Natwest PPI Claim
In the last five years there has been a sharp rise in the number of unhappy customers making payment protection claims. If you think you may have been affected follow our steps below to find out whether you could be owed thousands in compensation.
Do you have payment protection insurance?
Before finding out whether you could be entitled to make a Natwest PPI claim you need to establish whether you have PPI. PPI stands for Payment Protection Insurance and it is sold alongside loans, credit cards and mortgages.
If you are unsure whether you have the insurance you can check your original agreement or a recent statement. Alternatively you could call you lender and check. PPI can also be known by other names including accident; sickness and unemployment cover and loan protection insurance.
Was my policy mis-sold?
The next step in finding out whether you could make a Natwest PPI claim is to consider how your policy was sold to you. Were you told something that later proved to be incorrect or did you feel pressured? Were you sold a policy that was unsuitable for your needs – E.g. if you already had cover in place elsewhere or were entitled to sick pay from your employer? Were you sold a policy that you were ineligible to use?
How much compensation could you receive?
If you have now established you may be entitled to make a Natwest PPI claim for mis-selling you are probably wondering how much compensation you could be entitled to receive. The amount of compensation will depend on many different factors. First and foremost that your policy is proven to have been mis-sold. Once this has been established, most lenders pay a full refund of premiums paid plus 8% interest. The age and size of your PPI policy will determine how much your refund could be. For example, if you have only been paying into your PPI policy for 2-3 years you are likely to receive a smaller refund than someone who has been paying into their policy for 7-8 years. The type of PPI you have is also significant.
Loan PPI is usually charged as a percentage of the initial borrowing – often somewhere between 13%-25%. The cost is then added to the overall debt and repaid as part of your monthly instalments. Credit card PPI is calculated on a rolling monthly basis and depends on your balance at the end of each month. It is usually added at a rate of 79p per £100. Although these two types of PPI are quite different, over a number of years, the costs of each can add up to a significant sum.
How do I start my claim?
To start your claim simply complete the quick claim form on our website alternatively you can call our customer care team on 0207 471 2000.
How long will my claim take?
The amount of time a claim takes to settle can vary. We are able to settle many claims in eight weeks, but others can take longer. If your lender refuses to admit liability and the case has to be referred to the Financial Ombudsman it may take six months or more.
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