Nationwide MPPI

pararct

Appreciate it if anyone can offer advice or experience.

Took out a Nationwide Mortgage in August 1997. A few Months later I added a MPPI policy to it via my online banking portal. All the forms were if I recall correctly done online although they may have sent me correspondence to sign and or read. Being 15 years ago I simply cannot remember.

Fast forward to October 2006 and I am made redundant. (I had been working for the same employer since I took the mortgage and MPPI out). I used my settlement to clear the mortgage and of course cancelled the MPPI at the same time.

In 2011/12 the miss selling scandal breaks. I cannot recall what questions were asked of me (none were face to face but I may have completed forms to the effect of). I have since read that one of the questions they should have asked were my sick pay entitlement from my employer. ( I was entitled to full pay for 6 Months) nor can I recall if I was asked about existing medical conditions. Neither was the full cost of the insurance over the term ever explained.
I still have my Nationwide mortgage account number would it be worth claiming a mis sold policy or am I whistling in the wind?

Clearly the difference here is I made a concious effort to buy this product, they may not have asked the required questions but on the other hand I perhaps never read the exact terms and conditions for payout on the insurance?

dunstonh

I have since read that one of the questions they should have asked were my sick pay entitlement from my employer.

That is not correct.

When you are sold the PPI by an adviser or sales rep, they have to make sure it is suitable for you. That is when they have to ask questions. However, if you buy direct or without a sales rep or adviser then you take on the responsibility for knowing what you are buying.

nor can I recall if I was asked about existing medical conditions.

same as above. Only applies to advised or sold plans. Not bought.

Neither was the full cost of the insurance over the term ever explained.

Unless you have a low IQ or unable to mentally understand how much the monthly cost actually is then that is not a requirement.

I still have my Nationwide mortgage account number would it be worth claiming a mis sold policy or am I whistling in the wind?

How do you think it was mis-sold if no-one actually sold it to you?

pararct

dunstonh wrote: »

That is not correct.

When you are sold the PPI by an adviser or sales rep, they have to make sure it is suitable for you. That is when they have to ask questions. However, if you buy direct or without a sales rep or adviser then you take on the responsibility for knowing what you are buying.



same as above. Only applies to advised or sold plans. Not bought.



Unless you have a low IQ or unable to mentally understand how much the monthly cost actually is then that is not a requirement.



How do you think it was mis-sold if no-one actually sold it to you?

Thanks for that forthright assessment.. I suspected as much but you how these things are hyped up....

dunstonh

I suspected as much but you how these things are hyped up....

Yes and there are exceptions. For example, loan PPI is often front loaded and charged interest on. That is considered bad and even non-advice cases can get upheld on that basis. MPPI is the least complained about PPI and has the lowest uphold rate. It is generally regarded as the only PPI worth having. Part of the reason for less upheld complaints is because it is set up correctly with monthly premiums away from the debt.