Nationwide PPI claims 2017
Nationwide, one of the UKs largest building societies is another of the companies involved in the PPI claims situation. They have already set aside approximately £103m for up until April earlier this year to cover the thousands of PPI complaints they have been receiving. British banks have set aside a total fund of around £11.5B just for PPI claims and reports from analysts are stating that the PPI bill is likely to become the largest in history.
The high court ruling passed only last year stating that banks and building societies must re-open mis-sold PPI complaints has escalated into one of the biggest financial scandals ever with more people claiming every day and even more so called ‘PPI companies’ launching it is set to keep up steam as they are still thousands of people that haven’t claimed yet that no doubt will do in the near future.
As Nationwide are a building society and not as large an organisation as banking groups such as LLoyds who have set aside billions of pounds the impact to their customers is not as large however they are still ranked 7th most complained about bank/building society with nearly 4000 PPI complaints.
The latest news is that PPI complaints companies are now moving into new territory and going after people that think they may have been mis-sold mortgages mainly focussing on interest-only mortgages that mean the borrower only pays off the interest on the loan and none of the capital but rely on another payment source to kick in once the loan period ends (usually around 25 years). Nationwide and Co-Op have stopped offering interest-free packages now and other banks such as Santander have tightened up their criteria to ensure that people taking out these types of mortgages have a payment plan set up to deal with the final payment.
It is said that the claims companies are going to be launching an onslaught of tv ads and websites aimed at people with interest-only mortgages so prepare yourself for even more awful daytime TV adverts and spammy looking websites as it is certain that this is going to be a big business and could even be as large as the PPI finance scandal. Take the demise of Northern Rock for example.