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Any idea if this is the same as or similar to PPI, please? I have a small business, (very small!) and for many years paid a monthly overdraft insurance premium. The monthly premium deduction disappeared from my account in January 2010 with no explanation from NatWest. When I 'phoned my business manager, she told me that NatWest had had to stop that particular insurance as it was illegal. I accepted that explanation and thought no more of it, but never received anything in writing. In the time I had the overdraft insurance the bank relieved me of over £2k in premiums. If it was declared illegal, then surely it must have been illegal from inception -- do they owe me those premiums? Any suggestions gratefully accepted as I do not suppose NatWest will be eager to make a repayment!
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Re: NatWest BoP (Overdraft) Insurance
If it was illegal and i suspect it was then yes i believe the same applies to your cases as to the mis-selling of PPI.Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.
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Re: NatWest BoP (Overdraft) Insurance
It worked like PPI but was overdraft PPI similar to Credit Card PPI. The Business manager clearly has no idea how the law works, but why would he, lol!!!"Family means that no one gets forgotten or left behind"
(quote from David Ogden Stiers)Comment
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Re: NatWest BoP (Overdraft) Insurance
Originally posted by leclerc View Post
Ah! -- for the old proper bank manager system! NatWest used to have excellent proper bank managers at branches. My local one was always helpful and knowledgeable. Now they have what appears to be itinerant young chaps and chapesses who are rather less than experienced. I have a job to find out where mine is and regularly either don't get replies to messages, or if lucky, a reply a week later.Comment
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Re: NatWest BoP (Overdraft) Insurance
The reason is that most "managers" are in effect Sales managers who's main objective is income for the bank, bonus for themselves, etc, etc,Originally posted by Zolin22rox View Post"Family means that no one gets forgotten or left behind"
(quote from David Ogden Stiers)Comment
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