Hi All (Some advice greatly appreciated) nationwide

Deano01959

Hi Insider,

Your bang on the button, the loans dated back 10 years and then top ups from then on. I couldnt recall or date all loans.

I filled in each form with basically the guidlines here. I do recall most of the top ups being very straightforward, phone call, cant recall even discussing ppi it may just have been added like the first loan. I also recall the need for PPI and and no decent explanation as to what it covered, why i needed it. Foolishly I just thought I had to take to get the loans.

I cant remember dates, names and conversations, too far back.

The adjudictor mentioned all forms were a cut and paste, she also mentioned nationwide being good with corrspondence etc etc and basically said its a fail, But has to review tomorrow with a senior to approve.

Is there anything I can do tomorrow to maybe turn this round? I doubt it but worth an ask.

I work for a familty run business, 10 years ago redundancy was not statory and the sickness benifits very very good. I can get these from HR im sure. Its not the case now as we have been taken over a number of times.

I prob didnt even speak to 10 people on the phone, some may have been done online, in my branch. PPI may not have even been mentioned as they were top ups. I certainly feel I have been mislead, my own fault quite possibly for taking on face value and not understanding what PPI was and what it exactly covered. I'm sure nationwide wouldnt go out of there way to explain and thier policy and procedures at that time could do with looking at I'm sure.

Anyway whats done is done and I hope other read so they dont make the same mistake I have.

If anyone has got any advice on talking to the FOS tomorrow or the appeal process I would be very grateful. Many thanks

Deano01959

last straw! I have and have had a pension scheme that covers me for long term sickness, half my salary for a long time ( I can get details)

"shrugs"

-taff

OK.

The following are good reasons for not having it


Single premium on a chain of loans
Good sick pay
Another income
Savings
Other insurance which would cover it
Pre-exisiting ilness
Possible being self-employed depending on whether the terms were onerous or not.

Deano01959

well done all I can, and will speak to FOS tomorrow to see outcome.

I have a pension scheme Since 26/4/2002 I have been covered for sickness by my company pension income protection scheme, This provides me 50% of my salary for 3 years in the event I'm sick. This is attached.

I also had purchased insurance from Pinnicle

Policy number "03p00001xxxx"

£28.97 per month from 9/7/2004 to 1/10/2009 (5 years approx.)

monthly cover allowance £813 in the event of :-

Accident, employment-redundancy, sickness, carer, payments

"Please consider the below after further advice, especially the single premium and my 2 alternative income protections I had in place.

I already had alternative cover that could insure my repayments - good income protection and employer illness, redundancy package plus private insurance with Pinnicle - I was not asked about this at the time of taking out loans.

The entire cost of the PPI was not explained to me, or the company only quoted the cost of the loan with the PPI attached to it. Was it a single premium with interest added? I believe so.

Im not sure significant exclusions such as stress and back problems were explained

I was not asked whether I already had any existing insurance or employer benefits that would cover my repayments.

I believe I was sold a single premium policy that was not fully explained to me, the whole cost of the insurance was also not.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I request a refund of all premiums, and subsequent interest on these payments. 8% interest to be added to each payment I have made.

　

1. The PPI was expensive, NO PPI payments shown on bank statements.
2. I was never made aware that PPI could have been purchased from third parties much cheaper.
3. My job would have paid sick pay at 50% for 3 years. pension income protection as would my private PPI i held for 5 years.
4. I was never told that a one off premium would be added to the loan.
5. Prior to sale I was never asked if the policy was suitable for my needs.
6. I simply was not given enough information to make an informed decision about the policy and its suitability for myself and my needs."


I was not made aware that if they cancelled the policy before the end of term they would not receive a proportionate refund of the premium paid. Or


LoanCare premium would be added to the loan and would attract interest at the same rate as the amount borrowed. As a result I could of been paying interest that I wasn't even aware of.

I have a copy of Nationwide's loancare agreement, There are a number of obvious failings which I have already highlighted and don't need to go over again. Even If I had fully digested the loancare agreement it doesn't cover. point of sale, asking if I had existing insurance, no explanation of single premium, interest, I could go on.


I hope we come to fair resolve I really don't want to go down a appeal, higher up at FOC or even a small claims court. I have been open and fair and hope you look at facts and understand why my initial claims were vague. I hope you had enough evidence now to re evaluate.

Kind Regards
Dean

let see!!!!!! I doubt very much but will appeal, and if not small claims

cheers all!

-taff

don't forget you have 6 months from their first rejection to go to the FOS, dont allow the date to pass.

Deano01959

Hi Taff,

Sorry if I haven't explained right

This case has been with the FOS for a year, The FOS adjudicator indicated last Friday that the outcome was looking in nationwides favour. I suspect due to 9 sucsessive loans dating back 10 years and me filling in each form with same info etc.

She said she needs to run it by her superior first and would call me yesterday. I sent all the information, honestly and with full sincerity that I could yesterday. I.e my works income protection, alternative PPI for 5 years. The point of single insurance I had for 5 years with pinnicle. PPI

The single premium policy I feel I had and was not explained verbally or in T&c'S, the ppi was rolled into loans and gathered interest im sure. I was not told about this. I also read the loancare t&c's and whilst good it doesn't cover enough in my opinion. But I'm no expert.

Point of sale was poor, if I had known the info I needed I wouldn't of taken the PPI as I just didn't need it.

12am today I will get a call and a final decision.


Does anyone have advice on the FOS appeal process or small claims please:o Dog with a bone here! Cheers all

leesle

Martin Lewis is BRILLIANT!! Strongly recommend reclaiming yourself and not use a claims management company.... its so simple.
I followed the easy steps, sent off the form and bingo £3286,40 Refund is on the way.
The information is so helpfull and easy to do yourself.
The 'moneysavingexpert' is my guru and im on here all the time looking for ways to save.
Ive also reclaimed for laundering my husbands work uniform following the steps in the reclaim section, If the clothing has company logo the you get a small tax allowance (its small but every little helps).
Happy Reclaiming
:j:beer::T