Thread: Help greatly appreciated with Nationwide please?

Originally Posted by angel17

all after alot of help from this site to whom I and hubby greatly appreciate we have been successful with our ppi on several of our agreements with Welcome, Lloyds Tsb to name a few. We thought that we had no more to claim on, until we started looking at our loan with Nationwide.

Hubby took out a loan (for wedding)with these in April 05 upon which a premium of £934.22 was lumped on along with interest of 6.70%. Total payable £7402.92 over 84mths. Monthly payments £88.13

On 11th Aug 06 hubby questioned over the phone this ppi and said he didnt need it, we were told we could have £644.53 back we naively said ok and this was refuned back in the form of a cheque. Today, when we have started to look at things closely with a view of reducing outgoings we started to think about Nationwide. We've been paying the same amount for the last 55 months and thought the term should have been reduced as ppi was removed. It appears from a phone call we do have till 2012 for last payment. So a bit confused at how that adds up!

Additionally, through receiving the statement today we can see that it was only £644.53 and not the whole £934.22 refunded, and so wondered whether we would have a claim if we asked for the difference and the interest?However, looking closely at the statements I can see a possible discrepency?

On the 11th August 06 when they refunded that £644.53 it is shown as this:
DATE Transaction Detals Debits Credits Balance
14th July 06
Payment by direct debit

£88.13 5,992.84
11 Aug 06 Miscellaneous Credit via Northampton unit £13.88 5,978.96
11 Aug 06 Insurance rebate £630.65 5,348.31
11 Aug 06 Refund by cheque £644.53 5,992.84


We’ve never had statements till today so never had any reason to doubt this. What we did think though, is that if we had a rebate, the payments should have either been adjusted or the length of term decreased as the original term and amount took into consideration this single premium. End of December 09 we will have paid back the £5000, it will then be only the interest that we should be paying back ?


Would be very grateful for any advice on the above?

Thanks

I am not good with calculations but reading your thread IMO you should start with a Subject access request to Nationwide to request all of the data applicable to this loan. Once you have all of the relevant data you should read through it prepare you claim for mis-sold PPI and ask for you money back.

IMO you will most probably have been mis-sold the PPI product. You should them make every effort to reclaim ths Mis-sold PPi

Before I can comment you will have to repost the link as the information is not at all clear on how many payment over how many months it is apparent that the PPI was added and the single premium payment for PPI was £934.22 the monthly payments for the loan including the PPI were £88.13.

You should essentially reclaim all of the monthly payments of PPI which seem to be included in the £88.13 and you should request these premiums and the 8% statutory interest on each payment ie

PPI paid on 14 Apr 2005 whatever the amount was within the £88.13 (you should ask for a Breakdown on what was loan and what was PPI) should get you 8% statutory interest from 14 Apr 2005 up until a settlement is agreed.

The same would go for the payments from 14 May, 14 Jun, 14 Jul etc etc so claim the 8% on each payment from the date it was paid up to the date of settlement of you claim.

Hope this helps

aa