Nationwide ppi help greatly appreciated please?

janey17

Hi, all after alot of help from this site to whom I and hubby greatly appreciate we have been successful with our ppi on several of our agreements with Welcome, Lloyds Tsb to name a few. We thought that we had no more to claim on, until we started looking at our loan with Nationwide.

Hubby took out a loan (for wedding)with these in April 05 upon which a premium of £934.22 was lumped on along with interest of 6.70%. Total payable £7402.92 over 84mths. Monthly payments £88.13

On 11th Aug 06 hubby questioned over the phone this ppi and said he didnt need it, we were told we could have £644.53 back we naively said ok and this was refuned back in the form of a cheque. Today, when we have started to look at things closely with a view of reducing outgoings we started to think about Nationwide. We've been paying the same amount for the last 55 months and thought the term should have been reduced as ppi was removed. It appears from a phone call we do have till 2012 for last payment. So a bit confused at how that adds up!

Additionally, through receiving the statement recently we can see that it was only £644.53 and not the whole £934.22 refunded, and so wondered whether we would have a claim if we asked for the difference and the interest?

Thanking you in advance for your time and sugggestions

di3004

janey17 wrote: »

Hi, all after alot of help from this site to whom I and hubby greatly appreciate we have been successful with our ppi on several of our agreements with Welcome, Lloyds Tsb to name a few. We thought that we had no more to claim on, until we started looking at our loan with Nationwide.

Hubby took out a loan (for wedding)with these in April 05 upon which a premium of £934.22 was lumped on along with interest of 6.70%. Total payable £7402.92 over 84mths. Monthly payments £88.13

On 11th Aug 06 hubby questioned over the phone this ppi and said he didnt need it, we were told we could have £644.53 back we naively said ok and this was refuned back in the form of a cheque. Today, when we have started to look at things closely with a view of reducing outgoings we started to think about Nationwide. We've been paying the same amount for the last 55 months and thought the term should have been reduced as ppi was removed. It appears from a phone call we do have till 2012 for last payment. So a bit confused at how that adds up!

Additionally, through receiving the statement recently we can see that it was only £644.53 and not the whole £934.22 refunded, and so wondered whether we would have a claim if we asked for the difference and the interest?

Thanking you in advance for your time and sugggestions

Hi hun, hope your well.

Well done on all your successes :beer::T:beer:.

That was a surprise for you then in regards of finding another.
Well I would write to them and tell them your concerns on this, like a normal mis selling complaint, they have 8 weeks, if they try fobbing you off, then you do need to ask them to send you a full detailed written breakdown of anything they have.
Go for it, good luck.;)

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

janey17

Thanks Di3004

I will do that, but looking closely at the statements I can see a possible discrepency?

On the 11th August 06 when they refunded that £644.53 it is shown as this:
DATE Transaction Detals Debits Credits Balance
14th July 06
Payment by direct debit

£88.13 5,992.84
11 Aug 06 Miscellaneous Credit via Northampton unit £13.88 5,978.96
11 Aug 06 Insurance rebate £630.65 5,348.31
11 Aug 06 Refund by cheque £644.53 5,992.84


We’ve never had statements till today so never had any reason to doubt this. What we did think though, is that if we had a rebate, the payments should have either been adjusted or the length of term decreased as the original term and amount took into consideration this single premium. End of December 09 we will have paid back the £5000, it will then be only the interest that we should be paying back ?


Would be very grateful for any advice on the above?

Thanks

di3004

janey17 wrote: »

Thanks Di3004

I will do that, but looking closely at the statements I can see a possible discrepency?

On the 11th August 06 when they refunded that £644.53 it is shown as this:
DATE Transaction Detals Debits Credits Balance
14th July 06
Payment by direct debit

£88.13 5,992.84
11 Aug 06 Miscellaneous Credit via Northampton unit £13.88 5,978.96
11 Aug 06 Insurance rebate £630.65 5,348.31
11 Aug 06 Refund by cheque £644.53 5,992.84


We’ve never had statements till today so never had any reason to doubt this. What we did think though, is that if we had a rebate, the payments should have either been adjusted or the length of term decreased as the original term and amount took into consideration this single premium. End of December 09 we will have paid back the £5000, it will then be only the interest that we should be paying back ?


Would be very grateful for any advice on the above?

Thanks

Your welcome.;)

Yes I would have thought that as well, the repayments should have been reduced here surely.
Something not quite right here I don't think.

Hopefully someone else will come along to check this through for you as well hun, good luck and keep at them.

janey17

Hi all just wondering what people think regarding those figures, Nationwide today said it had been crediting from our account but asked us to send in our statements?????? This was a manager!!!

janey17

Just wondering what people think of those figures please? Spoke to Nationwide today, said he didnt have our statements and could we send them in as he was under impression this has had been crediting to account balance which we dont think is the case.

di3004

janey17 wrote: »

Just wondering what people think of those figures please? Spoke to Nationwide today, said he didnt have our statements and could we send them in as he was under impression this has had been crediting to account balance which we dont think is the case.

Blimey, surely they should still have these?:eek:

How long ago did you actually take this out?

I would get them photocopied and give them if you have to, keep hold of your originals. X

Itsmineanyway

janey17 wrote: »

Hi, all after alot of help from this site to whom I and hubby greatly appreciate we have been successful with our ppi on several of our agreements with Welcome, Lloyds Tsb to name a few. We thought that we had no more to claim on, until we started looking at our loan with Nationwide.

Hubby took out a loan (for wedding)with these in April 05 upon which a premium of £934.22 was lumped on along with interest of 6.70%. Total payable £7402.92 over 84mths. Monthly payments £88.13

On 11th Aug 06 hubby questioned over the phone this ppi and said he didnt need it, we were told we could have £644.53 back we naively said ok and this was refuned back in the form of a cheque. Today, when we have started to look at things closely with a view of reducing outgoings we started to think about Nationwide. We've been paying the same amount for the last 55 months and thought the term should have been reduced as ppi was removed. It appears from a phone call we do have till 2012 for last payment. So a bit confused at how that adds up!

Additionally, through receiving the statement recently we can see that it was only £644.53 and not the whole £934.22 refunded, and so wondered whether we would have a claim if we asked for the difference and the interest?

Thanking you in advance for your time and sugggestions

I am going through a similar issue with Nationwide as I cancelled my PPI a while back (2007) and they did refund me at the time but having looked closely they didn't refund me enough and they didn't reduce the monthly repayments! I have written back to them because I believe they sold a single premium PPI added to my loan and interest charged on the policy over the loan period which is misselling. I have written back requesting my entitled refund and reduced monthly payments and told them the next step I will pursue with FOS.
There seems to be no consistency in the way various loan companies are handling the PPI refunds and issues. Some of them do refund you with interest and reduce the monthly payments which is the correct way and others refund some payment and do not reduce the monthly payment which is incorrect . Worth fighting for every penny back! They took money off us in the wrong way by misselling of PPI's and now is the time to get it back which is rightfully correct.

marshallka

Itsmineanyway wrote: »

I am going through a similar issue with Nationwide as I cancelled my PPI a while back (2007) and they did refund me at the time but having looked closely they didn't refund me enough and they didn't reduce the monthly repayments! I have written back to them because I believe they sold a single premium PPI added to my loan and interest charged on the policy over the loan period which is misselling. I have written back requesting my entitled refund and reduced monthly payments and told them the next step I will pursue with FOS.
There seems to be no consistency in the way various loan companies are handling the PPI refunds and issues. Some of them do refund you with interest and reduce the monthly payments which is the correct way and others refund some payment and do not reduce the monthly payment which is incorrect . Worth fighting for every penny back! They took money off us in the wrong way by misselling of PPI's and now is the time to get it back which is rightfully correct.

Hi itsmineanyway, if you win a misselling complaint and the loan is still running then a normal redress would be to refund all the parts of the repayments made that went towards the PPI to you in full with 8% statutory interest. Then they should look at the part of the loan owing that would be PPI and interest on the PPI and reduce the loan by that amount and then redo the loan without it and reduce the repayments accordingly.

If they are just cancelling the PPI they usually just cancel the premium but as your premium became a loan on your agreement (you borrowed the money up front to pay for the premium to the insurer in full and then had interest charged for the full term of the loan) it incurred interest too so they actually just give you back (and this is paid against the loan as a refund/rebate) a proportion of the premium. This would not include the interest charged on the ppi so that is why your repayments only reduce by a tiny amount. Cancelling the insurance is not like a missale at all as it does not include the interest due on the premium, only the premium amount itself. Its also does not account for any repayments made against the PPI. Very unfair.