natwest p.p.i refunds being paid into my default account

[michlahey1978]

i have never heard anything like this in my life!!!me and my husband took out a loan last year and we were paying £222 A MONTH over 5 years(£101)was p.p.i which i cancelled in july this year and we were paying out so much a month that we were always overdrawn.so i decided to have a look on the moneysavingexpert.com website and saw that a charity run debt counselling service could help us which were c.c.c.s they put us on a debt management plan to pay natwest £100 a month and then we would still have enough money left over and get back on the right track.
natwest confirmed that we could do this but stated that we needed to send our cash cards back and that our account would be put into recovery and that we needed to find alternative banking.all our direct debits were cancelled and whatever was paid into this account would go towards the loan which they said was in arrears even though we were still making payments and we never missed any what so ever,everytime we contacted recovery they were rude and we were told the bailiffs were going to be sent to our home and we were disgusted as we had never missed a payment and we had banked with them for over 12 years.and now that we have made claims for p.p.i from 5 previous loans that the refunds will go into that account to pay off the loan we are in arrears with and we cannot touch it!!!i am so angry but apparently they have rights how unfair is this????

[Tools]

Re: natwest p.p.i refunds being paid into my default account

It is called right of offset and yes they are entitled to do this. I assume all 5 loans were with Natwest?

Don't forget that the debt is being repaid quicker, it isn't all bad.

[michlahey1978]

Re: natwest p.p.i refunds being paid into my default account

hi,thanks for your reply and yes they are all with natwest,we have made a complaint with nemo personal finance for the p.p.i on a loan we had with them.will this be transferred with to that account aswell if we receive compensation?many thanks in advance

[Tools]

Re: natwest p.p.i refunds being paid into my default account

If successful with your claim you can ask that a cheque be issued or that a transfer is made into an account of your choice, but you must stipulate this from the start and continue to do so throughout your claim.

Do you have another account at all? If not then consider opening a basic account with someone other than Natwest or RBS.

[michlahey1978]

Re: natwest p.p.i refunds being paid into my default account

yes we do with barclays and have tried to get natwest to pay the refunds into there but they said that they cannot do this

[Tools]

Re: natwest p.p.i refunds being paid into my default account

Very good, then stipulate any refund from Nemo must be by way of a cheque, then pay it into Barclays account.

Natwest will not pay it into Barclays, would you if you were in their position ?

[michlahey1978]

Re: natwest p.p.i refunds being paid into my default account

thank you,i did ask for a cheque to be posted to our home address but they have said there is a slim chance of this
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sorry i forgot to say natwest wont issue a cheque not nemo

[Tools]

Re: natwest p.p.i refunds being paid into my default account

How do you mean?

A slim chance that your claim will be successful or that they wouldn't normally send out a cheque? If the latter, then how have they suggested they pay any refund?

[Tools]

Re: natwest p.p.i refunds being paid into my default account

Thats ok, I assumed you meant Nemo. I know Natwest probably wont, but again, it doesn`t hurt to ask.

[michlahey1978]

Re: natwest p.p.i refunds being paid into my default account

hi,sorry forgot to say natwest will not issue a cheque,we have not received an offer from nemo yet

[Tools]

Re: natwest p.p.i refunds being paid into my default account

Maybe start a new thread in the PPI Forum to track your progress and help others?

[michlahey1978]

Re: natwest p.p.i refunds being paid into my default account

thanks,but what as got to me is i have spoken to natwest recovery where our account is being held and on monday and the gentleman said we could withdraw the p.p.i refunds as our account was in credit by £10.25,but have contacted them again twice today and been told 2 more different stories and resulting in we can't touch the money so i am really confused and angry with them for getting our hopes up and then been let down
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thank you will do that

[Tools]

Re: natwest p.p.i refunds being paid into my default account

Has the money already been refunded to the Natwest account and if so approximately what is the credit balance?

Are they saying that they will pay the funds into your bank account and then you must pay/they will take it from there?

[Amethyst]

Re: natwest p.p.i refunds being paid into my default account

As you are on a formal DMP via CCCS then the refund of any PPI on OTHER loans with Natwest should be refunded to you directly to be proportionally split between your other creditors. Its a standard term of DMPs that any income / windfalls should be split in the same proportions as the DMP payments.

The PPI refund on the current loan which you are paying should be used to reduce the balance because of the recalculation of the interest etc to put that account to the position it would be in now had you not had the PPI originally.

I think that is how you need to put it to them. So basically they get some and you get some.