Nationwide's Debacle

conqueror

We had an interesting conversation with Nationwide today over their problem with transparency. Having successfully claimed back money for mis-sold PPI from First Direct, and Frizzell's (thanks to Money Saving Expert.com) :money:Nationwide it seems, works in its own way.

Having originally written to Nationwide in late May 2011, they did nothing tangible about the complaint until the day that the eight weeks had expired (perhaps so that we would not complain to the Financial Ombudsman?). Suddenly I had a phone call at work, asking for exactly the information that I had given in my letter of complaint!

Finally, a week after the phone call, I received a letter 'partially' upholding my complaint (-when did partially become valid?). I subsequently made another complaint, because Nationwide wanted me to return an acceptance letter which required me to accept the original PPI amount without them disclosing the exact amount of interest they were going to give me. I complained that they were not being transparent and they had not provided me with information about a previous loan with PPI.

I phoned Nationwide again today because they had denied receiving my second letter (thank goodness I sent it recorded delivery), and this time I was told the following:

• The loans have got to be dealt with as separate issues (even though the second loan was a top up)
• Its going to take four to five weeks to receive the money
• It’s my fault for not sending the acceptance back earlier - it seems that I am to count myself lucky as I "they are only letting a few claims through!" - Clearly it is MY fault that they have mis-sold PPI!

• They can send a letter out today giving a full breakdown and an explanation of what 'simple' interest is.

After another phone call to tell them that I have complained to the Ombudsman today, I was assured that they WILL send me out a breakdown of the interest that I am entitled to!

Why didn't they do that in the first place! They seem to be in utter chaos!:eek: We will see how they react to the letter from the Ombudsman!:j If it ever manages to get through their methods of dealing with complaints!

di3004

Well done for keeping at them and the best of luck, well done!:beer:

gkb_2

I have had a similar letter and will be ringing tomorrow for an explaination of 'simple interest' and an indication of what the calculation is.

They did use over the 8 weeks to sort this and have then upheld a couple of loans but denied several more, I cant see what was the difference between those upheld and denied but am worried if I dont accept it and send it to the ombudsman it may mean that all are denied and it takes months more to resolve.

Can anyone confirm that interest should be annual at 8% on each annual balance ie very roughly

Bal 2008 1000 Interest 80
Bal 2009 1080 Interest 86
Bal 2010 1166 Interest 94 - total refunded 1260

or is it just

Bal 1000

3 years interest at 8% = 240 - total refunded 1240

not much different but it all counts