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  • FIRST POST
    • liviboy
    • By liviboy 1st Dec 17, 12:19 PM
    • 365Posts
    • 127Thanks
    liviboy
    Nationwide Price Match - Zopa?
    • #1
    • 1st Dec 17, 12:19 PM
    Nationwide Price Match - Zopa? 1st Dec 17 at 12:19 PM
    Hi all,

    MSE's loan pages say that Natiownide's Loyalty Price Promise on personal loans excludes peer-to-peer lenders like ZOPA...but I can't see any reference to this on the Nationwide website.

    Zopa have offered me £10,300 at 2.8...so not a huge saving with the 0.5% discount but a saving is a saving after all :-)

    So just wondered if anyone can point me to the T&Cs that say price match against Zopa isn't allowed.

    Thanks!
Page 1
    • zx81
    • By zx81 1st Dec 17, 12:22 PM
    • 14,380 Posts
    • 15,161 Thanks
    zx81
    • #2
    • 1st Dec 17, 12:22 PM
    • #2
    • 1st Dec 17, 12:22 PM
    I'd imagine it's covered by the bit about excluding loans with arrangement fees.

    https://www.nationwide.co.uk/products/loans/service/loans-price-promise
    • liviboy
    • By liviboy 1st Dec 17, 12:25 PM
    • 365 Posts
    • 127 Thanks
    liviboy
    • #3
    • 1st Dec 17, 12:25 PM
    • #3
    • 1st Dec 17, 12:25 PM
    I'd imagine it's covered by the bit about excluding loans with arrangement fees.

    https://www.nationwide.co.uk/products/loans/service/loans-price-promise
    Originally posted by zx81
    But my loan offer doesn't have an "arrangement fee"...

    Amount of Credit: £10,300.00
    (see clause 1 of the Loan Conditions in relation to drawdown and disbursement)

    Borrowing Rate (this is the total rate of interest you will pay) made up of: 2.8% per annum (fixed)
    Made up of:
    Zopa Servicing Rate: 1.0%
    Lender Rate: 1.8%

    Total Amount Payable: £10,751.26
    (see clause 5.1 of the Loan Conditions)

    APR: 2.8%
    The rate has been set according to the interest rate available via the Lending Platform (as defined in clause 16 of the Loan Conditions) and the Borrowing Fee (also defined in clause 16) which includes an amount estimated by Zopa to reflect the potential for a Default, based on your Credit Rating;
    • zx81
    • By zx81 1st Dec 17, 12:28 PM
    • 14,380 Posts
    • 15,161 Thanks
    zx81
    • #4
    • 1st Dec 17, 12:28 PM
    • #4
    • 1st Dec 17, 12:28 PM
    APR: 2.8%
    The rate has been set according to the interest rate available via the Lending Platform (as defined in clause 16 of the Loan Conditions) and the Borrowing Fee (also defined in clause 16) which includes an amount estimated by Zopa to reflect the potential for a Default, based on your Credit Rating;
    Originally posted by liviboy
    There it is.
    • liviboy
    • By liviboy 1st Dec 17, 12:33 PM
    • 365 Posts
    • 127 Thanks
    liviboy
    • #5
    • 1st Dec 17, 12:33 PM
    • #5
    • 1st Dec 17, 12:33 PM
    There it is.
    Originally posted by zx81
    But I don't have a borrower fee:


    Total Charge for Credit £451.26,
    comprising:

    Borrower Fee £0.00
    Interest charges £451.26

    The interest charges have been calculated by applying the Borrowing Rate shown above to the Amount of Credit assuming the duration of the Agreement is as stated under the heading Key Financial Information.
    • liviboy
    • By liviboy 1st Dec 17, 12:38 PM
    • 365 Posts
    • 127 Thanks
    liviboy
    • #6
    • 1st Dec 17, 12:38 PM
    • #6
    • 1st Dec 17, 12:38 PM
    Definition of the Borrowing fee:

    To borrow via the Lending Platform, you must pay Zopa (a) the applicable Borrowing Fee, which will be included in the Amount of Credit; and (b) the monthly Loan Servicing Fee, which forms part of the interest you pay as part of your Repayments each month and is calculated using the Zopa Servicing Rate set out in the section called “other financial information” above. We may add to the Borrowing Fee and/or the Loan Servicing Fee an amount which is estimated by us to reflect the potential for a Default under the Loan Contract(s), based on the Credit Rating applicable to the Borrower under the Loan Contract(s) and our assessment of whether there are sufficient funds in the Zopa Safeguard Trust, where applicable (“Safeguard Contribution”). When the relevant fee is paid, the amount of each Safeguard Contribution will be deducted and paid to the Zopa Safeguard Funds Account.

    As my amount of credit is the £10,300 I applied for, this confirms there is NO borrower fee on my loan offer, therefore no "arrangement fee", therefore Nationwide SHOULD price match it...

    If they have a blanket "No Zopa" as MSE suggests then there is an issue somewhere...
    • liviboy
    • By liviboy 2nd Dec 17, 9:38 PM
    • 365 Posts
    • 127 Thanks
    liviboy
    • #7
    • 2nd Dec 17, 9:38 PM
    • #7
    • 2nd Dec 17, 9:38 PM
    Just thought I'd follow up.

    Walked into my local branch this morning and asked the question...

    The teller called the loans team who disappeared for 5 minutes and then replied that YES, Nationwide DO price guarantee against ZOPA and have passed onto the press team to contact MSE to remove the incorrect notice that they don't.
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