Nationwide PPI Refusal

[barsweat]

Hi All,

 

Recently submitted a claim to Nationwide stating I was mis-sold the loan due to the fact I was told I would not get it without ppi as the sums of money requested ( unsecured) were considerable.

 

I received a response with a flat out rejection on page one and two more pages waffling on about my employment benefits ( which I had ) if I was off work.

 

I returned with the following letter and still got rejected. I would take this to the ombudsman but I would like your opinion first !?..... Is it even a valid claim ???????

 

Ref xxxxx

January 1st 2013

 

Nationwide Building Society

Kings Park Road

Moulton Park

NN3 6NW

 

Dear

Thank you for your letter dated 18 september 2012. I have been away on business so I apologise for the late response.

First of all, I would like to say that I'm disappointed with the outcome of your investigation, and secondly, as a customer of over ten years I would have expected Nationwide to come to a different decision. Nevertheless I'm writing to dispute your findings which I find unfair and inaccurate.

 

Request for information

In addison to a response from Nationwide, I would like request copies of all loan agreements, Terms and conditions at time of sale, Welcome booklets (copy’s sufficient), Policy documents, records of written correspondence during application, all copies of letters communicating changes in policy (dated), and any verbal/ written transcripts that accompany any loan application. I would also request PPI claim statistics of customers who have been mis-sold payment protect insurance at the Cheltenham branch at the periods of my applications, and specifically by the loan Advisor/Branch manager who dealt with my application.

 

 

Decision

 

I would like to draw your attention to the following statement:

 

" you (Xxxxxxx) requested the cover to be added to your accounts"

 

Please can you supply transcript of all loan applications to support this statement, as this is not my recollection of events. When applying for the loan/loans, it was portrayed, that in order to be "successful" in my application I would need to apply for payment protection cover, specifically as the loans were for significant amounts of money, and all unsecured.

 

I recall the initial loan to be in the region of £4000 (Approximately) with an additional, and substantial increase to £15000 (Approximately) which I'm sure you will agree is a large sum of money for Nationwide to lend without any bond to personal assets.I had no property or assets to secure the loan against at the time, and I was made to feel this was "standard practice" for high value, unsecured products.

At no point did I "request" the product to be sold to me.

Im sure Nationwide appreciate that when trying to secure loans of this amount, applicants would be cautious not to take the advise of the professional processing the loan, and rely on the information transmitted by the Advisor to be accurate and factually correct. The fear of rejected applications can be can be distressing, and with multiple loan applications on a credit file, it will not only affect credit scores, but all future applications. With the threat of rejection, the applicant (Myself) is forced to take the advice of the Loan Advisor to ensure a positive result on an initial application.

 

In your letter dated 18/09/2011 you went into great depth discussing my personnel financial situation during the early years of the loan. The only personnel circumstance Nationwide needed to concern themselves with was with my credit score and income at the time of the application. Agreements between myself and my company are, and are still of no concern to a third party. The request for this investigation for repayment of the mis-sold insurance was specifically for the time of the application, and I respectively request this is withheld.

 

 

As quoted in your letter:

 

18/september/2011

 

“The policies were provided on a non-advised basis;therefore Nationwide was not required to ascertain your circumstances with regards to health, existing insurance, employee benefits or alternative means of repaying your loan, nor was the Society required to assess the suitability of the policies for you”

Therefore, please explain to me (in detail) why extracts from paragraphs 5,6,8 regarding my employment benefits, have been used to determine the outcome of this investigation(Paragraph 9).

 

“Taking into account of the above information (Inc paragraphs 5,6,8), I can see no reason why these policies were unsuitable. After considering your circumstances at the time of each sale, It is understandable that you would have considered taking out the policies”

The above is the reason I feel Nationwide’s decision is unjust, and as a result, request a review to the investigation, and if necessary, I will take the matter up with my Solicitor and Financial Ombudsman.

 

I have been a customer of Nationwide for a a number of years, holding a number of loans (settled early), credit cards, current and saving accounts, and I wish to continue to bank for many years to come. The unfortunate judgement to mis-inform customers on the sale of loan protection is something I hope does not tarnish what is otherwise an excellent service, and I sincerely hope you will be able to resolve this matter shortly.

Kind Regards,,

 

Xxxxxxx

 

Please note: Loan amounts stated may not be 100% accurate as I do not have access to loan values at the time of preparing this letter.

[ims21]

New thread created.

 

If they told you that you had to have the PPI then that is a good enough reason.

 

A secondary thing is that you had adequate benefits through your employer and did not need it.

 

Are you also saying that you did not want it?

 

The fact that they say it was suitable for you is really neither here nor there....the fact you didn't want or need it is sufficient.

 

In your original complaint did you tell them that you did not want it?

 

Did you complete a fos consumer questionnaire?

 

Have they supplied a copy of the agreement? Have you got the statements of account?

 

What were the circumstances of the sale i.e. how did you apply....was it at an interview at the branch?

[barsweat]

Hi there,

 

I rang them up initially and they interviewed me over the phone @8pm where I told them exactly that then received my first rejection letter.

I was never asked to fill out a form, neither was I informed there was such a thing.

They have sent through the agreement ( not with me at the mo)and I have all my statements.

The interview was face to face with the branch manager in Cheltenham who told me without the PPI I had no chance getting the loan ( was surprised when I did).

 

Regs,

 

Jon

[ims21]

Ok I would have one last crack at them before involving fos.

 

Leave out any stuff about how long you have been a customer and any other side issues...they are not relevant.

 

Focus on the fact that you were told you must have it and that you didn't want or need it because of your employment benefits.

 

To make it as solid as you can, I would this time complete a fos questionnaire. If you do end up having to go to them then they will more than likely ask you to complete one anyway.

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

As you have all of the paperwork, have a read of No.1 in my signature and use the spreadsheets at the end to work out how much you should be getting back.

 

Send your challenge letter with the print of the spreadsheet and the completed questionnaire to them.

 

Let them know that you are not going to go away and tat you are quite happy to either let fos review this (which will cost them £850 for a case fee) or alternatively start court proceedings.

[barsweat]

Will do.

 

Many thanks. I will post my response. You never know it may be good news.

 

Cheers,

 

Jon

 

Ps what do you mean by use number 1 ?

[ims21]

Below my post is a numbered list of items.

 

No.1 is for single premium PPI....click on the blue "Read Here"

[barsweat]

I see now...... Does not show up on an ipad ! Dam things !

 

Thanks again.

[ims21]

Does not show up on an ipad ! Dam things

 

 

Here's a direct link if it helps

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered

[barsweat]

Cheeeeerrs