Nationwide ppi door shut in my face

Tuscan

Hi

we are currently moving home and paying off our mortage with Nationwide. On going through some old paperwork we have found details of a ppi policy we took out around 10yrs ago to cover our mortgage, at the time out mortgage payments where around £500 a month, yet the policy Nationwide sold us was only to pay out £100 a month so clearly not enough to cover the mortage payments and pointless to us. We have no idea how we never even noticed the policy was so inadequate at the time of taking it out !

we contacted Nationwide and put in a claim and after 8 weeks have been told today that after investigating they are not interested in our claim and as far as they are concerned we was not mis sold the ppi policy and thats the end of the matter..

Its not about the money its about the principle and if we are wrong then fair enough, but what do you think ?

cheers

Nearlyold

Why did you take the policy out for £100 a month if your mortgage was already £500 a month at the time? How did it come about?

dunstonh

we contacted Nationwide and put in a claim and after 8 weeks have been told today that after investigating they are not interested in our claim and as far as they are concerned we was not mis sold the ppi policy and thats the end of the matter..

Most mortgage PPi complaints do fail. So, that is not unsurprising.

However, to offer any guidence, we needs to know what your complaint reasons are, if you had any supporting evidence and why they rejected your complaints.

Its not about the money its about the principle and if we are wrong then fair enough, but what do you think ?

You havent given us enough to go on.

Tuscan

sorry, we thought it was for £500 a month when we took it out and not £100 as we wouldnt have bothered getting a policy for £100 when the mortage was £500

we have no idea how we ended up with the policy for the wrong amount but i guess we must have signed the paperwork without noticing the error.

our claim to nationwide was why sell us a policy specific to cover our mortgage that would in the event of a claim be £400 a month short

Insider101

Tuscan wrote: »

Hi

we are currently moving home and paying off our mortage with Nationwide. On going through some old paperwork we have found details of a ppi policy we took out around 10yrs ago to cover our mortgage, at the time out mortgage payments where around £500 a month, yet the policy Nationwide sold us was only to pay out £100 a month so clearly not enough to cover the mortage payments and pointless to us. We have no idea how we never even noticed the policy was so inadequate at the time of taking it out !

we contacted Nationwide and put in a claim and after 8 weeks have been told today that after investigating they are not interested in our claim and as far as they are concerned we was not mis sold the ppi policy and thats the end of the matter..

Its not about the money its about the principle and if we are wrong then fair enough, but what do you think ?

cheers

I don't think this contention will get you redress for misselling. Unless you can come up with a good argument as to why you either did not need PPI or it would not have benefitted you.

If you did have a need for PPI then what you are effectively saying is that you should have had five times as much cover. Which would have cost you five times as much. So you're actually financially better off as a result of the wrongdoing.

If you had been in a situation where you needed to claim on the policy and then found out you didn't have the cover you thought then you would have suffered financial loss and have grounds for potential complaint. But I assume you haven't?

Tuscan

no havent had to make a claim...

policy came out monthly as part of a lump sum with all our other home related insurances we have with nationwide so never noticed the amount.

will put it down to experiance, we should have been more observent

Nasqueron

Tuscan wrote: »

no havent had to make a claim...

policy came out monthly as part of a lump sum with all our other home related insurances we have with nationwide so never noticed the amount.

will put it down to experiance, we should have been more observent

Your rejection should have mentioned you have 6 months to refer the rejection to the FOS if you feel it was incorrectly rejected - that is your right - the FOS tends to be consumer biased but the bank will fight the case unless it's a low value.