Natwest Charging Order and PPI

[antjames]

Hello hope someone out there can point be in the right direction or even help with this process.

In brief i had a loan with Nat West but due to personal issues went to a debt management company (fool), the DMC started to miss the odd payment and so Nat West issued a CCJ, this was dealt with by the DMC, i was not there, again the DMC missed payments and so the Nat West took the next step and took out a charging order. At that hearing i tried to get it set aside as i could not agree the amount of debt (subsequently found out that this was agreed when the CCJ order was granted).

For the last three / four years i have been fighting to obtain details from Nat West so the account be audited, slowly but surly the information has been coming through. It appears now that PPI has been paid at the rate of £64.00 per month for 10 years, i think it stopped when the charging order was granted.

NW have offered a flat return of the PPI ie 120 * £64.00 and have not added any interest, i am certain that as well as the 8% that should be included, the debt grew to the size it is because i believe that the PPI was subject to interest and maybe charges.

I need to establish if i can expect NW to repay the statutory 8%, plus interest accrued on the PPI policy during those 10 years, secondly i need to know whether or not this will enable the charging order and the CCJ to be set aside on the grounds that the amount claimed was incorrect.

Many thanks for reading and for any assitance you may be able to give. Anthony

[Bill-K]

Re: Natwest Charging Order and PPI

Hi Anthony, and welcome to you. I can't advise on the legalities, but I'll do my best with the PPI figures. This looks like a fixed-amount loan where the PPI was added as an 'upfront' single premium - which you then repaid as a PPI loan at £64 per month. If that is the case, then I think this £64 will have included any account interest, but NOT any compensatory (or 'Statutory') interest.

Additionally, there is the question of losses 'consequential to' the original PPI charges. We are currently awaiting a FOS decision on such a claim, and I believe that this may decide whether the door is open or shut for such aspects of PPI claims. In my belief, it hinges upon the FOS pronouncement:

In the majority of cases, we are likely to tell the financial business to put the consumer in the position they would have been in if they had taken out all of the loans without any mis-sold PPI - and to compensate them if they have been out-of-pocket in the meantime.

This is based on the FSA guideline:

DISP APP 3.7.2 Where the firm concludes that the complainant would not have bought the payment protection contract he bought, and the firm is not using the alternative approach to redress (set out in DISP App 3.7.7 E to 3.7.15 E) or other appropriate redress (see DISP App 3.8), the firm should, as far as practicable, put the complainant in the position he would have been if he had not bought any payment protection contract.

[antjames]

Re: Natwest Charging Order and PPI

Hi Bill thanks for quick response, i understand what you are saying, the PPI payment was made as part of the overall month loan payment, which has incurred lots of interest and charges, having said that i do not know where the NW got that amount £64.00 from as i have not seen it in any of the documents that they have provided me with, nor any of the documentation that i have. Thats an interesting point regarding losses any idea when that may be decided? There is a degree of urgency with this as i believe that taking into account the PPI repayment offered (exluding interest) there are only 20 payments left, this may seem like a long time, but not when NW take 3 - 4 months to respond! Thanks again for your assistance i appeciate it.

[Bill-K]

Re: Natwest Charging Order and PPI

You may need to read up on the PPI claim threads already here, as they will give you a 'flavour' of what is needed. It looks like you should send a CCA s.77-79 request ASAP. A Data Subject Access Request (DSAR) may well be worth considering, too. This should get you some useable data, if you don't already have your own records.

As regards the 'consequential losses' - this is currently awaiting an FOS decision. I have about as much idea of how long THAT will take as you do !!! But it has been with them for some months, now, and it's about time somebody there shifted their @$$ !!!