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  • FIRST POST
    • Hellsacc
    • By Hellsacc 8th Nov 17, 10:36 PM
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    Hellsacc
    Nationwide Plevin Failure
    • #1
    • 8th Nov 17, 10:36 PM
    Nationwide Plevin Failure 8th Nov 17 at 10:36 PM
    Turned down stating credit agreement does not fall within the s.140a consumer credit act 1974, what does all that mean?
    FYI Was a Nationwide Endowment Mortgage which also failed on the PPI claim even after taking to Ombudsman too.
    Last edited by Hellsacc; 08-11-2017 at 10:38 PM. Reason: Additional details added
Page 1
    • -taff
    • By -taff 8th Nov 17, 10:40 PM
    • 7,113 Posts
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    -taff
    • #2
    • 8th Nov 17, 10:40 PM
    • #2
    • 8th Nov 17, 10:40 PM
    Endowents didn't have PPI.

    Did you make a CCA requuest?
    • Hellsacc
    • By Hellsacc 8th Nov 17, 10:51 PM
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    Hellsacc
    • #3
    • 8th Nov 17, 10:51 PM
    • #3
    • 8th Nov 17, 10:51 PM
    It did, I had to have it due to it being a 100% endowment. Ombudsman agreed I was not mis-sold this.
    I am just querying if the new reason for the Plevin claim being turned down(credit agreement does not fall within the s.140a consumer credit act 1974) is worth taking to Ombudsman or not, as I am not entirely sure what it is all about.
    • dunstonh
    • By dunstonh 8th Nov 17, 11:27 PM
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    dunstonh
    • #4
    • 8th Nov 17, 11:27 PM
    • #4
    • 8th Nov 17, 11:27 PM
    It did,
    No it didnt. It was impossible for an endowment policy to have PPI in it.

    I had to have it due to it being a 100% endowment.
    You are mixing products up.

    You had a interest only mortgage. You would have had an an endowment policy. Endomwent policies could not have PPI on them.

    I am just querying if the new reason for the Plevin claim being turned down(credit agreement does not fall within the s.140a consumer credit act 1974) is worth taking to Ombudsman or not, as I am not entirely sure what it is all about.
    Its an issue to do with PPI. You didnt have PPI (at least not on the endowment). So, it doesnt apply to you.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Hellsacc
    • By Hellsacc 9th Nov 17, 11:58 PM
    • 10 Posts
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    Hellsacc
    • #5
    • 9th Nov 17, 11:58 PM
    • #5
    • 9th Nov 17, 11:58 PM
    (see snippet from ombudsman rejection, this is so you can see they accepted I did have PPI, but was not entitled to compensation. As this took a few years with the ombudsman I am sure they would have thrown it out long before if there was no PPI attached).

    What the first paragraph below is on about is that the mortgage would be one which would shortfall and they compensated us for that, which is a totally separate issue, but I thought it might me be a basis also for the PPI to be paid back.

    Ombudsman Rejection:-
    The evidence indicates that on the 11 October 2006, Guardian wrote to you and informed you that, with regard to your endowment policy, they “believe that this policy was not the most suitable arrangement for your circumstances at the time it was sold.”

    This isn’t an indictment on the type of mortgage you were offered and opted for. A mortgage where you pay only the interest whilst concurrently saving by the way of suitable repayment vehicle is a perfectly valid way of securing a mortgage.

    In this instance, Guardian appears to have stated its mortgage endowment policy was not suitable. This is solely an opinion expressed with regard to the adequacy of the policy used to repay the mortgage, and not the type of mortgage selected.

    Had Nationwide informed you that you had been mis-sold the mortgage, I would agree that you should be compensated for any linked policies such as a payment protection, however, this is not the case, and I apologise for any confusion caused.

    So there is PPI attached and I did pay additional premiums on top of the endowment itself.
    Does anyone have any answer to my initial post?
    • societys child
    • By societys child 10th Nov 17, 9:50 AM
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    societys child
    • #6
    • 10th Nov 17, 9:50 AM
    • #6
    • 10th Nov 17, 9:50 AM
    I would agree that you should be compensated for any linked policies such as a payment protection, however, this is not the case
    That doesn't say you had ppi.
    They are agreeing that had there been ppi attached, compensation would have been appropriate, but not in your case, because you didn't have ppi.

    • Moneyineptitude
    • By Moneyineptitude 10th Nov 17, 10:26 AM
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    Moneyineptitude
    • #7
    • 10th Nov 17, 10:26 AM
    • #7
    • 10th Nov 17, 10:26 AM
    So there is PPI attached and I did pay additional premiums on top of the endowment itself.
    Does anyone have any answer to my initial post?
    Originally posted by Hellsacc
    Since there doesn't seem any point commenting about the phantom PPI, I'll just respond to your initial post;
    Turned down stating credit agreement does not fall within the s.140a consumer credit act 1974, what does all that mean?
    Originally posted by Hellsacc
    It means you didn't have a valid complaint.

    Sorry.
    • antrobus
    • By antrobus 10th Nov 17, 10:31 AM
    • 15,275 Posts
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    antrobus
    • #8
    • 10th Nov 17, 10:31 AM
    • #8
    • 10th Nov 17, 10:31 AM
    Turned down stating credit agreement does not fall within the s.140a consumer credit act 1974, what does all that mean?....
    Originally posted by Hellsacc
    Unfair relationships between creditors and debtors
    https://www.legislation.gov.uk/ukpga/1974/39/section/140A

    Therefore your credit agreement was not unfair.

    ...
    FYI Was a Nationwide Endowment Mortgage which also failed on the PPI claim even after taking to Ombudsman too.
    Originally posted by Hellsacc
    As others have pointed out, you didn't have PPI.

    ...

    Ombudsman Rejection:-

    Had Nationwide informed you that you had been mis-sold the mortgage, I would agree that you should be compensated for any linked policies such as a payment protection, however, this is not the case, and I apologise for any confusion caused.

    Originally posted by Hellsacc
    I.e you weren't mis-sold the mortgage and there was no linked PPI.

    Endowment policies frequently included waiver of premium. You may have confused that with PPI. But waiver of premium is not PPI, and Plevin does apply.
    Last edited by antrobus; 10-11-2017 at 10:33 AM.
    • dunstonh
    • By dunstonh 10th Nov 17, 3:39 PM
    • 89,593 Posts
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    dunstonh
    • #9
    • 10th Nov 17, 3:39 PM
    • #9
    • 10th Nov 17, 3:39 PM
    (see snippet from ombudsman rejection, this is so you can see they accepted I did have PPI,
    Nothing in your post indicates you had PPI. Are you aware that PPI is a particular type of insurance policy? It is not a catchall term covering all types of complaint.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • -taff
    • By -taff 10th Nov 17, 7:23 PM
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    -taff
    You had an interest only mortgage where you should have had a separate policy that would [supposedly] make a good return on any savings you put into which would pay off the lump sum required after the interest only mortgage ended.

    They are saying that the investment portion of that didn't come up to spec.

    They are not saying anything about PPI at all.

    They are saying that if they had the said the entire mortgage was missold i.e the interest only mortgage , IF there were any linked policies, they would have told them to refund you, but it wasn't, so there weren't, so you weren't.
    • Hellsacc
    • By Hellsacc 10th Nov 17, 10:03 PM
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    Hellsacc
    Thanks, I understood that is what it said.
    • Hellsacc
    • By Hellsacc 10th Nov 17, 10:05 PM
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    Hellsacc
    Yes, thanks. Might have used the wrong terminology, Nationwide term it as MPPI.
    • Hellsacc
    • By Hellsacc 10th Nov 17, 10:06 PM
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    Hellsacc
    Nothing in your post indicates you had PPI. Are you aware that PPI is a particular type of insurance policy? It is not a catchall term covering all types of complaint.
    Originally posted by dunstonh
    Thanks, I understood that is what it said.
    • Hellsacc
    • By Hellsacc 10th Nov 17, 10:17 PM
    • 10 Posts
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    Hellsacc
    You had an interest only mortgage where you should have had a separate policy that would [supposedly] make a good return on any savings you put into which would pay off the lump sum required after the interest only mortgage ended.

    They are saying that the investment portion of that didn't come up to spec.

    They are not saying anything about PPI at all.

    They are saying that if they had the said the entire mortgage was missold i.e the interest only mortgage , IF there were any linked policies, they would have told them to refund you, but it wasn't, so there weren't, so you weren't.
    Originally posted by -taff

    Exactly, they were just clarifying it 'Short-fell' and was not mis-sold. (for which I received compensation at a later date).

    And after me just checking the Nationwide initial PPI claims they(Nationwide) verified I had the MPPI (which they insisted I needed due to the 100% endowment). This commenced immediately when the mortgage started.
    I think me saying PPI (instead of MPPI) is confusing the issue, there is no disputing from either Nationwide or the Ombudsman that I have been paying these premiums.
    • Hellsacc
    • By Hellsacc 10th Nov 17, 11:50 PM
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    Hellsacc
    Additional snippet of information from one of Nationwide's replies, to just try prove I had the cover:-

    The policy would have been discussed with you during the mortgage interview and this included being made aware of the main exclusions and restrictions to the policy as well as its main features and benefits. It was your choice to take your mortgage with Nationwide and thus have compulsory MPG as a result of this decision.
    The MPPI policy commenced accordingly. At that time, you were sent a Policy Schedule which showed the cover and the costs involved. A Policy Document was also issued which provided full details of this policy.
    Regards
    H
    • dunstonh
    • By dunstonh 11th Nov 17, 12:22 AM
    • 89,593 Posts
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    dunstonh
    The problem on this thread was that you added the info about the PPI policy after several posts. Initially, you were referring to the mortgage or the endowment policy.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 11th Nov 17, 12:56 AM
    • 18,739 Posts
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    Moneyineptitude
    The problem on this thread
    Originally posted by dunstonh
    The problem on this thread is that the PPI was and is irrelevant. The complaints have failed on all fronts and the OP has nowhere left to go with them..
    • -taff
    • By -taff 11th Nov 17, 10:22 AM
    • 7,113 Posts
    • 5,112 Thanks
    -taff
    Additional snippet of information from one of Nationwide's replies, to just try prove I had the cover:-

    The policy would have been discussed with you during the mortgage interview and this included being made aware of the main exclusions and restrictions to the policy as well as its main features and benefits. It was your choice to take your mortgage with Nationwide and thus have compulsory MPG as a result of this decision.
    Originally posted by Hellsacc

    So your interest only mortgage had compulsory MPG, WHich means you had to have it.
    If the mortgage had been missold, the compulsory nature of the MPG meant that too would have been missold, but since it wasn;t, you don't get that back.

    Next time, can you include all the info to start with?
    • Hellsacc
    • By Hellsacc 11th Nov 17, 1:58 PM
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    Hellsacc
    So your interest only mortgage had compulsory MPG, WHich means you had to have it.
    If the mortgage had been missold, the compulsory nature of the MPG meant that too would have been missold, but since it wasn;t, you don't get that back.

    Next time, can you include all the info to start with?
    Originally posted by -taff

    Yes, thanks you are probably quite right, just did not think I would be questioned about have the initial PPI(MPPI), just wanted to know more about the Plevin response!!
    • Hellsacc
    • By Hellsacc 11th Nov 17, 2:05 PM
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    Hellsacc
    Yes, thanks you are probably quite right, just did not think I would be questioned about have the initial PPI(MPPI), just wanted to know more about the Plevin response!!
    Originally posted by Hellsacc
    New to these forums and probably won't use them again, just the same as I should not have taken on the long winded PPI claim with Nationwide (started 8/11/2011 until 21/3/14 including Ombudsan). Draining!! In comparison Halifax paid out in full in weeks.
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