GT Vs NatWest

[gt568]

Hello all,

 

After reading all this I've had a look at my NatWest loan account and I think I should claim. Basically in 2001 I took out a 19000 loan to refinance debt and it was strongly implied that taking PPI would ensure I'd get the loan and if I didn't I wouldn't. The figures read like this:

 

Amount of loan 19000

PLP Premium Loan 4370

Total amount of loan 23370

Repayments 84

 

Should I reclaim:idea: MTIA.

[gt568]

Anybody?????? Please....

[hellhasnofury]

Hello all,

 

After reading all this I've had a look at my NatWest loan account and I think I should claim. Basically in 2001 I took out a 19000 loan to refinance debt and it was strongly implied that taking PPI would ensure I'd get the loan and if I didn't I wouldn't. The figures read like this:

 

Amount of loan 19000

PLP Premium Loan 4370

Total amount of loan 23370

Repayments 84

 

Should I reclaim:idea: MTIA.

 

Hello GT,

 

MMMMmmmhhhh Let me help you with this one:D

 

Let you should go after them.

 

I have had a lovely fight with them re mis-sold ppi and they paid up, after a few letters, but be warned they will deny.

 

Have you sent a full S.A.R - (Subject Access Request) for all of the details.

 

In your breakdown of figures, what was the total charge for the credit and the interest rate???????

 

Please read this thread

 

on a mission phase 2 -v- ppi

 

There is another link in it.

 

What I did discover eventually after many letters, was that the interest that they applied to the ppi was 8.9%, this they applied every year for ten years, so infact I was charged 89% of the total premium. The premium was £4,600 and the interest on that was £4,034. So infact they charged me over £8,000 for mis-sold ppi on top of the original loan.

 

When I came back at them with this, they paid up rather promptly

[gt568]

Hello GT,

 

MMMMmmmhhhh Let me help you with this one:D

 

Let you should go after them.

 

I have had a lovely fight with them re mis-sold ppi and they paid up, after a few letters, but be warned they will deny.

 

Have you sent a full S.A.R - (Subject Access Request) for all of the details.

 

In your breakdown of figures, what was the total charge for the credit and the interest rate???????

 

Please read this thread

 

on a mission phase 2 -v- ppi

 

There is another link in it.

 

What I did discover eventually after many letters, was that the interest that they applied to the ppi was 8.9%, this they applied every year for ten years, so infact I was charged 89% of the total premium. The premium was £4,600 and the interest on that was £4,034. So infact they charged me over £8,000 for mis-sold ppi on top of the original loan.

 

When I came back at them with this, they paid up rather promptly

 

Okay here is the gen:

Amount of loan 19000

PLP Premium loan 4370

Total amount of loan 23370

No of Repayments 84

Total interest 7773.84

Total charge for credit 7773.84

Total amount payable 31143.84

Interest rate 8.9%

Arrangement fee 0

total fees 0

Normal monthly repayment 370.76

final repayment 370.76

APR 8.9%

 

I haven't sent of for a SAR, I didn't know I needed one and I've already sent my mis-selling template letter.

[hellhasnofury]

Okay here is the gen:

Amount of loan 19000

PLP Premium loan 4370

Total amount of loan 23370

No of Repayments 84

Total interest 7773.84

Total charge for credit 7773.84

Total amount payable 31143.84

Interest rate 8.9%

Arrangement fee 0

total fees 0

Normal monthly repayment 370.76

final repayment 370.76

APR 8.9%

 

I haven't sent of for a S.A.R - (Subject Access Request), I didn't know I needed one and I've already sent my mis-selling template letter.

 

Ok and what did you ask for????

[gt568]

I asked for a full refund of all premiums, subsequent intrest on the payments and 8% statutory intrest. Is this right? I got the letter off MSE.

[gt568]

Will it matter that I didn't request a SAR? As I had the loan agreement I didn't realise I'd need one.

[gt568]

Hello GT,

 

MMMMmmmhhhh Let me help you with this one:D

 

Let you should go after them.

 

I have had a lovely fight with them re mis-sold ppi and they paid up, after a few letters, but be warned they will deny.

 

Have you sent a full S.A.R - (Subject Access Request) for all of the details.

 

In your breakdown of figures, what was the total charge for the credit and the interest rate???????

 

Please read this thread

 

on a mission phase 2 -v- ppi

 

There is another link in it.

 

What I did discover eventually after many letters, was that the interest that they applied to the ppi was 8.9%, this they applied every year for ten years, so infact I was charged 89% of the total premium. The premium was £4,600 and the interest on that was £4,034. So infact they charged me over £8,000 for mis-sold ppi on top of the original loan.

 

When I came back at them with this, they paid up rather promptly

 

How long after sending your 1st letter did it take them to reply?

[hellhasnofury]

How long after sending your 1st letter did it take them to reply?

 

Hello prelim sent 5th march got payment refunded the 7th June.

 

There was a lot of letter going to and fro between us. I was not going to that them to court until I really had too:D

[gt568]

Here's an update:

 

On Monday the 17th I received a letter from the branch manager, dated 11th Sept stating that they were looking into my complaint and would contact me within 7 working days. Well I make that today (2oth Sept), so lets see if anything is waiting for me when I get home from work today. I doubt it somehow.8-)

[hellhasnofury]

Here's an update:

 

On Monday the 17th I received a letter from the branch manager, dated 11th Sept stating that they were looking into my complaint and would contact me within 7 working days. Well I make that today (2oth Sept), so lets see if anything is waiting for me when I get home from work today. I doubt it somehow.8-)

 

Hello,

 

Any news?????

[gt568]

Hello,

 

Any news?????

 

Well surprise, surprise there was nothing waiting when I got home last night. I'm not holding my breath.

[hellhasnofury]

Well surprise, surprise there was nothing waiting when I got home last night. I'm not holding my breath.

 

Hello,

 

Well that surprised me:shock: NOT:D

 

Don't get disheartened, just keep at them:D

[gt568]

Well imagine my delight on Saturday(29th Sept) morning when a letter from Natwest arrived. Imagine my surprise when they are stalling for more time.

 

Basically the letter was dated 27 Sept and said the were still investigating, and that they will respond after further consultation with there complaints department. But I can "rest assured" they will contact me within the next 2 weeks. We'll see.

[hellhasnofury]

Well imagine my delight on Saturday(29th Sept) morning when a letter from NatWest arrived. Imagine my surprise when they are stalling for more time.

 

Basically the letter was dated 27 Sept and said the were still investigating, and that they will respond after further consultation with there complaints department. But I can "rest assured" they will contact me within the next 2 weeks. We'll see.

 

Hello GT

 

Well at least thats something:confused:

They are probably far to busy dealing with my latest complaint for over £19,000:eek: They have maybe gone into hiding:lol:

 

The letter you received was that a response from your prelim letter, if it was maybe jogg them a long a bit with your lba:D

[gt568]

The letter you received was that a response from your prelim letter, if it was maybe jogg them a long a bit with your lba:D

 

Yes it was in responce to my first letter, in which I said they had 8 weeks to fully satify me. (fnarr, fnarr)

 

Whats an lba???

[hellhasnofury]

Yes it was in responce to my first letter, in which I said they had 8 weeks to fully satify me. (fnarr, fnarr)

 

Whats an lba???

 

Hello GT

 

A lba is a letter before action. You would send them that 14days or so after the first approach for your refund.

What sort of time limits did you set them????

[gt568]

Hello GT

 

A lba is a letter before action. You would send them that 14days or so after the first approach for your refund.

What sort of time limits did you set them????

 

Here is the letter I sent them:

 

Mr. xxxxxxxxx

xxxxxxxxx

xxxxxxxxx

xxxxxxxxxx

xxxxxxxxx

30/08/2007

Stamford Branch

National Westminster Bank

52 High Street

Stamford

Lincs

PE9 1BP

Dear Sir or Madam,

Re: Account number: xxxxxxx Ref No. xxxxxxxxx

I purchased the above policy from you in 06/12/01 but now believe that I was mis-sold this policy for the following reasons:

This is due to the fact that I was not given the correct information when the policy was sold to me, as

• your salesperson implied that taking out the policy would assist my credit application.
  
• your salesperson was very pushy in selling me the policy and that I felt I could not say no.
  
• your salesperson implied that taking out the policy was essential for me to get the associated credit even though I informed them that I felt I did not require the cover.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

xxxxxxxx

 

So i sent them this letter on the 30th Aug, giving them 8 weeks to conclude the matter. I got the letter template from MSE.

[gt568]

Interesting development today got this letter:

 

Thank you for your patience while I have been investigating your complaint about the personal loan insurance which was taken out with your loan on 6 Dec 2001. I am not yet in a position to respond to all your points in full because your complaint is still being investigated by our customer relations department.

 

In order for your complaint to progress, please can you write and confirm the insurance on your personal loan is to be cancelled immediately.

I am extremely sorry to have kept you waiting, but rest assured, I will contact you again within the next 2 weeks.

 

In the meantime, if there is anything else you would like to raise with me about your complaint please call me on xxx and I will be happy to help.

 

Anybody else had a letter like this before or any idea what it might mean??? I guess I should write and cancel the ins then?

[hellhasnofury]

Interesting development today got this letter:

 

Thank you for your patience while I have been investigating your complaint about the personal loan insurance which was taken out with your loan on 6 Dec 2001. I am not yet in a position to respond to all your points in full because your complaint is still being investigated by our customer relations department.

 

In order for your complaint to progress, please can you write and confirm the insurance on your personal loan is to be cancelled immediately.

 

I am extremely sorry to have kept you waiting, but rest assured, I will contact you again within the next 2 weeks.

 

In the meantime, if there is anything else you would like to raise with me about your complaint please call me on xxx and I will be happy to help.

 

Anybody else had a letter like this before or any idea what it might mean??? I guess I should write and cancel the ins then?

 

Hello,

 

A bit of progress then. When you write to cancel the ppi, they will refund the remaining ppi and interest into the balance of the loan. They will offer you a goodwill gesture of 50% and deny mis-selling. Do not accept it. Go for the whole amount.

 

When you write to them ask them for the amount of interest that was applied to the loan, it may surprise you

 

Can you pm me with who is dealing with your claim please

[gt568]

Hello,

 

A bit of progress then. When you write to cancel the ppi, they will refund the remaining ppi and interest into the balance of the loan. They will offer you a goodwill gesture of 50% and deny mis-selling. Do not accept it. Go for the whole amount.

 

When you write to them ask them for the amount of interest that was applied to the loan, it may surprise you

 

Can you pm me with who is dealing with your claim please

 

PM sent.

 

In relation to the amount of intrest do you mean the total intrest of £7773.84 as listed in my loan schedule or do you mean something else? Just want to understand what I'm asking for to get the wording right in the letter before sending it.

 

Cheers.

[gt568]

Well sent the letter today, lets see what happens.

[hellhasnofury]

PM sent.

 

In relation to the amount of intrest do you mean the total intrest of £7773.84 as listed in my loan schedule or do you mean something else? Just want to understand what I'm asking for to get the wording right in the letter before sending it.

 

Cheers.

 

Hello GT,

 

Just caught up with your thread, The amount of interest that I meant, is the interest that they charged for the ppi, it would have been hidden in the total interest they charged for the loan. You wan the ppi premium, the interest they charged on it and then work out the contractual interest from the date the loan started to the date you ask for it back.

 

Your question on my thread regarding the lba I will pm it to you. You will need to amend it to your details though.

 

Speak soon and sorry for the delay in my response.

[chno9]

Hi

 

Sorry to jump in, i am also looking at claiming back PPi with Natwest. It is from a managed loan they forced me to take years ago. I recently paid this off in full, but have just learned about this mis selling of insurance. Do you know if you are able to claim this back for a loan that has already been paid in full?

[hellhasnofury]

Hi

 

Sorry to jump in, i am also looking at claiming back PPi with NatWest. It is from a managed loan they forced me to take years ago. I recently paid this off in full, but have just learned about this mis selling of insurance. Do you know if you are able to claim this back for a loan that has already been paid in full?

 

Hell Chno,

 

Welcome, yes I would have a go at reclaiming it back, mis-selling is mis-selling in my book. Do you have any details regarding the loan and how long ago was it.

 

Please start your own thread on the forum, where you received lots of help and support