Nationwide Building Society is one of the largest financial institutions in the UK. Established in 1846 as a cooperative, it has grown into one of the country’s biggest providers of mortgages, insurance, and other financial products. However, like any other bank or building society, Nationwide is not immune to scandals and mis-selling claims that lead to compensation payouts.
In this article, we’ll take a closer look at the Nationwide Building Society compensation process and help you understand what you need to know if you’re affected by their wrongdoing.
Types of Nationwide Building Society compensation Claims
The Nationwide Building Society has been involved in various compensation claims over the years, including mortgage miscalculations, payment protection insurance (PPI) mis-selling, and unsecured loan practices.
In 2020, Nationwide Bank was fined £2.2million by the Financial Conduct Authority (FCA) for failing to properly investigate the customer complaints related to PPI and loan accounts. The FCA found that between 2016 and 2018, the bank mishandled more than 3,000 complaints, including failing to review all the relevant evidence, failing to follow its policies and procedures, and failing to provide sufficient explanations.
The FCA also found that the bank’s staff had not been given adequate training or guidance on how to handle complaint cases, resulting in poor communication and customer service.
Nationwide Building Society has also been involved in mortgage miscalculations, which led to compensation payouts for its customers. In 2018, the building society revealed that it would pay over £6m in compensation after it failed to properly disclose mortgage charges to some of its customers. The issue affected thousands of customers who took out mortgages between 2004 and 2011.
How to Claim Nationwide Building Society compensation
If you’ve been affected by any of Nationwide Building Society’s wrongdoing, you may be eligible for compensation. The process for claiming compensation varies depending on the nature of the claim, but generally, you’ll need to follow these steps:
1. Gather Evidence
Before making a compensation claim, you’ll need to gather any evidence that supports your case. This may include statements, invoices, receipts, or any correspondence with the Nationwide Building Society. Make copies of the evidence and keep the originals safe.
2. Contact Nationwide Building Society
You’ll need to contact the Nationwide Building Society to make your claim. You can do this by visiting your nearest branch, by phone, or by email. The Nationwide Building Society has a dedicated complaints department that deals with compensation claims, so you’ll need to provide as much detail as possible about the issue you’re claiming for.
3. Await Response
The Nationwide Building Society will investigate your claim and provide you with a response within a set period (usually 8 weeks). If the claim is successful, the bank will provide a compensation amount, which may take the form of a payment, a reduction of your outstanding balance, or both.
4. Make an Appeal
If you’re not satisfied with the response from Nationwide Building Society, you can make an appeal to the Financial Ombudsman Service (FOS), an independent body that handles complaints about financial institutions. The FOS will review your case and provide a decision based on the evidence and the law.
The time limit for making a compensation claim depends on the type of claim and the circumstances. For PPI claims, the deadline was August 29th, 2019. For mortgage miscalculations and other compensation claims, there may be a six-year time limit from the date of the issue.
Conclusion
Nationwide Building Society compensation claims are an unfortunate reality for many customers who have been wronged by the institution. Whether it’s PPI mis-selling, mortgage miscalculations, or unsecured loan practices, it’s important to understand your rights and how to make a claim if you’re eligible.
If you’re unsure about how to proceed with a compensation claim, you can seek advice from a specialist claims management company or a legal professional who can guide you through the process. Remember, making a compensation claim can help you recover any financial losses or damages that you’ve suffered and, in some cases, prevent the institution from engaging in similar practices in the future.
So, if you think you have a valid compensation claim against Nationwide Building Society, don’t hesitate to take action today.