Nationwide Personal Loan

tjw77

Please can someone provide me with advice re the following

I am on a DMP with the CCCS, and the Nationwide are my largest creditor. My original loan with them was 8k which I have barely scratched the surface in reducing in 2 years. I now discover that 90% of the monthly payment I make to them (via CCCS) actually goes towards interest and not repaying the capital. Plus my arrears are now past the £2k mark. I have tried calling Nationwide for them to explain a bit more about the process, now that I am on a DMP but they are very vague - the last person I spoke to on Monday put me on hold every time I asked her a question!

What concerns me is that my o/s balance is @ £7300 and the arrears over £2000, does this mean that I will have to end up paying the capital plus whatever the arrears accumulate to (which I dread to think)? I had asked someone at the Nationwide this who told me no - that the arrears are just to show how many payments I am behind, and the amount I owe is just the £7300 - but to be honest I do not have much confidence in what they are telling me.

Does anybody have any knowledge regarding this? Much appreciated if you could please give me some information

Thanks

Numpty_Monkey

Not much knowledge , but a similar this happened to me today

insider66

Hi there,

there are sample letters (they even write them if you input your details) here to ask them to freeze it:-


http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6


Could be worth a try - there's nothing to stop you trying this while on the DMP - CCCS haven't managed it yet so why not?

JES_F1

Hello :hello:

I have a Nationwide credit card on my DMP with the CCCS. The Nationwide has been my most challenging creditor despite owing them a comparatively small amount.

They initially accepted it for three months, freezing interest and charges. Then refused to accept it and started charging interest and late payment fees, and issued a default notice. During this time, they bombarded me with letters (I'd already got them to stop calling me) chasing payments. I replied to every letter reminding them of my DMP and that my circumstances remained unchanged, and copied my letters to the CCCS.

The Nationwide has now accepted the reduced payments for six months, freezing interest and charges. At the end of six months, they're expecting normal payments to resume - something I'll have to deal with then!

I'm currently considering claiming back the charges.

Not sure whether credit cards are considered differently to loans but hope this helps. I found that I just had to stand my ground with them - I refused to go through security questions on the phone, so they got no where that way, and I wouldn't let their endless stream of letters get me down, and constantly reminded them of my DMP.

Anyway, hope this helps. And good luck and best wishes.

Rabbit-in-headlights

tjw77 wrote: »

What concerns me is that my o/s balance is @ £7300 and the arrears over £2000, does this mean that I will have to end up paying the capital plus whatever the arrears accumulate to (which I dread to think)? I had asked someone at the Nationwide this who told me no - that the arrears are just to show how many payments I am behind, and the amount I owe is just the £7300 - but to be honest I do not have much confidence in what they are telling me.

Does anybody have any knowledge regarding this? Much appreciated if you could please give me some information

Thanks

I think what you were told is correct - your outstanding balance is the total amount you owe, i.e. £7300. If you were paying the contractual amount each month you would have paid them an additional £2000+ at this stage, so they state that amount as arrears.

Hope that makes sense, it's hard to explain in writing!:o


Rabbit

10past6

Depending on the type of loan it is, why not CCA them.

If no CCA can be produced, then you can if you wish, and this is your choice “Negotiate” in repaying them back, one of the conditions could be, they cease charging interest.

If they cannot produce an enforceable CCA, that’s there problem.

tjw77

Thank you for your replies, think I'll have to try and dig out my original agreement with them

10past6

tjw77 wrote: »

think I'll have to try and dig out my original agreement with them

It's not for you to "Dig it out" it's for them to produce it, if they don't have it, hummm