Nationwide Mis Sold PPI
For many years banks and other lenders charged credit cardholders high fees for accidentally exceeding their agreed limit or making a late payment. In some cases, these fees could be as high as £35 and were applied regardless of whether the customer exceeded their limit by just a few pounds or was just a day late making their payment. Lenders tried to justify the high charges by claiming they were necessary to cover the costs incurred.
In 2006, the Office of Fair Trading (OFT) investigated late payment and over the limit charges. They found that many of the fees applied were excessively high and unfair. They suggested that a maximum fee of £12 should be applied in these cases. The figure took into consideration the cost of staffing and postage plus a contribution to IT systems costs.
Since the OFT investigation most lenders have lowered their fees. There is still anger amongst customers, though, that for many years they were forced to pay high charges that have now been found to be unfair. Fortunately, the OFT’s findings have opened the door for customers who have been charged unfair fees in the past to make a complaint.
In the same year that the OFT examined credit card charges it also joined the Financial Services Authority in investigating mis sold PPI. Their investigations found many problems with the way the cover was sometimes being sold and, as a result, many thousands of people have submitted complaints.
If you have Nationwide mis sold PPI you could be entitled to thousands of pounds in compensation. If you are unsure whether your policy was mis-sold then you should consider how your policy was sold to you. If you did not feel you were given all the relevant information, you felt pressured into taking out the cover or you do not believe it was suitable for your needs you may be entitled to make a complaint.
For more information regarding Nationwide mis sold PPI claims or claiming back bank charges speak to our team today on 0207 471 2000.
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