Nationwide / Multiple Loans PPI HELP please

Vxs

Hi all,
After ignoring all the CMC's regards PPI, I have just read an old letter from my bank I hadn't opened going back to June regards 3 loans I had with Nationwide Building Society.

I have been reading up about PPI for an hour and I dont know if I was even mis-sold PPI. At the time it was a rushed decision on the phone whilst applying for a loan and being young and naive I assumed I must need it.

Loan Amounts:
£3,000.00 - 26th August 2005
£5,525.21 - 27th February 2006
£5,720.21 - 22nd January 2007

although a lot of mumbo jumbo was said on the phone whilst taking it out, and the fact a lot of it was speed read, it was still my decision to take out the PPI I don't feel I was pressured in to it.

But in the same instance I dont feel as if enough advice was given to me at the time. I had full-time employment with full company sick pay, so didn't really need it for that. I took it out each time when topping up my loans as mentioned above assumed it was required/needed.

The main point I think and I dont know for sure because I have no documentation available is this......

each time my loan was topped up was I charged a ONE off payment for the PPI, because each top up of my loan, meant I paid off my original loan in FULL and that means I paid a full amount of PPI off for my 3 Loans with interest which was not explained to me on the phone and if it was it was speed read and I wasn't fully aware this was the case. I dont really know how much PPI I have paid but I am suspect now.

Can anyone advise what I might put in my response letter to Nationwide in brief as they have kindly sent me a letter and box to right the reasons why I am asking them to consider a claim and I am really unsure which reason to put.

My company sick pay covered me for the main reason I thought of taking it out or the fact the interest and one of PPI payment amounts on multiple loans, along with the fact it was all a little rushed.

Any help appreciated please

amersall

Use the Single Premium reason, the fact this was a loan on the loan to term end with interest, all loan PPI part of consolidation loans, when each loan was settled early and repaid the next one, there would have been a rebate of the PPI, the remaining PPI would have been repaid by you in settlement for the next loan and so on, none of this, as you say, would have been explained to you at the point of sale, put that you had a good sick package from work as well, if you had life insurance then put that too.

Vxs

Hi Amersall, it's been a long time since I wrote this original post and sorry I didn't get back in touch sooner seeing as you took the time to reply.

Nationwide finally got back in touch with me and made me an offer.

Their offer does not have a full breakdown but looks reasonable.

Are Nationwide 1st offers final and correct seeing as it was calculated over 3 loans or should I be calculating it myself to see if they holding back some?

The offer is below:

A - PPI Refund = £1248.76
B - 8% compensation interest calculated = £586.37
C - Deductions(Payments by Insurer/insurance Rebate) = £0.00
D - Total Gross Redress (A+B-C) = £1835.13
E - Tax deducted at 20% on 8% compensation interest payable to you = £TBC
F - Total Net Redress (D-E)

So after Tax I should expect roughly?

Considering the loan amounts do people think this is a fair payout/redress?

I have asked Nationwide for copies/summaries of my loan agreements back then to see what PPI I did pay as I dont want to Accept this offer if it could be bettered. Considering I was so lazy in sorting this out am I nit picking now?

Should I accept?

Again any help much appreciated

-taff

It doesn't matter how much the loans were.
What matters is the amount you actually paid in PPI.

The 8% interest looks roughly right, buy you need to know whether you actually paid 1,200 odd in PPI to decide whether it's fair or not.

The 20% tax is only on the interest so take 20% off the 500 odd.

It's not a haggling process either. They won't 'better' it because you complain. They'll only change it if you can prove the amounts you did pay in PPI.
As they haven't said they don't have the paperwork, the likliehood is that they have calculated correctly.

amersall

It is the PPI that were on the loans that you actually paid, as taff said.

As you repaid each loan early with the next, there should be rebates for them showing as taken off the redress, I don't understand why the rebates are not shown, if the bank sends you the PPI amounts for each loan, or a breakdown, post on here so we can see if it is right.

It could be, if the bank have no paperwork, a goodwill gesture, if this is the case accept the offer.

If you are a non taxpayer then contact HMRC to get the tax back.

amersall

Just to add, you should have had all PPI back on each loan, less the rebates they gave on early settlement.

Vxs

yes I'm unsure where this amount and breakdown is inclusive of all 3 loans.

I rang them up and they said it is but the girl on the phone sounded very young and inexperienced with hesitation and doubt. Saying it should be rather than a definitive answer.

I am unsure whether this is calculated correctly basically but until nationwide send me the summary of all the loans I cant be sure but the redress amount does that seem comparable or at a guess a probably good calculation on the amount of loans for PPI. ?

I know I'm asking a lot to guess on it but wondering whether it's worth me doing the maths or just accept the offer?


Thanks for replying

amersall

Does the letter state it is for all 3 loans?, it is possible this is just one loan, without knowing the rebated amounts, the term the loans ran for to settlement and the original PPI amounts, I would not like to say if you should accept or not.
See if they send you the breakdowns or other offer letters.

Vxs

amersall wrote: »

Does the letter state it is for all 3 loans?, it is possible this is just one loan, without knowing the rebated amounts, the term the loans ran for to settlement and the original PPI amounts, I would not like to say if you should accept or not.
See if they send you the breakdowns or other offer letters.

The document states RE Loan payment protection insurance and lists 2 account numbers NOT 3.

However I believe it does correspond to all 3 due to the way Nationwide previously listed my Loan References in the past i.e

2 of the loan reference numbers listed on the letter they sent me regards potential being mis-sold PPI were the same however they were distinguished separately by the number /1 and /2 at the end of the reference number.

Im pretty sure this PPI refund offer is for all 3 and with the loan amounts only being small and they only lasted a year each. i.e I opened the first loan in 2005 and then topped it up in 2006 and then topped it up in 2007 maybe this is a proper calculation of what im owed.

I cannot recall after 2007 how long it was I ran that term before yes you guessed it I topped it up again and Nationwide told me they could not offer me PPI on the next top-up due to the whole PPI courts thing happening back then I believe.

amersall

It is possible as you re loaned each consecutive year the redress is correct.
This would have given you a decent rebate on the PPI each time, cannot understand why the rebates are not on the letter you received.

Vxs

The only detailed info they gave me is A through to F above listed in a table. Everything else in the documentation they sent me is T&C's etc.

Just stating A - PPI refund - £1248.76 was a bit vague but to be fair I wasn't expecting anything so its all a bonus. Just trying to weigh up to accept or should I calculate it myself.

I should probably just trust Nationwide and accept