Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Ebony72
    • By Ebony72 11th Feb 19, 10:06 AM
    • 3Posts
    • 1Thanks
    Ebony72
    Fobbed off by Nationwide?
    • #1
    • 11th Feb 19, 10:06 AM
    Fobbed off by Nationwide? 11th Feb 19 at 10:06 AM
    We applied for our mortgage in late 1994 with Portman Building Society. I remember them telling us about insurance to cover it, but I can't remember if we were forced to have it or not.
    In 1998 Portman was taken over by Nationwide Building Society and our mortgage transferred to them.

    We recently put a claim in for ppi with Nationwide using a claims company. Nationwide say they won't uphold it as we knew about the insurance, and signed the paperwork agreeing to it. There are also a couple of personal loans, and they are saying exactly the same thing. Its basically our word against theirs. We know we paid over 4000 in mortgage insurance alone, and yes we knew about the insurance but can they fob us off just on the basis that they claim we agreed to it by signing paperwork for it?
Page 1
    • zx81
    • By zx81 11th Feb 19, 10:10 AM
    • 21,662 Posts
    • 23,546 Thanks
    zx81
    • #2
    • 11th Feb 19, 10:10 AM
    • #2
    • 11th Feb 19, 10:10 AM
    It doesn't sound like much of a fob, if that's what they're aiming for.

    If their evidence suggests you agreed to it and you don't have any evidence to the contrary, it doesn't sound like a mis sale.
    • AnotherJoe
    • By AnotherJoe 11th Feb 19, 10:11 AM
    • 13,356 Posts
    • 15,741 Thanks
    AnotherJoe
    • #3
    • 11th Feb 19, 10:11 AM
    • #3
    • 11th Feb 19, 10:11 AM
    You do realise that PPI comp is when you unknowingly bought it, or you weren't correctly advised about its applicabilty, right? You dont just get compo for having it !

    If you knew you were buying it and would have been eligible had it been needed, they arent "fobbing you off" they are correctly advising you of the circumstances.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • Ebony72
    • By Ebony72 11th Feb 19, 10:15 AM
    • 3 Posts
    • 1 Thanks
    Ebony72
    • #4
    • 11th Feb 19, 10:15 AM
    • #4
    • 11th Feb 19, 10:15 AM
    Forgive me for being thick. I was led to believe that if you had it, and hadn't claimed on it, you could claim it back.
    Like I said my apologies for not having the knowledge that you clearly do.
    • zx81
    • By zx81 11th Feb 19, 10:16 AM
    • 21,662 Posts
    • 23,546 Thanks
    zx81
    • #5
    • 11th Feb 19, 10:16 AM
    • #5
    • 11th Feb 19, 10:16 AM
    No. That's like taking out car insurance and then getting your money back if you don't plow into a wall.

    Insurance premiums pay out for those who need to make claims.
    • comeandgo
    • By comeandgo 11th Feb 19, 10:17 AM
    • 2,523 Posts
    • 3,422 Thanks
    comeandgo
    • #6
    • 11th Feb 19, 10:17 AM
    • #6
    • 11th Feb 19, 10:17 AM
    Forgive me for being thick. I was led to believe that if you had it, and hadn't claimed on it, you could claim it back.
    Like I said my apologies for not having the knowledge that you clearly do.
    Originally posted by Ebony72
    That's what the claim companies want you to think. In many cases it was sold correctly.
    • dunstonh
    • By dunstonh 11th Feb 19, 10:26 AM
    • 97,936 Posts
    • 66,097 Thanks
    dunstonh
    • #7
    • 11th Feb 19, 10:26 AM
    • #7
    • 11th Feb 19, 10:26 AM
    Fobbed off by Nationwide?
    Not seeing any fob off here.

    We recently put a claim in for ppi with Nationwide using a claims company. Nationwide say they won't uphold it as we knew about the insurance, and signed the paperwork agreeing to it.
    Pretty much the outcome you expect with most MPPi complaints. Unlike loan and credit card PPI, most MPPI complaints fail. MPPI has fewer issues and monthly premium standalone MPPI is how PPI should be set up. You can still buy MPPi today. Unlike other types of PPI.

    We know we paid over 4000 in mortgage insurance alone, and yes we knew about the insurance but can they fob us off just on the basis that they claim we agreed to it by signing paperwork for it?
    You havent mentioned any wrongdoing you have accused them of. So, what is that that they have done wrong in your eyes?

    Forgive me for being thick. I was led to believe that if you had it, and hadn't claimed on it, you could claim it back.
    No. That is nowhere near reality. Most people will never claim on the insurances they take out. Whether its car insurance, house insurance, life assurance, PPI etc. You buy insurance just in case. If you got a refund for not claiming or it was classed as a missale if you didnt claim then every insurance would be missold on that criteria.

    How would anyone selling insurance be able to sell it if you were missold if there wasnt a claimable event? How would the seller know if you were going to suffer illness in 15 years time or what your date of death is going to be?

    There is good PPi and bad PPI and some PPi was sold badly. Sufficiently enough to create the PPI complaints issue. There is absolutely nothing wrong with having MPPI. That is unless there was a failure somewhere. Nationwide are saying they have not identified a failure and that is the case with most MPPI.
    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.
    • -taff
    • By -taff 11th Feb 19, 11:20 AM
    • 9,864 Posts
    • 12,650 Thanks
    -taff
    • #8
    • 11th Feb 19, 11:20 AM
    • #8
    • 11th Feb 19, 11:20 AM
    For your loans, single premium would have been a good complaint reason. And I see you used a company? Bad move.
    Ah well, you can send your complaint to the FOS regarding the loans at least.
    • Moneyineptitude
    • By Moneyineptitude 11th Feb 19, 11:39 AM
    • 23,451 Posts
    • 12,843 Thanks
    Moneyineptitude
    • #9
    • 11th Feb 19, 11:39 AM
    • #9
    • 11th Feb 19, 11:39 AM
    I was led to believe that if you had it, and hadn't claimed on it, you could claim it back.
    Originally posted by Ebony72
    PPI is just an insurance policy like any other. It is not "wrong" simply to have insurance.
    Just as you don't get a refund of car insurance or house insurance if you haven't claimed, in order for a refund to be awarded you have to show that it was somehow mis-sold to you.

    Your complaint failed because you could not show the insurance was mis-sold to you and the Bank's documentary evidence countered anything you did complain about. You have the option to refer your complaint to the Ombudsman, but expect nothing from that and you won't be disappointed.

    Didn't the Claim Company you employed explain this to you?
    • Bermonia
    • By Bermonia 11th Feb 19, 12:14 PM
    • 605 Posts
    • 467 Thanks
    Bermonia
    As the loan were with Natiowide I’m afraid being single premium would not be an argument at all - Nationwide offered pro-rate rebates on early settlement, thus negating the usual uphold reason for single premium loans.
    • -taff
    • By -taff 11th Feb 19, 1:07 PM
    • 9,864 Posts
    • 12,650 Thanks
    -taff
    So if it wasn't settled early, single premium still applies?
    • Bermonia
    • By Bermonia 11th Feb 19, 1:11 PM
    • 605 Posts
    • 467 Thanks
    Bermonia
    Not at all - single premium loans are only considered poor due to the fact that most do not offer a pro-data rebates and as such when paying off early (commonly consolidating) this caused a greater cost to future loans as they would need to cover the insurance element that was not rebated.

    If a pro-rats rebate loan were settled early or not would not make a difference as they would only pay for period policy was in place.
    • Moneyineptitude
    • By Moneyineptitude 11th Feb 19, 1:12 PM
    • 23,451 Posts
    • 12,843 Thanks
    Moneyineptitude
    So if it wasn't settled early, single premium still applies?
    Originally posted by -taff
    It only applies if it was actually set up that way. By no means every loan was front-loaded. The OP would need to check prior to complaint.
    • Thrugelmir
    • By Thrugelmir 11th Feb 19, 1:37 PM
    • 62,827 Posts
    • 55,805 Thanks
    Thrugelmir
    As the loan were with Natiowide Im afraid being single premium would not be an argument at all - Nationwide offered pro-rate rebates on early settlement, thus negating the usual uphold reason for single premium loans.
    Originally posted by Bermonia
    Loan was through Portman. Nationwide would have simply run off the mortgage book.
    "The most dangerous thing is to buy something at the peak of its popularity. At that point, all favourable facts and opinions are already factored into its price and no new buyers are left to emerge." - Howard Marks
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

599Posts Today

5,345Users online

Martin's Twitter
  • Have a great Easter, or a chag sameach to those like me attending Passover seder tomorrow. I?m taking all of next? https://t.co/qrAFTIpqWl

  • RT @rowlyc1980: A whopping 18 days off work for only 9 days leave! I?ll have a bit of that please......thanks @MartinSLewis for your crafty?

  • RT @dinokyp: That feeling when you realise that you have 18 days of work and only used 9 days of your annual leave! Thanks @MartinSLewis h?

  • Follow Martin