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ppi claim rejected
paulyblue
Posts: 1 Newbie
Hi, was hoping somebody could give me some advice on a ppi claim.
My wife and I took out first mortgage with Nationwide in 1996 and have been with them ever since. We recently contacted them about any ppi we may have paid and if there were any way of claiming it back. They confirmed that we had indeed been paying ppi but rejected our claim on the basis that my wife was a student at the time. Is this the end of the story or is there anything else I can do?
Am tempted to try a ppi company out of desperation.
Any help would be greatly appreciated.
Thank you.
My wife and I took out first mortgage with Nationwide in 1996 and have been with them ever since. We recently contacted them about any ppi we may have paid and if there were any way of claiming it back. They confirmed that we had indeed been paying ppi but rejected our claim on the basis that my wife was a student at the time. Is this the end of the story or is there anything else I can do?
Am tempted to try a ppi company out of desperation.
Any help would be greatly appreciated.
Thank you.
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Comments
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Hi, was hoping somebody could give me some advice on a ppi claim.
My wife and I took out first mortgage with Nationwide in 1996 and have been with them ever since. We recently contacted them about any ppi we may have paid and if there were any way of claiming it back. They confirmed that we had indeed been paying ppi but rejected our claim on the basis that my wife was a student at the time. Is this the end of the story or is there anything else I can do?
Am tempted to try a ppi company out of desperation.
Any help would be greatly appreciated.
Thank you.
If you don't like the answer given you have 6 months to refer to the FOS for a review.
A claims firm cannot do anything you can't do yourself - all they will do is use the free referral to the FOS and get a cut of any refund for doing nothing. There is some weird magical belief out there fostered by the CMCs that they have some extra powers or weight to any complaint when in reality they can do no more than you and have nothing to add to the complaints process.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Is this the end of the story or is there anything else I can do?
Its not the end as you can complain to the FOS. However, most MPPi complaints get rejected by firm and FOS. Yours is a strange one which leads to some questions
1 - was it MPPI or another type of insurance?
2 - was your wife covered or just you (MPPI can be split 50/50 but also 100/0. i.e. only you covered).
What was the actual rejection reason?Am tempted to try a ppi company out of desperation.
You have made your complaint and got a response. A CMC is not going to change that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I'd be tempted to ask why they were giving a mortgage to a student. Was it a joint mortgage and if so how did they calculate the maximum mortgage they'd give you?0
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Its not the end as you can complain to the FOS. However, most MPPi complaints get rejected by firm and FOS.
Can you point to proof of this statistic as the FCA say 50% of MPPI complaints are upheld by firms, agreed most get rejected by the FOS but to say most get rejected by firms is in my opinion mis-information.0 -
Can you point to proof of this statistic as the FCA say 50% of MPPI complaints are upheld by firms, agreed most get rejected by the FOS but to say most get rejected by firms is in my opinion mis-information.
The figures on ombudsman decisions was posted recently. It was about 1 in 10 decisions by an ombudsman upheld MPPI.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I'd be tempted to ask why they were giving a mortgage to a student. Was it a joint mortgage and if so how did they calculate the maximum mortgage they'd give you?
Not sure that the OP would be able to remember the multiples of their income that were applied on a mortgage application some 19 years ago but they typically would have been 3x single income or 2x joint. OP does say "our" first mortgage, if his wife was a student at the time I assume the mortgage was calculated on his sole income, his wife would still have been a joint borrower on the mortgage in the same way that any couple with one not working (e.g. staying at home to care for children) could be joint borrowers.
I'm guessing the PPI complaint was made on the basis that the cover was not required because if one of the couple was ill the other would be able to pay the mortgage as both are/were working, but Nationwide have replied that at the time PPI was taken out only one of them was working. This is a good reason to reject the complaint but not if the PPI cover was joint.0 -
The figures on ombudsman decisions was posted recently. It was about 1 in 10 decisions by an ombudsman upheld MPPI.
If you read my post again you'll see that I agree that most are rejected by the FOS, it's your constant claim to posters on this forum that most MPPI complaints are rejected originally by the firms that I disagree with, The FCA puts the uphold rate at 50%, so for you to say most are rejected by the firms is mis-information.0 -
If you don't like the answer given you have 6 months to refer to the FOS for a review.
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Is it within FOS jurisdiction? I was helping an elderly relative and FOS rejected on basis they had no jurisdiction over PPI misspell complaints prior to a date I've forgotten but it was mid 00s.
Nothing to lose putting it to FOS anyway if you aren't happy with nationwides response.0 -
sussexbhoy wrote: »If you read my post again you'll see that I agree that most are rejected by the FOS, it's your constant claim to posters on this forum that most MPPI complaints are rejected originally by the firms that I disagree with, The FCA puts the uphold rate at 50%, so for you to say most are rejected by the firms is mis-information.
That 50% figure from FCA is getting out of date now. You had Halifax auto paying out on MPPI for a period and they were not alone. Bank sold ones tend to be more likely paid out whereas broker ones are not. Single premium is very high. If someone is going to complain to a bank then you would say their odds are very good on a success. However, if a bank has rejected an MPPI regular premium complaint and it goes to the FOS, then the odds are much lower.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
The date of 14-1-2005 was when financial sales became regulated and incorporated stuff like brokers, store cards, car finance etc - your case sounds like a broker sale pre-2005. Nationwide would be covered under earlier regulations so have to consider complaints and you can refer a rejection to themIs it within FOS jurisdiction? I was helping an elderly relative and FOS rejected on basis they had no jurisdiction over PPI misspell complaints prior to a date I've forgotten but it was mid 00s.
Nothing to lose putting it to FOS anyway if you aren't happy with nationwides response.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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