I think ive been missold a loan?????

pgce30

I think that I have been mis-sold a loan from Nationwide. I noticed when i looked at a statement that I've paid £1,430.42 in insurance premium in March of 2007. I took out an initial loan of £4,300 in July 2005 and I took out a further loan £4,568.77 in total £9,563.00. I pay £260.72 a month. I went on a website about mis-selling loans and they want money up front £495 + vat, but if I have no case they will refund the money. My concern is, do I have a case and if I do will it be more than the initial layout that I would have to pay this firm to take up my case.

samhuzz

pgce30 wrote: »

I think that I have been mis-sold a loan from Nationwide. I noticed when i looked at a statement that I've paid £1,430.42 in insurance premium in March of 2007. I took out an initial loan of £4,300 in July 2005 and I took out a further loan £4,568.77 in total £9,563.00. I pay £260.72 a month. I went on a website about mis-selling loans and they want money up front £495 + vat, but if I have no case they will refund the money. My concern is, do I have a case and if I do will it be more than the initial layout that I would have to pay this firm to take up my case.

Do you mean misselling loans or the insurance on them? If it's the latter, there's a board on here that tells you how to do this yourself. Don't pay anything upfront, they might be shysters!

zppp

pgce30 wrote: »

I think that I have been mis-sold a loan from Nationwide. I noticed when i looked at a statement that I've paid £1,430.42 in insurance premium in March of 2007. I took out an initial loan of £4,300 in July 2005 and I took out a further loan £4,568.77 in total £9,563.00. I pay £260.72 a month. I went on a website about mis-selling loans and they want money up front £495 + vat, but if I have no case they will refund the money. My concern is, do I have a case and if I do will it be more than the initial layout that I would have to pay this firm to take up my case.

If you pay £495 for this service you will never see it again.
If you want to claim back insurance, follow the guide by Martin with all of the template letters for free.

pgce30

mis-sold loan

zppp

pgce30 wrote: »

mis-sold loan

Long and short, so you have borrowed money and are trying to get out of repaying it?

Apples2

On what basis do you think you have been mis :rotfl: sold this loan?

Is it a basis that you have had enough of repaying it??


I will clear your debt 100% guaranteed

send £100 to imawickfut@paypal.com

di3004

Hi there

I would be very careful in using claims companies, you will find that lots have had problems, you will find more on the threads of the PPI reclaiming forums here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=169

If its a case of the actually being mis sold the insurance, then your able to make a reclaim all free, with help from this site, where you do NOT pay a penny, apart from posting for recorded delivery post etc within the post office.

I would check for more information on this matter if you believe its the insurance you were actually mis sold.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

If this is the case, then please feel free to post for help on the first link posted, good luck.

_Andy_

Sounds like a definite mis-sale of the loan. Disgusting! From what you've said, you asked to borrow money and they agreed to. Dirty b*stards!
So yes this will be written off straight away - pay the company the £495 and you will get everything back, plus interest, plus a written apology, flowers, chocolates, champagne, a personal visit from the CEO of the lender to apologise, and a harem of beauties at your beck and call 24/7.

You may have noted a touch of sarcasm in what I've written.

_Andy_

pgce30 wrote: »

mis-sold loan

That's very informative. Yep, definitely mis-sold from what you've said. Classic case.

BLT_2

I think I was missold car insurance, I have had it for years now and never claimed on it, can I have my premiums back please :-)

But seriously, it never ceases to amaze me that so many people will enjoy the security of loan insurance for years and then want the money back afterwards when they haven't needed to use it. Personally I would refund them the money but charge them a backdated fuc*wit tax for being so stupid as to not notice when they took out the loan.

peterbaker

Did I read that you took out a loan and were instantly charged over fourteen hundred quid for insurance? Yes thought so. Talking of kuftiws, and I see plenty have had their say on this thread, that's misselling by the witfuks who dreamt up single premium PPI. The concept of Single premium PPI is far from being in the public interest and that is why the FSA finally got around to banning it 18 months ago.

Single Premium PPI was only sold to people who thought they were entering into a simple agreement for borrowing money from banks - a "loan". Little did they know that retail banks long ago ditched the concept that making their trading profit from simple banking operations was enough. They created their own little cornered market for a smelly idea for instant profit from protection insurance with a twist - they called it Single Premium PPI. No one else has ever attempted to sell it as a single premium. Why would they? Why would any customer agree to pay 5 years upfront insurance premium for any insurance?? The banks weren't content on charging a regular monthly premium for protection insurance. Someone told them that they could make 50%+ commission on it, especially if they purchased their own insurance company to 'underwrite' it and based it somewhere off the beaten track. When the banks did their marketing sums for this cracking wheeze, they decided yes they needed that kind of commission (more or less pure profit because they never intended to pay hard won profit back out as claims, well did they?). Yes they wanted immediate profits just like their investment banking colleagues crowed about. So they decided they'd redesign the 'insurance' product in such a way they'd ask for the entire loan period's insurance premium immediately and then they'd grab their commission all in one lump. Oh and by the way, they'd ensure that all their branch 'sellers' made sure they 'sold' insurance with all their loans if they possibly could help it. Of course customers seeking loans don't have that kind of money (5 years premium) to pay upfront. Had the banks not got something else the customer wanted (agreement to the original loan) the banks would never have got away with such a bare-faced proposition and 'take'. A 'bait and switch' if you like. The banks exploited their power over their customers to grab immediate profits from single premium isnurance commission. Never mind the loan business. Exploiting power over customers like that is not allowed, but some dared to do it right up to the day of the deadline the FSA set for them to stop.

As a result of this novel charging method, I would not mind betting that there remain serious accounting irregularities in the way some banks reported their profits from single Premium PPI in recent years, on the basis of what was, and what was not 'earned premium/earned commision'.

The banks' customers had little idea when they took their loans that they were also going to be 'encouraged' to sign for immediate borrowing of further large sums purely to buy an insurance product that they could probably never use. Certainly I have yet to meet a retail banker who can describe to me how such a policy truly works in the customers' interests(or doesn't).

So yes the loan was missold and Nationwide will be lucky if you force them to agree the insurance should be dumped ab initio, and you still repay the original sums you sought to borrow before they whacked insurance premiums on top.

As others have indicated, don't pay the parasite claims management firms to make your claim for you. A little careful reading here on MSE will enable you to make the claim yourself