the sheet will work out the interest on the PPI for you

 

Many thanks ims that seems clearer now.

 

I will keep forum posted of any developments.

[Baz1994]

Further to my earlier post Natwest SAR failed to provide CCA, any copy of the original application form and any copies of correspondences / notes on my account. I did notify them that I was at my old address when card originally applied for.

 

Does any experts on here know anything about the 'NatWest Archive' system or had any experience with this ?

 

Do I now send a failed SAR letter and report to ICO ? Or shall I just proceed with my ppi complaint on the strength as to what I have and my reasoning for miss-selling ?

 

It's annoying as this is probably one of the only c/cards that I cannot trace my original agreement.

[Baz1994]

Just to up-date the forum, my complaint was eventually up-held and offer recieved today.

 

The account is in arrears, so I know they will offset against outstanding debt but should I still recieve the net 8% statutory payment ?

 

Cheers