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I have today received this letter from RBS re a Nat West credit Card. It was sent on 5th May before the decision not to appeal was given today.
05 May 2011
Dear XXXXX
Payment Protection Insurance Policy in association with NatWest Credit Card Number ending xxxx
You will be pleased to know that I have now finished my review into the concerns that you raised about your Payment Protection Insurance Policy. Your concerns are important to us.
This is why we ensure sufficient time is taken to complete a thorough investigation of the issues that you raised.
Your concerns
I believe that your concerns can be summarised as follows:
· You cannot remember any discussion about PPI but know it was added to your
credit card account.
· You were not told of the limitations of the policy as far as self employed status was
concerned nor of the effect of pre-existing medical conditions.
· At no time were the benefits and terms of the insurance explained to you.
· You were not informed that you could arrange other separate insurance.
You kindly took the time to complete and return our the Financial Ombudsman Service's questionnaire the contents of which have been taken into consideration when carrying out my investigation.
My investigation
It is my responsibility to review the circumstances surrounding your purchase of the policy. This means I have examined the records available from the time of the sale as well as considering your comments. I have done this in order to check that you were made aware of how the policy worked and to confirm you were given all the information you needed to
make an informed decision to proceed with it.
On this occasion I have been unable to confirm precisely what information you were given at the time you purchased the policy. In the circumstances, as a gesture of goodwill and without any admission of liability, the Bank is prepared to make you the offer detailed below.
My offer
The Bank is prepared to refund the insurance premiums and interest that you have paid on the policy over the last six years prior to the date of receipt of your complaint and any subsequent premiums applied thereafter to date. Details of our offer are provided in the table below:
(A) The total amount paid in relation to the Payment Protection
Insurance premiums within the last six years from the receipt of
your complaint and any subsequent premiums
(B) Monthly variable card interest paid on the Payment Protection
Insurance premiums
Our offer = (A) + (B)
If you are subject to alternative fiduciary arrangements such as an IVA or Protected trust deed, any payment we make will be made to your credit card account. Any disbursements due under the terms of the arrangement will then be managed by the Credit Card Insolvency Team.
Please note that this money will be automatically credited to your card balance. If however your card is no longer active we will send you a cheque.
As you have made a complaint about the way in which the policy was sold to you, please be aware the Payment Protection Insurance Policy on your Credit Card will be cancelled once you have accepted this offer if this has not already been done. This will result in you no longer being eligible for the benefits provided by the policy.
What can you do next?
I trust that you will find my comments helpful and that my offer fully resolves your concerns. However, if you are not satisfied, you can refer this matter to the Financial Ombudsman Service for further investigation. The services they offer are set out in the enclosed booklet "Your complaint and the ombudsman". Their contact details are as follows: details etc....
Should you decide to refer your complaint to the Financial Ombudsman Service (FOS), it is a requirement that you do so within six months from the date of this letter. This offer will remain available to you until the option to complain to the Financial Ombudsman Service has expired.
To accept my offer, all you need to do is sign and return the declaration at the end of this letter. Please do not make any amendments as this will result in the form being null and void. On receipt the offer amount will be credited to your card balance. If however your card is no longer active we will send you a cheque. We will endeavour to make payment within 28 working days of receipt of the acceptance form.
I look forward to hearing from you but should you have any questions please do not hesitate to get in touch.
What should my reply be? Is that a reasonable offer and do they only have to go back 6 years?
05 May 2011
Dear XXXXX
Payment Protection Insurance Policy in association with NatWest Credit Card Number ending xxxx
You will be pleased to know that I have now finished my review into the concerns that you raised about your Payment Protection Insurance Policy. Your concerns are important to us.
This is why we ensure sufficient time is taken to complete a thorough investigation of the issues that you raised.
Your concerns
I believe that your concerns can be summarised as follows:
· You cannot remember any discussion about PPI but know it was added to your
credit card account.
· You were not told of the limitations of the policy as far as self employed status was
concerned nor of the effect of pre-existing medical conditions.
· At no time were the benefits and terms of the insurance explained to you.
· You were not informed that you could arrange other separate insurance.
You kindly took the time to complete and return our the Financial Ombudsman Service's questionnaire the contents of which have been taken into consideration when carrying out my investigation.
My investigation
It is my responsibility to review the circumstances surrounding your purchase of the policy. This means I have examined the records available from the time of the sale as well as considering your comments. I have done this in order to check that you were made aware of how the policy worked and to confirm you were given all the information you needed to
make an informed decision to proceed with it.
On this occasion I have been unable to confirm precisely what information you were given at the time you purchased the policy. In the circumstances, as a gesture of goodwill and without any admission of liability, the Bank is prepared to make you the offer detailed below.
My offer
The Bank is prepared to refund the insurance premiums and interest that you have paid on the policy over the last six years prior to the date of receipt of your complaint and any subsequent premiums applied thereafter to date. Details of our offer are provided in the table below:
(A) The total amount paid in relation to the Payment Protection
Insurance premiums within the last six years from the receipt of
£455.35
(B) Monthly variable card interest paid on the Payment Protection
£234.17
Our offer = (A) + (B)
£689.52
Please note that this money will be automatically credited to your card balance. If however your card is no longer active we will send you a cheque.
As you have made a complaint about the way in which the policy was sold to you, please be aware the Payment Protection Insurance Policy on your Credit Card will be cancelled once you have accepted this offer if this has not already been done. This will result in you no longer being eligible for the benefits provided by the policy.
What can you do next?
I trust that you will find my comments helpful and that my offer fully resolves your concerns. However, if you are not satisfied, you can refer this matter to the Financial Ombudsman Service for further investigation. The services they offer are set out in the enclosed booklet "Your complaint and the ombudsman". Their contact details are as follows: details etc....
Should you decide to refer your complaint to the Financial Ombudsman Service (FOS), it is a requirement that you do so within six months from the date of this letter. This offer will remain available to you until the option to complain to the Financial Ombudsman Service has expired.
To accept my offer, all you need to do is sign and return the declaration at the end of this letter. Please do not make any amendments as this will result in the form being null and void. On receipt the offer amount will be credited to your card balance. If however your card is no longer active we will send you a cheque. We will endeavour to make payment within 28 working days of receipt of the acceptance form.
I look forward to hearing from you but should you have any questions please do not hesitate to get in touch.
What should my reply be? Is that a reasonable offer and do they only have to go back 6 years?
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