Nationwide BS PL Unenforceable
Comments
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Well, this is getting off topic here but fine. They didn't forgive it in that letter unless I have missed some big part where it states that we release the claim in regards to recovery fo that debt. Or something to that effect. Instead, they've said that right now they won't enforce it (or more precisely that they do not consider it as enforceable right now, other corporate lawyer looking at it may see it differently and figure that it actually is enforceable at later time). What they've said to OP on the phone call does qualify as "forgiving", as long as he can get that on paper as second-hand phone conversations are always suspect.If they say they aren't going to sue and you rely on that, then any court is going to take a dim view of any action against you. Forgiving a debt is an end to the matter.0 -
I've received the same letter. I've had a look online, and this article from The Guardian in August 2014 sheds some light: "Who gets what as banks say 'sorry' with £1bn refund"
Since October 2008, lenders have been required to include specific information and wording in the statements that they send to customers. However, it appears that some banks failed to update the wording of their letters to reflect these changes. The total bill for all this stands at £850m, and is expected to rise.
What did they do (or not do)? In some cases, statements didn't include the original amount borrowed. Under the act, they have to contain the sum borrowed, plus the opening and closing balance. Other statements failed to include the necessary reminders about people's rights when it comes to paying off the loan.
It might sound like a technicality, but under the law borrowers aren't liable for interest or default charges relating to a period when a lender hasn't provided all the necessary information, even if the original documentation was fully above board. Affected customers are entitled to a refund of the interest or fees charged over the period that the errors occurred – which, in some cases, is several years.
"Can I have the loan written off? For years, claims companies have promoted the idea you can have your loan written off on the grounds of paperwork errors, but it's dubious as to how much this is true. The current refunds are, crucially, not about suggesting that the loans are unenforceable – rather that for a period of time, the interest on the loans was unenforceable. Also, in each case, the banks have been proactive so it makes no sense to use a claims company."
However, the letter from Nationwide states that they consider the (loan) agreement unenforceable, and will take no legal action to recover this debt. The 'crucial' difference described above.
I've emailed Nationwide, explaining that I've read online that another customer in receipt of this letter has been told the debt has been written off, and asking if they can confirm for me if this is the case. It is worth pursuing.0 -
Unless we are reading different letters there is no reference I can see in the letter that says they will not pursue the debt "at this time", somehow reserving the right to chase this at a later date.This letter doesn't release their claim, merely says that they won't pursue it now. Who is to say that in a year they won't change their mind, as they are allowed to do. Hence why OP should either get professional help and secure release in writing, or at least get proof of what did the creditor did wrong that deems the debt unenforceable. Either of those will be enough to successfully defend from any future litigation.
From the letter: " In this case, the Notice of Correction would reflect the fact that we will not take any legal action to recover this debt."
The text in the letter is very clear. and states they will not take action to recover this debt."We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0 -
hi there.
I have just received the same letter, notifying me that Nationwide BS would like to add a notice of correction on my credit file. just wondering how you got on?
Best wishes
Tony0 -
It's unenforceable.
Stop paying.0 -
Creditors are supposed to send you statements at least once a year, the statement should include all relevant information relating to your account.
It appears there have been some endemic failures in there due diligence, the consumer credit act says whilst these failures persist, the debt is unenforceable.
It appears the breach must of been so bad they are cutting there losses, hoping you won't pursue a complaint against them.
They can't tell you one week its unenforceable, and the next start pursuing you again, keep the letter safe, it will dissuade any future interest from debt collectors that may obtain the account at a rock bottom price.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
I don't suppose Al Capone did either.will take no legal action
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