Nationwide PPI claim
Payment Protection Insurance or loan insurance has been sold widely by lenders for over a decade, but has been heavily criticised in recent years following the emergence of the scandal concerning the sale of the cover. A 2006 investigation by The Financial Services Authority revealed that many customers were at risk of being mis-sold policies because of a failure by some lenders to properly regulate sales or to put in place processes to protect customers. In the wake of the investigation many unhappy customers have sought to make PPI claims to recover their money.
As details regarding the mis-selling of PPI have emerged it has become clear that the problem was wide reaching and affected many major lenders as well as smaller brokers and even some retailers. This is largely because payment protection cover was attached to a wide variety of different types of borrowing including: loans, mortgages, credit cards, store cards and hire purchase agreements.
If you have been mis-sold a mortgage payment protection insurance policy, therefore, you may wish to make a Nationwide PPI claim, but, similarly, you could also have been mis-sold monthly payment protection cover on a high street store card.
Although PPI has been sold in many different ways and may be known by many different names it has often been mis-sold in similar ways. There are many different types of mis-selling, but they can be roughly grouped into two types either (a) the customer was given inaccurate or incorrect information or (b) the customer was sold a policy unsuitable for their needs. Below is a fuller description of these two types of mis-selling. If, after reading them, you believe you were mis-sold a policy you could be entitled to make a Nationwide PPI claim.
(a) Were you given incomplete or inaccurate information?
Before you purchased your policy, you should have been given full information regarding the cover. Some specific ways in which your lender may have failed in this aspect of the sale include:
- If the full cost of the policy was not explained.
- If the terms and conditions were not made clear.
- If you were not given policy documentation.
In addition to this, your lender may have also failed you if the information you were given was in some way mis-leading. Examples of this include:
- If you were told the cover was compulsory.
- If you were told taking out the insurance would improve your chance of being given the loan.
- If you were given incorrect information, for example that certain circumstances were covered that you later discovered were not.
(b) Were you sold a policy that was not suitable for your needs?
In order to establish whether the PPI cover was right for you your lender should have evaluated your circumstances. Below are some examples of personal circumstances that may make you unsuitable for PPI.
- If you were over 65 or under 18 – customers in these age groups are ordinarily not able to be covered.
- If you had a pre-existing medical condition – most policies do not cover pre-existing conditions.
- If you were unemployed, in full time education or retired – PPI covers for loss of employment. If you were not employed the cover would have been of very limited use to you.
If you believe your payment protection policy was mis-sold you can start your Nationwide PPI claim today by contacting our team on 0207 471 2000.
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