Nationwide rejection help

Ladystardust

Hi everyone I wanted some advice please.

We sent a questionnaire to nationwide complaining that our ppi on a loan we had in 2001 was missold as it was a single premium.

Just had the letter back from nationwide 3 pages long going on about we were in employment etc which I get but that wasn't my complaint

When it comes to the premiums this was there answer

The costs of the policy were clearly detailed in the loan agreement under the column headed "optional credit insurance" it was made apparent that the policy was optional and it was paid for by way of. Single premium. The total amount payable and the repayment were also highlighted separately (from the principle loan repayment figures )

Ok so no I don't remember an of those bits from 2001 and also they state it was a non advised sale.

We have had other loans etc ppi refunded no issues thanks to this site for exactly the same reasons.

So any help appreciated should I press it further or let it go. They say at the end of the letter it's final however any queries or concerns we may have missed we can call them.

Sorry to ramble on

Lady Stardust

Ladystardust

Just to add I say we I mean My OH !

dunstonh

We have had other loans etc ppi refunded no issues thanks to this site for exactly the same reasons.

Doesnt mean anything. Different sales process, different types of policies and you may have got lucky with auto payouts.

So any help appreciated should I press it further or let it go.

If you dont agree then refer it to the FOS.

magpiecottage

Single premium PPI normally gets upheld by FOS.

amersall

Ladystardust wrote: »

Hi everyone I wanted some advice please.

We sent a questionnaire to nationwide complaining that our ppi on a loan we had in 2001 was missold as it was a single premium.

Just had the letter back from nationwide 3 pages long going on about we were in employment etc which I get but that wasn't my complaint

When it comes to the premiums this was there answer

The costs of the policy were clearly detailed in the loan agreement under the column headed "optional credit insurance" it was made apparent that the policy was optional and it was paid for by way of. Single premium. The total amount payable and the repayment were also highlighted separately (from the principle loan repayment figures )

Ok so no I don't remember an of those bits from 2001 and also they state it was a non advised sale.

We have had other loans etc ppi refunded no issues thanks to this site for exactly the same reasons.

So any help appreciated should I press it further or let it go. They say at the end of the letter it's final however any queries or concerns we may have missed we can call them.

Sorry to ramble on

Lady Stardust

Get back in touch with them, you were not aware of the unfair rebate terms, you did not know that if you repaid this loan early, you would have had a rebate of the PPI but the remaining PPI would have been repaid by you in the settlement figure, this would mean that you would have repaid PPI that you would not have been able to use.

If there was a good sick package from work, life insurance or other insurance in place, or other means to repay this loan then stress this.

Although it stated on the agreement the cost of this PPI, it was, in fact, another loan on the loan repayable to term end with interest.
See what they say about this, I am not saying this will work but you never know, you have the option to take this to FOS don't forget.

What were your original reasons for mis sell?.

Ladystardust

Hi thank you all for your replies!
The reason for complaint we gave was that we were unaware the ppi was added on to the loan and that we paid loan interest on it.

At the time we were in full time employment no other insurances or packages.

Incidentally my husband called them today and they said they would have another look and reply in 12 days so I guess it's watch this space before playing with fos!

dunstonh

At the time we were in full time employment no other insurances or packages.

That is good reason for taking it out. Not a complaint reason.

he reason for complaint we gave was that we were unaware the ppi was added on to the loan and that we paid loan interest on it.

unaware is hard to prove. Usually needs another failing. However, interest paid on the single premium is not liked and a good complaint reason.

If they dont change their decision then refer it to FOS.

Ladystardust

Hi dunstonh

Sorry I wasn't clear there I was meaning that we were not complaining because of the employment status, just on the basis that the ppi was front loaded.

-taff

So you're telling them the PPI was necessary,that you should have been paying a monthly premium?

Ladystardust

Putting it that way yes an insurance would have been beneficial had I had an employment issue (Ironically the following month I became self employed but that's my issue not theirs) but not ppi that was treated as an extra on a loan with interest being paid on it.

I know it was probably my responsibility to find out if there was such thing as other insurance providers but to be honest 13 years ago I was much younger with less knowledge.

Now i'm older greyer and not out to make a quick buck or lie just to see if there is a chance of any return any way of clearing my mortgage sooner I will take!

-taff

Well, they can re-investigate based on that complaint.....

they say in their rejection letter that it was a non-advised sale, how did you buy this loan?