PPI claim refused for following reasons....

Deepblue

I made a claim to Nationwide for PPI on both a mortgage (started in 1997) and a personal loan (started in 2000). In both cases they have refuted the claim on the grounds that the forms I signed supposedly clearly say the cover is "optional" and show the insurance element separately from the monthly repayment amount. On this basis, together with the fact that I was not self-employed, they are saying that I had enough information to make an informed decision, and therefore the polices were not miss-sold.

I have never disputed that I knew I was paying for PPI cover, just that it was strongly promoted to me to be the responsible thing to do by their advisors, so that I went along with it in order not to look irresponsible when they considered my application. Let's not forget, the forms I signed showing it was "optional" would not have been generated until after the load was approved!!

Ironically, they have offered me a gesture, in full and final settlement, (of £432.44) against PPI premiums on a second mortgage that I did not originally claim against because I benefited from the cover when I was made redundant. I'm not greedy enough to say I should have the premiums back on that one, after they covered me to the tune of £6,000! Nationwide however have calculated the PPI element should have been stopped as soon as my redundancy cover kicked in, but instead they continued to collect it until I paid off the mortgage 2 years later. Hence they are offering me back the premiums for the overrun period.

Fair enough, that's very honest of them, and I could really use the £432 quid.. BUT... Do I stand any chance at all with the FOS in getting anything on the earlier policies?.....Even if I did apparently sign to say I understood it was "optional"?

Anyone been refused for similar reasons?... Any advice?

Cheers

[Deleted User]

Deepblue wrote: »

Do I stand any chance at all with the FOS in getting anything on the earlier policies?.....

Nothing you've said is a strong complaint. You may well have been encouraged to take the insurance (especially for the mortgage), but your circumstances were such that you could benefit from the PPI and you say yourself that the paperwork you signed stated it was optional.

If you refer these "complaints" to FOS, the process is currently taking in excess of eighteen months and the outcome is unlikely to be in your favour because all your accusations are "hearsay" for which you can offer no evidence.

dunstonh

just that it was strongly promoted to me to be the responsible thing to do by their advisors

And it is. You mention adviser. This would suggest it was a regulated advice sale as advisers do not get involved in the non-advised sales. Advisers are there to recommend products to fit needs. Or it could be that it was not an adviser and you incorrectly refer to them as such.

Let's not forget, the forms I signed showing it was "optional" would not have been generated until after the load was approved!!

irrelevant. You just confirmed you were advised to do it as a responsible thing. That means you knew it was optional as you wouldnt be advised to do it if it was not optional.

Ironically, they have offered me a gesture, in full and final settlement, (of £432.44) against PPI premiums on a second mortgage that I did not originally claim against because I benefited from the cover when I was made redundant.

That is not due to mis-sale. That is because of the premiums you paid after the claim that were collected in error.

I'm not greedy enough to say I should have the premiums back on that one, after they covered me to the tune of £6,000!

That will also work against you as it shows you had a need and they would pay out (so were eligible).

BUT... Do I stand any chance at all with the FOS in getting anything on the earlier policies?

Nothing you have said indicates any reason for complaint. However, none of us here have access to the audit trail that exists. The FOS reject most MPPI complaints. They uphold most loan PPI complaints. The claim goes against you as you cannot allege you were not eligible or had no financial need. You knew about the cover and it being optional. So, when you look at what is left, there isnt much to go on.

roonaldo

Lets get this right, you were sold a PPI that you needed. You gained £6000 from the policy, now your are saying it was mis-sold and you shouldnt have taken out the policy?? I am confused.

jellie

roonaldo wrote: »

Lets get this right, you were sold a PPI that you needed. You gained £6000 from the policy, now your are saying it was mis-sold and you shouldnt have taken out the policy?? I am confused.

I think OP is not claiming mis-selling against the policy they gained from, just the one(s) that they didn't.

Quite convenient really, that the only one which allegedly wasn't mis-sold happens to be the one which the OP made a successful claim against.

I guess OP hasn't worked out they were actually fortunate/should be grateful that their advisor promoted PPI, as one of their policies paid out benefits of £6k.

roonaldo

So basically the OP neednt had said a thing about the mortgage one as its irrelevant to the other policy.

The personal loan PPI, was this single premium? If so refer it to FOS.

Deepblue

OP here....

Thanks for the straight forward responses then people, sound like the general concensus is that I never really had much of a claim in the first place.

Guess I will take their offer of the refund on overpaid premiums then and consider myself lucky. Just wanted to be sure I wasn't being too easily fobbed off.

Thanks again.

roonaldo

Deepblue wrote: »

OP here....

Thanks for the straight forward responses then people, sound like the general concensus is that I never really had much of a claim in the first place.

Guess I will take their offer of the refund on overpaid premiums then and consider myself lucky. Just wanted to be sure I wasn't being too easily fobbed off.

Thanks again.

You have 2 PPI's. You need to keep them seperate. 2 seperate policies and 2 seperate sales. You are confusing the issue talking about 2 polices. They are not the same.

There is nothing wrong with the mortgage PPI, you also claims on it. All ok.

The loan PPI is going to be single premium which is bad as the premium is spread over the term of the loan. This one you should persue.

dunstonh

As it stands, you probably have little chance on the MPPI but the loan PPI may still have scope. Also remember that we have no access to any audit trail documentation. So, we can only talk generically based on what you have said. Also, banks are very scattergun in how they settle complaints. They often reject some that appear obvious mis-sales and uphold others that appear to have no basis for complaint.

PPIRanger

Very complaints about Nationwide mis-selling get upheld, especially MPPI. You might as well try it though as you've nothing to lose (apart from maybe the cost of a few postage stamps).

dunstonh

Very complaints about Nationwide mis-selling get upheld, especially MPPI.

Yet the FOS reject most MPPI complaints.