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Nationwide withdrawing E-Loan

First of all - hello! I am a new member (browsed for a while but never posted).:hello:

Has anyone here had the letter from Nationwide about the withdrawal of the E-Loan facility?

This is fair enough, however I totally object to how they are handling it. Basically you have 60 days to repay the loan amount in full! :eek:

They have offered to "help" by allowing you to transfer the balance to your current account's overdraft (subject to credit scoring) at a preferential rate of 0% for three months.

Can they do this, especially at such short notice??

Surely they can just stop further lending and allow the loans to be repaid in their normal/expected time-span?

I have looked around the forum and the main site for info on this (and also Google generally) but couldn't find anything.

Thanks in advance for any comments.


Nicola

Comments

  • hi me to i was amazed to get the letter just had another one saying 30 days left!!!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I take it that the E Loan is some type of revolving credit facility - if so 60 days seems reasonable for you to organise another facility if you do not want to take the Nationwide offer.
  • Sheep
    Sheep Posts: 219 Forumite
    Lenders are having to change the way they sell Personal Loans and it costs alot of money to change it over... therefore Nationwide have decided to transfer there personal loans but not the E-loan facility. If you owe more than £1000 then nationwide give you the option to transfer that over to a personal loan at the same rate as your E-loan (9.9%) again subject to credit scoring. When you signed up Nationwide told you in the t&c that it could be withdrawn at any time.
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