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    • MLA78
    • By MLA78 13th Jan 18, 2:33 PM
    • 2Posts
    • 3Thanks
    MLA78
    PPI claim on Nationwide Loan
    • #1
    • 13th Jan 18, 2:33 PM
    PPI claim on Nationwide Loan 13th Jan 18 at 2:33 PM
    Hi all,

    I am hoping someone can help me I had a loan with Nationwide originally taken out in 2003 - it was increased in amount twice in the next year. Towards the end of the term I had some financial difficulties and Nationwide reduced my monthly payments for a time. When I was in a better financial position I went back up and beyond my normal monthly payments to pay the loan off in full - although it did run for longer than it's original 7 years buy a year and a bit I think.

    I have some but not all of the paperwork - and my questions are?
    1) Will the reduced payments affect the claim amount
    2) Would PPI have been rolled over when I increased the loan i.e. payed off original loan with a larger one (with the same account number)
    3) How will I know if my offer (presuming I get one) is fair

    I can provided more details, amounts, interest rates if anyone thinks they can work out what amount of PPI I have paid/should be due as a refund.

    Many thanks for any help or advice on this
Page 1
    • dunstonh
    • By dunstonh 13th Jan 18, 3:21 PM
    • 92,185 Posts
    • 59,347 Thanks
    dunstonh
    • #2
    • 13th Jan 18, 3:21 PM
    • #2
    • 13th Jan 18, 3:21 PM
    1) Will the reduced payments affect the claim amount
    Potentially. Indeed, your whole history will as you cant increase loans. You take out a new one to repay the old one. So, you had 3 loans.

    2) Would PPI have been rolled over when I increased the loan i.e. payed off original loan with a larger one (with the same account number)
    Assuming you had PPI with all three, then you would have paid three premiums but had two rebates.

    3) How will I know if my offer (presuming I get one) is fair
    The calculation method is defined. its not something you haggle over.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • antrobus
    • By antrobus 13th Jan 18, 3:23 PM
    • 15,514 Posts
    • 22,146 Thanks
    antrobus
    • #3
    • 13th Jan 18, 3:23 PM
    • #3
    • 13th Jan 18, 3:23 PM
    ...I can provided more details, amounts, interest rates if anyone thinks they can work out what amount of PPI I have paid/should be due as a refund....
    Originally posted by MLA78
    Work out the PPI? Isn't the amount specified in the paperwork?

    If you paid PPI, and believe it was mis-sold, make a complaint to Nationwide.
    • Moneyineptitude
    • By Moneyineptitude 14th Jan 18, 2:06 AM
    • 20,000 Posts
    • 10,981 Thanks
    Moneyineptitude
    • #4
    • 14th Jan 18, 2:06 AM
    • #4
    • 14th Jan 18, 2:06 AM
    I can provided more details, amounts, interest rates if anyone thinks they can work out what amount of PPI I have paid/should be due as a refund.
    Originally posted by MLA78
    A complicated calculation on your behalf is not required.

    If you had PPI and the Bank agree it was mis-sold you will simply receive a refund of any amounts paid, plus 8% simple interest, plus any attendant interest,

    If you didn't have PPI, you will never receive anything.

    If any PPI you did have is adjudged not mis-sold then, again, you will receive nothing.

    You should already know how this works, as you've had a successful complaint in the very recent past:
    http://forums.moneysavingexpert.com/showthread.php?p=73710382
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