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Nationwide PPI claim
Re8ecc4h76
Posts: 2 Newbie
Hi there
I recently submitted a claim to Nationwide for ppi which was attached to a mortgage between 2001-2004 and have been told they will provide me with an outcome by 8th May.
I know there is still a week to go but wonder if it’s usual for investigations to take this long and whether the fact that I’ve not received a decision yet is a sign of good or bad news?
Many thanks
I recently submitted a claim to Nationwide for ppi which was attached to a mortgage between 2001-2004 and have been told they will provide me with an outcome by 8th May.
I know there is still a week to go but wonder if it’s usual for investigations to take this long and whether the fact that I’ve not received a decision yet is a sign of good or bad news?
Many thanks
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Comments
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I know there is still a week to go but wonder if it!!!8217;s usual for investigations to take this long and whether the fact that I!!!8217;ve not received a decision yet is a sign of good or bad news?
People have waited 2 years.
There is no indication of the length of time as to whether it will be successful or not. Statistically, most MPPI complaints are rejected.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 -
Takes time to establish the facts - was it sold by Nationwide or a broker for example, did it cover you correctly etc
Most MPPI complaints fail because it's a vital insurance cover, still sold today, that protects you from losing your home. Without your complaint reason (assuming you mean complaint, not claim?) no-one can even guessSam 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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Couple of years I claimed for PPI on my mortgage the bank sent me a letter saying that there was no PPI to Claim, so I'm now claiming for Plevin (excessive PPI commission) the ombudsman have sent me a reply(below) which I'm not sure how to respond? tans for help in advance
As we discussed we’re only looking at your complaint about commission. This is because you’ve told us that’s all you want us to look into.
We now have everything we need to be able to give you an answer on your commission complaint. From what I’ve seen so far I’m recommending that we don’t uphold it – and I’ll explain why.
how I assessed your complaint about commission
The Supreme Court decided a case that involved the commission on a PPI policy – Plevin v Paragon Personal Finance. And the Financial Conduct Authority (FCA) – who make the rules for financial businesses – introduced some new rules and guidance for businesses to follow when they’re looking at PPI complaints that are affected by this court ruling.
What this means is that if businesses expected to get a high level of commission from the PPI – more than half of what the consumer paid for the policy – they should have told the consumer about it. If that didn’t happen, it might mean the business didn’t treat the consumer fairly. And, in turn, the business might have to give the consumer some of that commission back.
But there are certain types of mortgage agreement that this doesn’t apply to – one of which is what’s known as a ‘regulated mortgage’. From the information I’ve seen, your mortgage was a regulated mortgage – and so I don’t think Nationwide have to refund any of the commission you paid on your PPI policy.
what this means for you
Taking everything into account – and based on all the evidence I have – I’m not upholding your complaint. And this means we won’t be asking Nationwide to refund any of the commission you paid for your PPI.
If you accept what I’ve said, you don’t need to do anything. If we haven’t heard from you by 15 May 2018, we’ll assume you’ve decided not to take your complaint further.
But if you disagree, please let me know – explaining why and including any new information you have. You can also ask for an ombudsman to make a decision on your complaint – but unless you have any new information, their answer is unlikely to be different from what we’ve said already.0 -
the ombudsman have sent me a reply
Why did you go to the ombudsman about Plevin? Plevin is a defined process. So, its not something you would expect to get a decision changed on by the FOS. Only if you felt the process was wrong.which I'm not sure how to respond?
You dont. you accept their response as it is correct.
Plevin only applies to debts that fell under the consumer credit act and were still in force after April 2008. That is because the law that Plevin relied on in court was the 2006 amendment to the consumer credit act which became effective in 2008.
So, debts that did not fall under the consumer credit act or were no longer in place by 2008 are not captured under Plevin.
Mortgages have not always been under the consumer credit act. Regulated mortgages fell under MCOB instead. So, Plevin does not apply to MCOB. (Regulated mortgages were first charge residential mortgages - ie most of them).
Hence you get no refund of excess commission as there is no failing under the consumer credit act as the debt was not regulated under the consumer credit act.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 -
Do you mean you were told there was no PPI on your policy or that the complaint was rejected?
Sam 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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