Written on: 10/08/2005 by strangelad (15 reviews written)
They pay out in the end.
Ridiculous amounts of forms to fill in and then 5 days til the account is recredited, three days more for the funds to be released from the account and then they send you the cheque. Insanely inefficient.
Nationwide Mortgage Protection an absolutely diabolical plan, I went for the cover as the first year is free with my mortgage unfortunately I was made redundant. The first 30 days are the excess period which is fine. The forms they sent must be filled in by your previous employer and the employment service which takes time, then the forms are processed and they agree to pay out. Each month you have to get the employment service to fill out a new form and send it off to the Nationwide, this is then processed, and your account recredited (5 days), then the credit is taken from your account (3 days) and sent as a cheque (min 2 days). all this is recoup the previous months mortgage payment. In effect this means that from the time you make payment and the time you recieve payment is approximately 6 weeks which means the Nationwide are earning 6 weeks worth of interest on your initial payment.
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