Is anyone aware of nationwide loans? UPDATE! GREAT NEWS

chrissy27

Hi is anybody aware of any claims against Aviva loan insurance and if they have been fined by the FSA?
I THINK I have insurance with them on a loan I have with Nationwide and I am now trying to find this out and really want some more info as I strongly believe I was mis sold a loan and a very expensive one at that!!!

I was very naive and embarrassed when i took out my loan and 3 years in my mum has convinced me to let her look at the paperwork with me to see if we could get me out of debt quicker. She was to discover I have no terms and conditions of the cover on my loan, I'm not 100% who the insurance is with and without the T & C i dont have a clue what i'm covered for or how long or how much i am covered for!!!! When I took the loan out I wasnt advised I could get my own insurance and I would have to have insurance incase I couldnt pay for any reason ever since I always believed that was the best I could get and that was that I just paid it. (I have also discovered today that I could get the cover at less than 15% of what I pay now AND i'd save over £3000 on my loan!!).

di3004

chrissy27 wrote: »

Hi is anybody aware of any claims against Aviva loan insurance and if they have been fined by the FSA?
I THINK I have insurance with them on a loan I have with Nationwide and I am now trying to find this out and really want some more info as I strongly believe I was mis sold a loan and a very expensive one at that!!!
Hello and welcome
I don't think they have been fined, but Martin updates his site if new fines comes in about new companies, however you can still try to reclaim if mis sold for any reason.
Yes it is very costly indeed compared to a stand alone cover.

I was very naive and embarrassed when i took out my loan and 3 years in my mum has convinced me to let her look at the paperwork with me to see if we could get me out of debt quicker. She was to discover I have no terms and conditions of the cover on my loan, I'm not 100% who the insurance is with and without the T & C i dont have a clue what i'm covered for or how long or how much i am covered for!!!! When I took the loan out I wasnt advised I could get my own insurance and I would have to have insurance incase I couldnt pay for any reason ever since I always believed that was the best I could get and that was that I just paid it. (I have also discovered today that I could get the cover at less than 15% of what I pay now AND i'd save over £3000 on my loan!!).

It may help to request a Subject Access Request (SAR) for more information, they must comply by 40 days and supply everything as possible as requested on the SAR letter template, going back as far as 6 years at least, I was lucky to receive documentation going back as far as late 1990's.
There is a charge for a SAR request of £10 payable by postal order or cheque payment, post by recorded delivery, this may be useful if something comes back to help support you on your complaint.
Link here to SAR template:
http://forums.moneysavingexpert.com/showthread.html?t=1475553

In regards of PPI reclaiming, you can still continue to reclaim on the PPI whilst waiting for the SAR to arrive if you want to.
More info here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You will find templates, a mis selling checklist, write to them by either using the templates or as a guide, and write in your reasons on how you believe you were mis sold.

They have 8 weeks in full to respond.

Keep on at them until they resolve in your favour, or until they issue you with the final decision, the final response should give details of the financial ombudsman service (FOS), you can take your complaint to these if your not happy with the outcome of your complaint.

Again recorded delivery is best, as this is your proof of posting.

Good luck and please post up for help when required and let us know how you get on.

Also just to say that you do not need to add any figures on the reclaim letter at this point.;)

chrissy27

Thanks for this, I have used a template from the website this evening requesting details of the loan and insurer from Nationwide. I think I am going to have to wait for their reply as like I say I'm not even 100% sure who insures me and the T & C of the PPI as I think there may be more reasons revealed that i shouldnt have been sold this cover eg an existing medical condition - i wasnt even questioned about medical conditions!!

When claiming against a PPI how can you prove you were mis sold it? I am concerned i'll be stuck paying the full £3000 left and wont ever see a penny of the money I already wasted again!!!

di3004

chrissy27 wrote: »

Thanks for this, I have used a template from the website this evening requesting details of the loan and insurer from Nationwide. I think I am going to have to wait for their reply as like I say I'm not even 100% sure who insures me and the T & C of the PPI as I think there may be more reasons revealed that i shouldnt have been sold this cover eg an existing medical condition - i wasnt even questioned about medical conditions!!

When claiming against a PPI how can you prove you were mis sold it? I am concerned i'll be stuck paying the full £3000 left and wont ever see a penny of the money I already wasted again!!!

Hi Chrissy.;)

Basically it is your words against their's but as this is a common complaint now the FOS are used to these companies ways of mis selling, but say for instance you were not working when taking out the policy, it would not have covered you anyway, so its worthless, or your employer may have covered you.

For these single sold policies they are a complaint alone which have been stopped now to what I know of as they are very costly, there are lots of other reasons.

I did actually receive a telephone recording disc sent to me which helped out case with the FOS, as soon as they heard the selling tactics they agreed this was mis sold.;)

chrissy27

Thank you, i will let you know how I get on. I did find an article that nationwide stopped their PPI sales 1 year after I took out my loan after their own inverstigations and "secret shoppers" coming accross bad selling tactics. I really hope I get somewhere.

di3004

chrissy27 wrote: »

Thank you, i will let you know how I get on. I did find an article that nationwide stopped their PPI sales 1 year after I took out my loan after their own inverstigations and "secret shoppers" coming accross bad selling tactics. I really hope I get somewhere.

Your welcome chrissy.;)

You just keep on at them, and do not give in no matter what, keep strong is best, hopefully it will all be straight forward for you, fingers crossed.

chrissy27

Nationwide have been quick, they sent me a copy of my loan agreement, I asked for a copy of the insurance policy though including the name of the company who the policy is with and the T & C....they didnt send it and I'm non the wiser!! So i phoned them, they are going to post me a booklet which is meant to give details on the loan but the advisor was "not able to comment on my account!" so thats it my letter for a refund is typed and ready to go! Lets hope i get somewhere.

:think:

Maybe theres someone else who has gone through this with Nationwide??

di3004

chrissy27 wrote: »

Nationwide have been quick, they sent me a copy of my loan agreement, I asked for a copy of the insurance policy though including the name of the company who the policy is with and the T & C....they didnt send it and I'm non the wiser!! So i phoned them, they are going to post me a booklet which is meant to give details on the loan but the advisor was "not able to comment on my account!" so thats it my letter for a refund is typed and ready to go! Lets hope i get somewhere.

:think:

Maybe theres someone else who has gone through this with Nationwide??

Hi Chrissy

I assume the loan and the insurance would be shown on the same agreement they sent you as well.
What does it show on your agreement as such?

Good luck with this.;)

chrissy27

The loan agreement only shows the value of, the interest and the monthly payments on the insurance.
There are no details of who provides the insurance, or any details of the cover it provides other than one line which states "The Person Insured for accident and sickness unemployment and life benefit is (then my name)". I'm sure this is all great but i dont know what life benefit is either. The advisor I spoke to today also said any previous medical conditions would be exempt...they didnt even ask me about medical conditions!!!

I dont know how to claim if I need to and I dont know what I can claim nor if i can cancel.

The more I look at it the more stupid I feel for not taking this in at the time.

di3004

chrissy27 wrote: »

The loan agreement only shows the value of, the interest and the monthly payments on the insurance.
There are no details of who provides the insurance, or any details of the cover it provides other than one line which states "The Person Insured for accident and sickness unemployment and life benefit is (then my name)". I'm sure this is all great but i dont know what life benefit is either. The advisor I spoke to today also said any previous medical conditions would be exempt...they didnt even ask me about medical conditions!!!

I dont know how to claim if I need to and I dont know what I can claim nor if i can cancel.

The more I look at it the more stupid I feel for not taking this in at the time.

Hi Chrissy

You write to the bank who sold you this anyway, as they arranged it.

I am aware though if this was in regards of an unfair rebate, then you would pursue to the insurer, this is according to the FOS, Marshallka a regular on here is trying to reclaim on the remainder of her rebate which was very low on settlement, but in regards of mis selling you do write to the ones who sold you this in the first place.;)

Hey, don't feel stupid, we have all been there, it's a right rip off and it would not surprise me if they did not go through this properly with you, as you said above, none of that was discussed etc.

Hope this helps. XX

chrissy27

What do you mean by unfair rebate? Is this when the bank gives you a figure but its not reasonable?