Nationwide want loan repayed immediately!

trugmaker

Hi, first time here, don't know if anyone can help, it is urgent. My daughter Stevie has a loan with £500 left to pay which would be completed mid January. Out of the blue Nationwide have demanded the full monies within 14 days. Their excuse for the demand is because last June she was less than one day late in making her payment (she was on holiday). Which of course is complete rubbish. As Stevie has just changed her job and has to wait a month before payday, and has recently got married, she cannot possibly afford to repay. I cannot help anymore as I will be helping her through the lean month. There must be a way to get Nationwide to adhere to the original agreement???? Is't there?

never-in-doubt

Yes, the CCA that your daughter signed will state the term and frequency - they cannot demand full repayment unless this letter is a default or intended default notice giving 14 days to pay in which case the daughter will be seriously in arrears!

What, exactly, does the letter say - assuming you have seen it for yourself? If not, check this out first cos chances are for them to demand full repayment suggests serious arrears!

It is a fixed term credit facility and cannot be called in whenever the lender feels like it, only if your daughter has defaulted already.

trugmaker

Thankyou for your help. Her payments have always been on time as she worked for Nationwide for two years. The sole reason given was as previously stated.

never-in-doubt

apt wrote: »

If she was a day late then Nationwide might technically be allowed to demand repayment. But it seems like a decision a computer might make and if your sister went to speak to someone face to face at Nationwide she might get the original loan to stand.

No, you must be more than one full payment late before issuing a default notice or intended default, so not that. As I said, chances are it is a Notice of Intended Default and probably due to the daughter actually not being 100% honest, i.e. maybe having various missed payments.

Otherwise they cannot demand full repayment - simple.

never-in-doubt

trugmaker wrote: »

Thankyou for your help. Her payments have always been on time as she worked for Nationwide for two years. The sole reason given was as previously stated.

No, this is not the reason. NW are talking rubbish and cannot do it. It is a fixed sum agreement, so check the agreement she signed and it will clearly show the end date and payment amounts and frequencies. So long as she follows this then they can do nothing.

They do not have a right to demand full repayment unless your daughter has broken the terms of the agreement which is what I suspect. :rolleyes:

YorkshireBoy

I'm surprised Nationwide let her have a loan without having a direct debit set up to repay it, or possibly some sort of direct transfer arrangement if she was a Nationwide current account customer at the time of taking it out.

If that is/was the case how can she pay late?

Also, how can you be "less than one day late"? It's either on time or it isn't...isn't it?

lynzpower

If she worked there, did they take it out of her salary before it was given yto her IYSWIM? Therefore she wouldnt have needed a DD in place to organise payment?

never-in-doubt

Duplicated thread!

Nationwide want loan repayed immidiately!

YorkshireBoy

trugmaker wrote: »

As Stevie has just changed her job and has to wait a month before payday...

Wasn't there a leaving payment (wages owed/holidays accrued etc) from the old job to tide her over? Unless there was a delay between the two jobs?

YorkshireBoy

Unless staff have different loan T&Cs, which one applies here?...

5. Right to demand earlier payment


We may demand immediate and full repayment of your loan if:

• You gave us false or incorrect information when you applied for the loan; or
• You are more than fourteen days overdue with any amount you owe us.

http://www.nationwide.co.uk/loans/legal.htm#term

Robert_Sterling

never-in-doubt wrote: »

Duplicated thread!

Nationwide want loan repayed immidiately!

Duplicated note