We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Could anybody help?
Options
rolleypolleypud
Posts: 342 Forumite
in Loans
Hi all I'm fairly new to this forum and have found it a great place for tips and advice to which I'd like to thank you all!
I'm hoping somebody may be able to give me some advice on reclaiming PPI on a nationwide loan my husband and I took out back in 2004. I have always been to afraid of reclaiming bank charges or PPI until I came to this forum as I am terrified of having to go to court etc if it came to that. However a couple of weeks ago I sent the template letter to nationwide asking for a refund for the PPI on our loan. We currently pay £38.85/month ontop of the £207.91 monthly repayment. The credit insurence was added on in one lump sum at the beginning of the loan to the value of £2615.82 they have then added on intrest of £647.58 giving a total PPI cost over the 7 years of £3263.40.
this was the first loan my husband and I ever took out and did not know what PPI was and of course asking the advisor at the time. He told us if we didn't take this inurance out and missed a payment on the loan they would come after us for the amount of the loan with debt collectors and playing on the fact we had a young son we should take this insurence out.
At no time were we asked if we had previouse health problems or told that any exsisting health issues would not be covered my husband does have past medical problems!
Nationwide have written back to us and said "they do not and never have used an advised process with regards to insurance products. They are all non advised information only units therefore we did not sell the insurence product to you. under the information only process our only requirement was to furnish you with the relenvent infomation concerning the insurance policy and then it was down to you weather we took the policy out. It was your decision to take out the cover. You were not given any advice and no recommendations were made"
I'm sorry this thread is so long and sorry if I'm going on but any advise on my next step of actioned would be a great help. Do you think it's worth carrying on with claming from them?
Thank you in advance for any help or advice anyone can give
I'm hoping somebody may be able to give me some advice on reclaiming PPI on a nationwide loan my husband and I took out back in 2004. I have always been to afraid of reclaiming bank charges or PPI until I came to this forum as I am terrified of having to go to court etc if it came to that. However a couple of weeks ago I sent the template letter to nationwide asking for a refund for the PPI on our loan. We currently pay £38.85/month ontop of the £207.91 monthly repayment. The credit insurence was added on in one lump sum at the beginning of the loan to the value of £2615.82 they have then added on intrest of £647.58 giving a total PPI cost over the 7 years of £3263.40.
this was the first loan my husband and I ever took out and did not know what PPI was and of course asking the advisor at the time. He told us if we didn't take this inurance out and missed a payment on the loan they would come after us for the amount of the loan with debt collectors and playing on the fact we had a young son we should take this insurence out.
At no time were we asked if we had previouse health problems or told that any exsisting health issues would not be covered my husband does have past medical problems!
Nationwide have written back to us and said "they do not and never have used an advised process with regards to insurance products. They are all non advised information only units therefore we did not sell the insurence product to you. under the information only process our only requirement was to furnish you with the relenvent infomation concerning the insurance policy and then it was down to you weather we took the policy out. It was your decision to take out the cover. You were not given any advice and no recommendations were made"
I'm sorry this thread is so long and sorry if I'm going on but any advise on my next step of actioned would be a great help. Do you think it's worth carrying on with claming from them?
Thank you in advance for any help or advice anyone can give
Nothing to report:p
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards