PPI - Nastywest

[orfoster]

Re: PPI - Nastywest

No i think you are right. Im not being stupid I know its going to be a little different because of the £400 less but not by £3k!!! They must think i'm stupid but they did almost confuse me, also they say accepting their offer is in full and final settlement, I think not!

[enaid]

Re: PPI - Nastywest

Just a thought too, check the T&C's of your PPI they are often not for over a 5 year period.

[orfoster]

Re: PPI - Nastywest

I will have a check of the PPI but they never gave the terms and conditions, I will have a look on the website to see if they are on there.

[orfoster]

Re: PPI - Nastywest

Ok I have now got the correct figures to work with and have found I made some mistakes I think.

Total Amount repayable on Insurance £4,941
Interest on the Insurance £1,957.92
Total Amount of Insurance + Interest is £6,898.92

Natwests Offer

Amount to be taken off the outstanding loan = £3,500
This would leave a difference of £1,440 and they say in the circumstances they are prepared to refund £720 into the bank account as gesture of goodwill.

Total of Natwests offer = £4220

NatWests offer is only based on the original premium of £4941 and does not include any interest.

What is the next step? Do I accept the offer above and pursue the rest through the FOS or court?

The outstanding amount on the insurance plus interest is £2678.92

[thephoenix]

Re: PPI - Nastywest

Have a quick read here

http://www.moneymadeclear.fsa.gov.uk...formation.html

I don't know the ins and outs of your claim but may be useful. :cheers:

[orfoster]

Re: PPI - Nastywest

So do I now refuse their offer or accept it in part settlement.

I heard somewhere that I can claim interest at 8% a year from the date of agreement even at this point? Is that correct?

[orfoster]

Re: PPI - Nastywest

**bump**

[thephoenix]

Re: PPI - Nastywest

Hiya

Could you just confirm a few thing first.

Was the PPI front loaded? (total amount payable added to the total amount payable on loan amount)
Or seperate?
What period does the PPI cover?
Exactly how long would be left on the PPI policy if it was canceled Dec 07?
The interest rate of the loan and PPI?

The way the figures read is that the refund of £4220 from a premium of £4941 after I believe the policy has been running for 12 months (need confirming), is about right.
The only sticking point is the front loaded interest added. As it stands the total interest on this agreement would be the total interest of the principle loan plus the total interest from the PPI premium.

It seems from the figures you have supplied that they will refund you £3500 for the PPI and then a further £720 towards the interest as they have stated they will pay the £720 into you bank account and not off the loan account.

hope this helps so far :ho:rudolf