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  • FIRST POST
    • Jacksmum23
    • By Jacksmum23 16th Sep 17, 10:22 AM
    • 1Posts
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    Jacksmum23
    PPI calculation
    • #1
    • 16th Sep 17, 10:22 AM
    PPI calculation 16th Sep 17 at 10:22 AM
    Good morning. After ignoring all PPI business for years as I was convinced I'd never had any I thought I would make an enquiry with Nationwide. Imagine my shock when it was confirmed I'd had PPI on an old mortgage.

    My question is, if and when they make me an offer how do I know it's fair? Is there any way to get full information from then regarding their figures if you no longer have any of the paperwork. Thanks in advance
Page 1
    • amersall
    • By amersall 16th Sep 17, 11:01 AM
    • 16,675 Posts
    • 18,720 Thanks
    amersall
    • #2
    • 16th Sep 17, 11:01 AM
    • #2
    • 16th Sep 17, 11:01 AM
    Just because they said you had PPI, does not mean it was mis sold.
    Some Mortgage PPI may be needed and that is why most fail, wait and see what they come back with.

    Redress is defined, you get back the PPI paid, the interest on those payments and 8% compensation.

    If no paperwork, and they uphold, they assume what you would have paid.
    Last edited by amersall; 16-09-2017 at 11:04 AM.

    • dunstonh
    • By dunstonh 16th Sep 17, 11:12 AM
    • 89,534 Posts
    • 54,984 Thanks
    dunstonh
    • #3
    • 16th Sep 17, 11:12 AM
    • #3
    • 16th Sep 17, 11:12 AM
    My question is, if and when they make me an offer how do I know it's fair?
    Dont jump the gun. You have a way to go yet.

    1 - Most MPPI complaints are rejected.
    2 - For very many years Nationwide gave their in-house MPPI away free of charge for the first 12 months. They then wrote to you asking if you wanted to keep it or not. Many people cancelled it after the free period and never paid a penny. On paper, those people had MPPI even though they never paid for it. If you are one of those, you get nothing back as you never paid it.
    3 - That free 12 month period also allows Nationwide to have an audit trail of people who went on to keep it by choice. It is frequently a valid reason for them to reject the complaint.

    The Nationwide MPPI was standalone direct debit. So, look at your bank statements.
    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 a Financial Adviser local to you.
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