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Defunct Building Society PPI claim
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#Daddylonglegs1963#
Posts: 1 Newbie
Hi Folks. I'm new to the forums for a special question.
Do any of you know what the situation would be, if I was miss-sold PPI by Staffordshire Building Society a few years before it was taken over by Portman B.S, and then Portman was taken over by Nationwide after that? Do nationwide have legal responsibility for historic acts of former (NOW DEFUNCT) building societies? I was sold PPI by a guy who told me it was company policy that I had to have it to be accepted for the mortgage or had to prove I had purchased it from someone else and show them the paperwork, so I had it with Staffordshire B.S.
Any help is much appreciated
Do any of you know what the situation would be, if I was miss-sold PPI by Staffordshire Building Society a few years before it was taken over by Portman B.S, and then Portman was taken over by Nationwide after that? Do nationwide have legal responsibility for historic acts of former (NOW DEFUNCT) building societies? I was sold PPI by a guy who told me it was company policy that I had to have it to be accepted for the mortgage or had to prove I had purchased it from someone else and show them the paperwork, so I had it with Staffordshire B.S.
Any help is much appreciated
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Comments
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The Nationwide would have deal with your complaint in the same way that any bank or building society that takes over another company has to deal with all customers - both new and old.
I'm sure that the Nationwide will have come across this before.0 -
I was sold PPI by a guy who told me it was company policy that I had to have it to be accepted for the mortgage or had to prove I had purchased it from someone else and show them the paperwork, so I had it with Staffordshire B.S.
If you have the evidence supporting that allegation then its an easy upheld decision. If you have no evidence then it is an unprovable allegation and will likely be rejected (on that particular point - there may be other things which see it upheld).I'm sure that the Nationwide will have come across this before.
Yes. Around half of complaints received about PPI dont have PPI and they all make the same sort of allegation.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 -
If they told you that you had to have PPI as a condition for lending that is not a miss-sale if it was the policy - they are not a charity and do not have to lend unless you meet their criteria.
You stated in your post you were told either buy it from them or show you had it elsewhere so you were not forced into buying it from them and in fact had the choice of the market meaning if you went with them it was your choice so not miss-soldSam 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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