PPI Claim - Nationwide Building Society **SUCCESS**

[sean the sheep]

Hi

 

Little bit of simple advice needed.

 

I'm geting ready to put in my PPI claim with Nationwide for a 5 year car loan (£5000),

the last payment of £123 being in May 2012.

 

What is the best thing to do at the moment

- Am I allowed to cancel the separate ppi payments (approx £23 pm) on the last 5 payments I have left and just pay £100 pm until May or

should I just keep paying and claim for the whole 60 months ppi payments.

 

I may also be in the position of being able to pay off the outstanding amount of the loan now

- if I do this I assume I can pay this minus the ppi payments - is this correct ?

 

I also have all the relevent paperwork and records relating to the loan.

 

Any advice appreciated. Thanks

[ims21]

Hi

 

Have a read of No.1 in my signature.

 

You really shouldn't be paying less than you are contractually obliged to since you could end up with a default on your credit file.

 

Complete the fos questionnaire from the fos website, prepare a schedule of claim (the spreadsheet is at the end of the article in No.1 in my signature) and send them off to the lender with a letter requesting the refund.

 

If your complaint is upheld they will refund you what you have pad to date plus interest and adjust the balance of the loan.

 

ims

[sean the sheep]

Further to my original post above, Just had a nice letter in the post today from Nationwide Building Society .

For other members benefit and information here are the details.

 

Finally got myself in gear and wrote a standard letter,

compiled from the template on this site,

which took less than an hour to come up with and sent it off on 28.8.2012

asking for refund of PPI payment of £1371.17 on my now paid off loan of £5000

which included the standard 8% interest.

 

Had a reply from them 31.8.12 asking me to fill in the standard FOS questionnaire which I did electronically,

cutting and pasting the same points from my original letter.

 

I printed it out, signed it and sent then it off in their reply paid envelope on 3.9.12.

 

I didn't expect anything back for a good while and also assumed it would be a rejection and that I would then have to go to the FOS,

so have been preparing for some more form filling etc.

Had a reply today - 11.9.12 with an offer of £1546.78,

 

- I need to sign a form and payment will take up to 28 days.

The amount was also slightly more than I expected,

s my interest calculation must have been wrong, so an added bonus !!

 

Fairly surprised, I have to say that

 

1. My claim was approved ;

2. The decision was extremely quick.

 

My claim only cost me the price of a 2nd class stamp for my initial letter

- Nationwide provided pre pay enveleopes to send back everything else.

It was also so incredibly easy - just an hour or two's work - amazing !

 

I've a feeling that this is a standard reply at the moment, as I have seen a number of examples of Nationwide claims being rejected in the past,

so maybe if anyone is thinking of putting in a ppi claim to Nationwide, now's the time to do it.

 

I must thank everyone on the site including ims21 for all the information, templates etc.

 

I know it's money i've already paid, but it's really nice to get back something which you didn't expect and will come in really handy for me and my family at the moment who,

along with the majority of the population, are feeling the effects of the current economic climate.

 

If anyone needs any information from me regarding my claim, feel free to ask and I'll happily provide it

 

Cheers.

Edited September 11, 2012 by sean the sheep

[dx100uk]

hey good result.

 

dx

 

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You could help by making a money contribution to http://www.consumeractiongroup.co.uk/paypal.php?go=donate

[sean the sheep]

Will do with pleasure !!

[mp2012]

Well done on your recent success, out of injterest what was the nature of your complaint to Nationwide, I have had a number of personalloan with ppi cover which I believe to have been mis sold.

 

7Await your earliest reply.

 

Thanks

 

Mike

[sean the sheep]

Hi Mike / mp2012

 

How do you mean, the 'nature of my complaint' - Do you mean the reasons why I thought I had been mis sold the ppi ?

 

If this is what you mean it's no problem for me to share & enclose the text / wording I used on my original letter and the subsequent FOS questionnaire I was required to send back to them.

 

Cheers

[mp2012]

Hi thanks for your reply. Yes I meant what was the reason why you were mis sold ppi on personal loans with Nationwide, I would be grateful if you could share this info as it might help with my complaint.

 

Many thanks

 

Mike

[mp2012]

mp2012

Re: PPI Claim - Nationwide Building Society **SUCCESS**

 

Hi thanks for your reply. Yes I meant what was the reason why you were mis sold ppi with Nationwide, I would be grateful if you could share this info as it might help with my complaint.

 

Many thanks

 

Mike

[sean the sheep]

No problem - happy to help and share any info that may help anyone else

- apologies if the editing looks a bit odd as I cut and pasted most of it.

 

This is what I filled in on section E of the FOS questionnaire (i've just omitted some persoanal details ) :

......................................................

I arranged a personal loan of £5000 and was also sold a ‘loancare cover’ policy by you on (date) at the (branch name) Branch of the Nationwide which ran for 60 months.

The full repayment cost was £ 123.88 per month which included personal protection insurance for the sum of £21.16 per month.

The agreement commenced 27th July 2007 and ended on 27th June 2012.

 

I have recently become aware that I have been mis-sold this payment protection insurance policy for the reasons outlined below :

 

1 I explained to the advisor that my employer provides a generous illness and redundancy package,

however this fact appeared to be overlooked by the advisor and I felt pressured into buying it as it was strongly suggested that this protection would be more suitable.,

which as I have recently found out was not the case for a number of reasons.

This also made me feel that the loan application would be more likely to be approved if the loancare policy was taken out.

 

2. I was not informed that I could buy the insurance elsewhere and that I could potentially find it cheaper.

 

3. I did not have the exclusions and restrictions on the policy fully explained to me.

On the terms and conditions it states that I have acknowledged that I have received details of the loancare cover

and that I agree to the terms,conditions and eligibility criteria for the insurance as detailed in the insurance booklet.

However, their importance were not fully explained by the advisor and I also received no such booklet.

 

4. I am now aware that an insurance sale would usually generate a sales commission for the advisor which I was not made aware of.

 

Finally please tell us why you are now unhappy with the insurance

 

Due to the above reasons I believe that the policy you sold me was not required and not in my best interest.

 

There was no accurate analysis of whether or not I actually required or indeed needed the policy,

this was just assumed by the advisor and, as above I felt pressured into purchasing it to get the loan approved.

Therefore the policy was missold.

 

I am therefore requesting a full refund of all my personal protection insurance payments, plus the standard statutory Court interest of 8% which in total is £1371.17.

............................

 

In fact my calculations were slightly wrong and they paid me £1546.78.

Obviously your reasons may be slightly different but the above reasons are the fairly standard ones.

What may have nailed it for me I suspect is the fact that I wasn't given the 'terms and conditions'.

If you need any more information just let me know - Good luck !

 

Cheers

[mp2012]

Many thanks for your reply similarly my complaint is as detailed in 2,3,4 above on each occassion I took out a loan, I appreciate your time and will let you know how I get on.

 

Regards

 

Mike

[dx100uk]

Many thanks for your reply similarly my complaint is as detailed in 2,3,4 above on each occassion I took out a loan, I appreciate your time and will let you know how I get on.

 

Regards

 

Mike

 

you need to start your own thread

 

see the video listed below

 

dx