PPI Claims - don't give up.

[clapham_gull]

So you didn't take PPI last year but wonder if you might be able to scam the primarily taxpayer owned RBS/NatWest for a few quid.There are plenty of legitimate claims of misselling, but really the PPI industry was a populist politically driven set up to allow anyone who took it to hit back at the banks because of the banking crisis in 2008. Customers who took it for peace of mind and needed to claim were delighted with the product. Those who didn't got the peace of mind and their money back.
In your case Midfield Minton, you can't extend a NatWest Loan, so you consolidated your existing loan with an extra £5k last year. Since PPI was not sold by NatWest in 2014, you have no PPI to reclaim on the new loan. However you may have had PPI on the original loan and whilst I may not agree with the motivations behind the PPI industry, you only need to go to www.natwest.com and contact the complaints department. They will put you through to the PPI misselling team and you can see if you can claim if you had PPI on the original loan. NatWest is committed to supporting the scheme.

Priceless. Peace of mind ? This loan was important but trivial compared to the mortgage.

I've wondered how many other people were effectively blackmailed by the bank like I was ? Take out the insurance or say goodbye to your first property ?

Over 5k !

A populist industry ? It took me 16 years to get the money back. I gave up 4 years ago. They've reviewed everything internally, were very very apologetic and have basically admitted they massively f##### up and should never have behaved like that.

 

[Midfield Minton]

As I didn't drive or travel at the time and already had life insurance I was told the advantage gold would help get the loan and a better rate,only reason I signed it,thought I still had to keep it going to stay at the rate I was at,worse part was he went to my school and was a fellow albion fan

 

[Garage_Doors]

And NEVER use these parasitic PPI reclaim companies !

What are the other options?

I had a loan with Barclay's with PPI back in 2007 for a car, wrote to them quoting the loan agreement number and the wrote back stating they had no record of a PPI with the loan where i know there was. so they did nothing but just deny it.

 

[nicko31]

And NEVER use these parasitic PPI reclaim companies !

I recall people trying to sell PPI to me on numerous occasions, they were appalling value. The blame culture in this country gets worse and worse, we;re becoming more and more like the States..

 

[Westdene Seagull]

What are the other options?

I had a loan with Barclay's with PPI back in 2007 for a car, wrote to them quoting the loan agreement number and the wrote back stating they had no record of a PPI with the loan where i know there was. so they did nothing but just deny it.

Then ask for a copy of the paperwork - they have to give it. If you think paying 25% to a company to write a few letters is value for money then you need your bumps feeling.

 

[clapham_gull]

What are the other options?

I had a loan with Barclay's with PPI back in 2007 for a car, wrote to them quoting the loan agreement number and the wrote back stating they had no record of a PPI with the loan where i know there was. so they did nothing but just deny it.

Oh this bank tried that one. After I found the original paperwork they were then magically able to review other evidence and still deny it.

Keep sending letters and go through the financial ombudsman.

Sorry this sounds all terribly populist and bank bashing but they deserve punishment

 

[clapham_gull]

I recall people trying to sell PPI to me on numerous occasions, they were appalling value. The blame culture in this country gets worse and worse, we;re becoming more and more like the States..

Blame culture ? Many people like me had no choice. We didn't change. The banks did. They started acting like dodgy market traders. Sorry guv I've lost the paperwork.

Tell you what I'll stop paying my mortgage and claim I've lost the paperwork.

Has the last few years passed you by ?

 

[Super Steve Earle]

Priceless. Peace of mind ? This loan was important but trivial compared to the mortgage.

I've wondered how many other people were effectively blackmailed by the bank like I was ? Take out the insurance or say goodbye to your first property ?

Over 5k !

A populist industry ? It took me 16 years to get the money back. I gave up 4 years ago. They've reviewed everything internally, were very very apologetic and have basically admitted they massively f##### up and should never have behaved like that.

And I requote from my original post:
'There are plenty of legitimate claims of misselling,'

 

[Super Steve Earle]

Oh this bank tried that one. After I found the original paperwork they were then magically able to review other evidence and still deny it.

Keep sending letters and go through the financial ombudsman.

Sorry this sounds all terribly populist and bank bashing but they deserve punishment

Like I also said in my post:
There are plenty of legitimate claims of misselling,

 

[beorhthelm]

Blame culture ? Many people like me had no choice.

what you had to take a loan? you had to buy a house, right then, for that amount? this is nothing to do with the PPI mis-selling, there is a valid point made that people want to blame others for decisions they made. i took out PPI on a loan because it seem to me a good idea at the time. im pretty sure i wasnt mis-sold it, just misjudged the likelihood of actually needing it. most people probably did too.

 

[Super Steve Earle]

As I didn't drive or travel at the time and already had life insurance I was told the advantage gold would help get the loan and a better rate,only reason I signed it,thought I still had to keep it going to stay at the rate I was at,worse part was he went to my school and was a fellow albion fan

I know this is Clapham_Gull's thread, but it's Midfield Minton I'm trying to help here. Shame he's had a bad experience, but NatWest is very receptive to claims and encourages customers to claim direct with the bank if they consider PPI has been missold. My intention was to help you clarify your facts before you do so. Go to the website, get the number and pick up the phone. Tell them what you have put on this thread.

 

[Midfield Minton]

I know this is Clapham_Gull's thread, but it's Midfield Minton I'm trying to help here. Shame he's had a bad experience, but NatWest is very receptive to claims and encourages customers to claim direct with the bank if they consider PPI has been missold. My intention was to help you clarify your facts before you do so. Go to the website, get the number and pick up the phone. Tell them what you have put on this thread.

Thank you, I will ask the bank.and at very least now I know cancel the advantage gold

 

[clapham_gull]

what you had to take a loan? you had to buy a house, right then, for that amount? this is nothing to do with the PPI mis-selling, there is a valid point made that people want to blame others for decisions they made. i took out PPI on a loan because it seem to me a good idea at the time. im pretty sure i wasnt mis-sold it, just misjudged the likelihood of actually needing it. most people probably did too.

As ever the defender of the status quo. I absolutely did not require the PPI and told them so at the time.

I'm glad you thought it was sensible when you took out insurance. I didn't, didn't need it and told them so.


Listen, this was at the time just before the banks went mental. It was still difficult to get a mortgage.

It was a case of listen guv, we are advertising reasonable loans but it's bollocks. We're advertising an inaccurate interest rate because we are rolling in insurance (for you) that you can't turn down. I didn't have the choice to turn it down.

What right have you to have to question why I bought my first flat and what I needed to do to get the deposit together ? How dare you.

I knew at the time I was being conned and quite rightly have the money back, a process it would appear initiated by the bank itself.

I'm sure the horrible person devoid of morals who blackmailed me into taking out this unnecessary policy got a nice little bonus, probably spunked up the wall in the nearest wine bar after work.

What comes around goes around and now I'm going to have a very nice holiday at the expense of a very very nasty car crash of a financial institution that quite rightly imploded.

I might even send them a postcard.

 

[Mowgli]

I work in an insurance complaints team and although I don't predominantly deal with PPI complaints, I still bloody hate dealing with them. So many people seem to think they had / have PPI when they didn't, or because they did have it assume it must have been mis-sold.

Best advice I can give is to make the complaint yourself, that way you get 100% of the any settlement instead of getting a company to do it on your behalf (trust me, most of these companies are completely useless and will take 20% or whatever you agree to), and make sure your complaint is clear why you feel the PPI has been missold. We get so many complaints where people say stuff like "It was added to my account without my permission, I didn't know I had it" then on the next breath are saying "it was compulsory in order for my credit card application to be accepted".

If you had a credit card that was cancelled say 10-15 years ago, and you have old statements showing you paid PPI premiums, provide them when making you complaint the bank/credit agency will likely have minimal details of such old accounts and possibly reject your complaint if they are unable to confirm if your account/loan had PPI. Also depending on if it was a credit card or loan and again depending on which bank/credit agency you are complaining to can vary how PPI was sold to you. Typically it's at the time you take out your credit card/loan or after your taken out houses, you'll get a sales call for example offering you PPI. Either way, I can tell you now, if you took it out at the time of your card application (for example pre-approved card application sent to you in the post), you would have been provided with documentation with the application and ticked the box on the app confirming you wanted to be enrolled. With sales calls, you would have been given limited information about the PPI policy and if agreed to be enrolled, sent the full T&C's along with a cooling off period in which to review the T&C and cancel if you didn't think it was appropriate. In both instances, people who enrolled in these ways are likely to have their comllaints rejected by both the bank/credit agency and the Financial Ombudsman Service.

Face to face sales are generally upheld, also, being self employed doesn't automatically mean PPI was mis-sold, PPI policies vary from company to company but it may have to just meant you would only be able to claim in limited circumstances. Any upheld complaints typically get all premiums plus 8% net interest as a payout. If your complaint is rejected, you are going to need to prove there was a cock-up in the investigation of your complaint (not all complaint points addressed or considered for example) or provide additional complaint points (ideally based on the final response letter you receive upon completion of investigation of your complaint). If you can't do either, you will just be referred to the FOS. If you go to the FOS , they will contact the company you've complained too and review your complaint to make sure it's been dealt with fairly and appropriately and if they feel it has been, they will reject your complaint too.

Typically the FOS will not overturn large amounts of the decisions taken by the banks/credit agencies because it's not in their interest to mess about with your complaint in the first place. If it seems likely PPI was missold to you, your complaint will usually be upheld

 

[clapham_gull]

Well those in the know would let us believe my experience is quite unusual. But I wonder how many other people were forced to take out insurance on small loans ?

I knew someone whose electricity was turned off because a large international company forged their signature on a new home power agreement.

The old supplier was contacted to cut them off but the new deal was never completed. Completely unknown to the person whose only fault was to supply their name and address for further information.


Let me make this really clear. My last complaint was years ago. The bank in question have had an internal review and have come to the conclusion they had really done me over. They phoned me.

The only reason they knew about it was because I bothered to contact them many years ago.

If some customers have got back money after making stupid decisions so be it. That is the consequence of a borderline criminal culture that quite obviously gripped a number of high street banks.

Don't forget. Very many people were receiving huge bonuses on the back of some very dodgy financial decisions and a mirage of financial prudence.

Criticising customers for doing the same is hypocrisy of the highest order.

 

[beorhthelm]

As ever the defender of the status quo. I absolutely did not require the PPI and told them so at the time.

I'm glad you thought it was sensible when you took out insurance. I didn't, didn't need it and told them so.

did you see the "this is nothing to do with the PPI mis-selling" part? i'm not saying anything to defend that part of your story: clearly making PPI a condition of the loan is wrong. however you did have a choice, a different lender, borrow less, buy a different property, different area etc, etc. i dont question why you bought then, you wanted to. and accepted the terms. an awful lot of people, myself included, just blindly said yes to PPI. i commented on blame culture, personal responsibility. we're all blaming the banks for making us take out loans, making us borrow more than we should or often could afford. one minute the banks are making it too difficult, the next they are going mental lending too easily.

 

[Notters]

I remember being offered ppi years back, and I asked why the hell I would want it. Seems I could've mad a tidy sum?

 

[Jules]

Some but not all PPI was sold irresponsibly. If you feel you have a genuine case contact the bank or lender directly. If they decline your request for a refund ask it to give you its final response in writing. Then contact the financial ombudsman service.

never ever use a.claims company who take on average 25 per cent of your refund as commission when all you need to do is fill in a simple form for the financial ombudsman service.

 

[Mowgli]

As an aside, I'd strongly advise trying everything possible to get your complaint resolved with the bank / credit company first before going to the Funancial Ombudsman. I know it sounds daft and obvious, but a lot of people complain, are unhappy their complaint has been rejected and then contact the bank again simply to say they want the decision changed or they will contact the ombudsman. If you do that without offering a valid reason for your complaint to be looord at again, the bank will just tell you to go to the ombudsman. As a result, because so many people just go straight to the ombudsman without contacting their bank again to discuss the matter further, the current average time for that ombudsman to deal with a PPI complaint is 2 - 2 and a half years.

 

[Westdene Seagull]

I remember being offered ppi years back, and I asked why the hell I would want it. Seems I could've mad a tidy sum?

To be fair it isn't 'profit' as such - it's repayments of something you've already paid with 8%pa interest added ( I'll admit that's pretty generous though ).