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At a loss to understand Nationwide ‘rebate’


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I am currently claiming on behalf of my son on the mis-selling of PPI he took out on a loan with Nationwide in April 2005.

Whilst this claim is currently going through the usual procedure I also asked that the PPI be cancelled on the remainder of the loan. I quite simply expected his monthly payments to decrease but Nationwide do not adopt this approach. Instead they keep the payments the same for the duration of the loan but give you a credit, by cheque, of the amount you are going to pay for the duration of the loan! Do most companies adopt this policy? I thought it would be far easier to simply reduce the monthly payments!

The problem on which I now seek advice is the amount of the rebate (calculators ready please!)

i) CON No 1: The loan was taken out in April 2005 for 84 months and the insurance premium totalled £2,914.77. Nationwide agree that my son has paid 45 out of the 84 months leaving a balance of 37. Nationwide inform me that this equates to a rebate of 23.589% equalling £687.57. Now when I went to school and did percentages 37 as a percentage of 84 was nearer 44% than 23.589 or am I missing the obvious? Should not the rebate be £1,282.49?

ii) CON No. 2: In their response Nationwide omit to mention the interest on the PPI, only talking in ‘net figures’ Whilst the insurance premium totalled £2,914.77, as I have stated, the interest on this sum totalled £721.87 giving an overall sum due from my son for the duration of the loan of £3,636.36 at a monthly premium of £43.29 Surely any refund should also include the interest. In other words if my percentage calculation is correct in point No 1 he should receive 44% of £3,636.36 and not £2,914.77?

Thanks

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Hello Wigvet,

 

I cannot answer all in your post but:

 

I am currently claiming on behalf of my son on the mis-selling of PPI he took out on a loan with Nationwide in April 2005. (Good date as the Financial Services Authority came into action on 14 Jan 2005. This means the Financial Ombudsman Service can deal with any complaint you may have)

 

Whilst this claim is currently going through the usual procedure I also asked that the PPI be cancelled on the remainder of the loan. I quite simply expected his monthly payments to decrease but Nationwide do not adopt this approach. Instead they keep the payments the same for the duration of the loan but give you a credit, by cheque, of the amount you are going to pay for the duration of the loan! ( Another little ploy to enable them to hang onto your money for as long as possible) Do most companies adopt this policy? (I am unable to give a sound answer to this, but I am aware that others do this. You can though insist the PPI is cancelled with immediate effect and that the PPI element of the loan is also stopped. Some banks come up with a quote that the payment reductions will not be reduced by the amount of the PPI figures you are paying.

IMO insist on a cancellation informing the Nationwide that you intend to submit a formal complaint through the FOS and they will insist that the PPI is cancelled before any acceptance of settlement will be passed on. I thought it would be far easier to simply reduce the monthly payments! Yes but you can bet they will not reduce by the amount you expect them to.

 

 

The problem on which I now seek advice is the amount of the rebate (calculators ready please!)

i) CON No 1: The loan was taken out in April 2005 for 84 months and the insurance premium totalled £2,914.77. Nationwide agree that my son has paid 45 out of the 84 months leaving a balance of 37. Nationwide inform me that this equates to a rebate of 23.589% equalling £687.57. Now when I went to school and did percentages 37 as a percentage of 84 was nearer 44% than 23.589 or am I missing the obvious? Should not the rebate be £1,282.49?

 

ii) CON No. 2: In their response Nationwide omit to mention the interest on the PPI, only talking in ‘net figures’ Whilst the insurance premium totalled £2,914.77, as I have stated, the interest on this sum totalled £721.87 giving an overall sum due from my son for the duration of the loan of £3,636.36 at a monthly premium of £43.29 Surely any refund should also include the interest. In other words if my percentage calculation is correct in point No 1 he should receive 44% of £3,636.36 and not £2,914.77?

 

Thanks

 

The figures will be for someone else to help you with but I will say that you should receive a rebate of all the PPI premiums paid over 45 months plus any interest appropriate to the PPI and when the FOS upholds your complaint as is happening in 9 out of 10 cases you should also expect 8% statutory interest on top. You must however have a valid case for mis-selling and you can find a lot of information on this in the stickies section at the top of the forum.

 

Just post if you need more help;)

 

aa

I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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