Nationwide MPPI advice please

minimadtrix

Hello, here's my story:

Back in 2001, I moved my mortgage to Nationwide and in 2005, I took an advance out on top of the mortgage. On a recent check with them, I found out I had been sold MPPI and so the claim began.

The long and short of it is that, in 2005, they acknowledge I had a second job and so would not have needed the MPPI in respect of unemployment, because of the second job.

Unfortunately, I had that second job since 1997, but for some reason, the wage from that is not shown on my original application form. On speaking with the decision maker, he said that, if I can prove that I was in employment at that time then he will relook at the case in relation to that part, so I've been in contact with my previous employer to ask for the proof.

Now, in the meantime, the decision maker has sent me copies of all annual statements. To my shock, I have discovered that I had an interest only mortgage sent up with Nationwide, not a repayment. If I had continued with the mortgage, in 2016, I would have completed the mortgage and discovered that actually my mortgage hadn't come to an end as I would not have any means to pay off the balance :eek: Interestingly, I also asked for a copy of my application form that shows I asked for the insurance, but that hasn't been sent!

So, I have a few questions:

1. Does anybody recall if annual statements were sent out in 2001 - 2005 from Nationwide, as these statements very clearer describe 'Interest Only' mortgage and PPI payments separately and I can't remember ever seeing one.

2. If they did, were the PPI payments clearly defined?


3. Do I now have a different claim for misselling as I can't see how they would sell me a mortgage without making sure I had the means to repay at the end of it and the only thing I can think of is that they way it might have been sold was that I thought that's what the PPI was for. This is based on the fact that I have never believed in PPI, even before all this national malarky kicked off.

(Another point to add is that when I took out the advance, in 2005, I did receive a letter telling me about the MPPI I would be paying and I promptly cancelled that - doesn't that have any bearing on me not wanting the insurance in the first place)

Many thanks in advance for any advice any of you lovely people can give x

Brokerwise

minimadtrix wrote: »

Hello, here's my story:

Back in 2001, I moved my mortgage to Nationwide and in 2005, I took an advance out on top of the mortgage. On a recent check with them, I found out I had been sold MPPI and so the claim began.

The long and short of it is that, in 2005, they acknowledge I had a second job and so would not have needed the MPPI in respect of unemployment, because of the second job.

Unfortunately, I had that second job since 1997, but for some reason, the wage from that is not shown on my original application form. On speaking with the decision maker, he said that, if I can prove that I was in employment at that time then he will relook at the case in relation to that part, so I've been in contact with my previous employer to ask for the proof.

Now, in the meantime, the decision maker has sent me copies of all annual statements. To my shock, I have discovered that I had an interest only mortgage sent up with Nationwide, not a repayment. If I had continued with the mortgage, in 2016, I would have completed the mortgage and discovered that actually my mortgage hadn't come to an end as I would not have any means to pay off the balance :eek: Interestingly, I also asked for a copy of my application form that shows I asked for the insurance, but that hasn't been sent!

So, I have a few questions:

1. Does anybody recall if annual statements were sent out in 2001 - 2005 from Nationwide, as these statements very clearer describe 'Interest Only' mortgage and PPI payments separately and I can't remember ever seeing one.

2. If they did, were the PPI payments clearly defined?


3. Do I now have a different claim for misselling as I can't see how they would sell me a mortgage without making sure I had the means to repay at the end of it and the only thing I can think of is that they way it might have been sold was that I thought that's what the PPI was for. This is based on the fact that I have never believed in PPI, even before all this national malarky kicked off.

(Another point to add is that when I took out the advance, in 2005, I did receive a letter telling me about the MPPI I would be paying and I promptly cancelled that - doesn't that have any bearing on me not wanting the insurance in the first place)

Many thanks in advance for any advice any of you lovely people can give x

Nothing you have stated sounds like the PPI was mis sold to you. I assume that having to work two jobs was not through choice and if you lost you main income there would be problems. Mortgage PPI is a good product and not believing in it is a strange view indeed, especially when you are talking about the roof above your head. Also your mortgage offer would have stated interest only on your mortgage and did you not wonder each year when you got your mortgage statement that it was not going down - this would have also clearly stated interest only

minimadtrix

Brokerwise wrote: »

Nothing you have stated sounds like the PPI was mis sold to you. I assume that having to work two jobs was not through choice and if you lost you main income there would be problems. Mortgage PPI is a good product and not believing in it is a strange view indeed, especially when you are talking about the roof above your head. Also your mortgage offer would have stated interest only on your mortgage and did you not wonder each year when you got your mortgage statement that it was not going down - this would have also clearly stated interest only

No, you assume wrong about needing the 2 jobs, I had a full time job that was the 'bread winner' money, the second job was a better way of socialising without paying anything out.

I don't believe in MPPI because of my personal financial circumstances - there was, and still is, no need for me to have it.

Finally, I know my post was quite long, but I did state that I don't recall ever seeing a statement, which is why i'm asking of anyone else can recall whether these were sent out as a matter of course. I'm not stupid, had I seen either the MPPI or the fact that the mortgage had not been going down, or the fact that it actually says on the duplicate statements sent to me today that it was an interest only mortgage, I would have raised an issue with Nationwide at the time

antrobus

minimadtrix wrote: »

....Finally, I know my post was quite long, but I did state that I don't recall ever seeing a statement, which is why i'm asking of anyone else can recall whether these were sent out as a matter of course....

They were sent out as a matter of course.

Least ways, I got mine, and I've still got 'em somewhere.

dunstonh

I don't believe in MPPI because of my personal financial circumstances - there was, and still is, no need for me to have it.

There appears to be a financial need for it. That is the key thing. Unlike loan and credit card PPI, MPPI is considered a more important product and even the FOS reject most MPPI complaints. You can complain but there isnt any indication that a complaint would be upheld. However, banks and building societies are a bit scattergun in their response and uphold complaints that would appear to have no chance but reject complaints that seem entirely valid. part of that is the evidence available and part is down to auto payouts.

Finally, I know my post was quite long, but I did state that I don't recall ever seeing a statement, which is why i'm asking of anyone else can recall whether these were sent out as a matter of course.

Statements are sent out annually.

Insider101

minimadtrix wrote: »

No, you assume wrong about needing the 2 jobs, I had a full time job that was the 'bread winner' money, the second job was a better way of socialising without paying anything out.

I don't believe in MPPI because of my personal financial circumstances - there was, and still is, no need for me to have it.

Finally, I know my post was quite long, but I did state that I don't recall ever seeing a statement, which is why i'm asking of anyone else can recall whether these were sent out as a matter of course. I'm not stupid, had I seen either the MPPI or the fact that the mortgage had not been going down, or the fact that it actually says on the duplicate statements sent to me today that it was an interest only mortgage, I would have raised an issue with Nationwide at the time

Mortgage statements won't show you PPI as its a separate product. They will show the balance and the payments towards your mortgage.

PPI with two jobs is an odd one as you would generally have to lose both jobs to be able to claim. Obviously make of that what you will.

minimadtrix

Insider101 wrote: »

Mortgage statements won't show you PPI as its a separate product. They will show the balance and the payments towards your mortgage.

PPI with two jobs is an odd one as you would generally have to lose both jobs to be able to claim. Obviously make of that what you will.

Thanks. The duplicate statements they have sent me clearly state the monthly payments, then below there is a summary stating that it is an interest only mortgage, the agreed redemption date, and what my agreed payments are, breaking down into basic mortgage payment and payment protection.

Nationwide have already agreed to refund me the unemployment part of the MPPI for the short period of the advance to me cancelling, due to having the second job and will reassess it back to 2001 when I show them proof that I had a second job then - so I think that will be a little bit of a result there.

roonaldo

The problems occur when the 2nd job is over 16 hours a week as you cant get JSA and therefore claim on unemployment part of the policy.

Chaddan

Cancelled MPPI by Nationwide due to reaching age 65

This may be age discrimination as well, but I believe I was clearly mis-sold this MPPI as I specifically asked for this cover until the mortgage was paid off. No age limits were mentioned. I am still employed full time, but the insurance has just been cancelled out of the blue. In 2002 when it was initially taken out, I specifically said I need it for the length of the mortgage, which has still got 10 years to run. I image they would not reinstate it, but at least I feel they should return my money as I was not getting the cover I was promised. Am I right?

societys_child

I feel they should return my money as I was not getting the cover I was promised

You've had the cover for the past 16 years, why do you think that should be free?

[Deleted User]

Chaddan wrote: »

I specifically asked for this cover until the mortgage was paid off. No age limits were mentioned.

The time to check that you were given the cover you were allegedly "promised" was when you first signed your agreement to the insurance. Why did you not check back then that the insurance would cover you past normal retirement age? How are you going to show that you asked for cover that was not available? As far as I am aware, there are no PPI policies which cover retirees who continue to work.

Also how could you have known sixteen years ago that you would be working past retirement age?