ADVICE please re: compensation details for a mis-sold mortgage linked PEP

ellives

I'd really appreciate anyone's take on the letter I have received regarding my claim against Nationwide for a mis-sold motgage linked PEP.

Here are the main bits........


blah blah...I agree there may have been other ways of repaying your mortgage that would have suited you better (ARE THEY ADMITTING SOME FORM OF RESPONSIBILITY?).

When a complaint is upheld it is the FSA ruling that we put you in the position you would have been in had you taken out a repayment mortgage originally (SILLY QUESTION, BUT ARE THEY SAYING MY COMPLAINT HAS BEEN UPHELD?).

This requires us to carry out a calculation which compares:

- the cost of a repayment mortgage v a PEP mortgage;
- the capital you would have repaid compared to the current surrender value of your plan (WHAT PART MIGHT THIS PLAY?)

...please supply the following info:

the date I converted mortgage from an interest only to a capital and interest mortgage;
plus my mortgage details since I left Nationwide in 1997. (DITTO ABOVE, WHAT IMPACT MIGHT THIS PLAY IN DECISIONS OVER COMPO?)

PLEASE respond if you have any info as I would love to know how I should respond AND what this is saying?

Thanks, in advance.

PS Originally for £70k, current forecast at approx. £30k

EdInvestor

ellives wrote: »

(SILLY QUESTION, BUT ARE THEY SAYING MY COMPLAINT HAS BEEN UPHELD?).

Yes.

This requires us to carry out a calculation which compares:
- the cost of a repayment mortgage v a PEP mortgage;
- the capital you would have repaid compared to the current surrender value of your plan (WHAT PART MIGHT THIS PLAY?)

They work out how much you would have paid back on a repayment mortgage compared with thre surrender value of your PEP and then pay you the difference as redress - note this is not the same as covering the shortfall.

the date I converted mortgage from an interest only to a capital and interest mortgage;

Redress is only payable up to this point.

plus my mortgage details since I left Nationwide in 1997. (DITTO ABOVE, WHAT IMPACT MIGHT THIS PLAY IN DECISIONS OVER COMPO?)

If you can supply all the details they will work out exactly what you are owed, if not they will use a standard comparison based on a Halifax mortgage.