Fobbed off by Nationwide?

Ebony72 · 11 February 2019 at 12:06PM

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?

[Deleted User] · 11 February 2019 at 12:10PM

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 · 11 February 2019 at 12:11PM

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.

Ebony72 · 11 February 2019 at 12:15PM

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.

[Deleted User] · 11 February 2019 at 12:16PM

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 · 11 February 2019 at 12:17PM

Ebony72 wrote: »

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.

That's what the claim companies want you to think. In many cases it was sold correctly.

dunstonh · 11 February 2019 at 12:26PM

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.

-taff · 11 February 2019 at 1:20PM

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.

[Deleted User] · 11 February 2019 at 1:39PM

Ebony72 wrote: »

I was led to believe that if you had it, and hadn't claimed on it, you could claim it back.

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 · 11 February 2019 at 2:14PM

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 · 11 February 2019 at 3:07PM

So if it wasn't settled early, single premium still applies?

Fobbed off by Nationwide?

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