Nationwide - Income and Expenditure Form

grinch49

Hi all,

I've started my claim process with Nationwide several weeks ago. Got a reply from them requesting to fill out income and expenditure form before they can give me a full response.

Any advice on how to fill it out maximizing chances of successful claim? I have about £4k savings and around £28k of student debts. So far I've only worked for 5-6 months since I've graduated. My claim is only around £280 (past 6 years) though a much needed 280.

Thanks in advance.

the_insider

Well you need to show that you're in financial hardship and that the charges have either caused that hardship or made it worse. Unfortunately your post doesn't suggest that you are. If you are hoping to 'maximise the chances of a succesful claim' and the bank find out that your figures are wrong you could be prosecuted for fraud so be careful!

dunstonh

Any advice on how to fill it out maximizing chances of successful claim?

How about telling the truth? This site does not exist to help people commit fraud.

I have about £4k savings and around £28k of student debts. So far I've only worked for 5-6 months since I've graduated. My claim is only around £280 (past 6 years) though a much needed 280.

So, no indication of financial hardship there as the debt isnt classed as a priority debt and your have savings of £4k. So, I think that your complaint will be rejected.

grinch49

Ok sounds interesting. The thing is although my letter may have implied that I am in financial hardship I clearly stated that I do have a job and I'm saving to pay off my debt. I was more going down the "unfair and disproportionate charges" to be honest. It just feels, that I'm being taken down the hardship route, so the bank can reject the claim on the basis that I'm not in one. By the way, I'm not trying too commit fraud here - just want to take back what is mine.

Any advice appreciated.

Thanks.

noh

grinch49 wrote: »

Ok sounds interesting. The thing is although my letter may have implied that I am in financial hardship I clearly stated that I do have a job and I'm saving to pay off my debt. I was more going down the "unfair and disproportionate charges" to be honest. It just feels, that I'm being taken down the hardship route, so the bank can reject the claim on the basis that I'm not in one. By the way, I'm not trying too commit fraud here - just want to take back what is mine.

Any advice appreciated.

Thanks.

"unfair and disproportionate charges" will not be accepted as grounds for refund of charges.
The only way for a claim to succeed, at present, is on grounds of financial hardship.
If you can't prove hardship then you have no chance.

zppp

grinch49 wrote: »

I was more going down the "unfair and disproportionate charges" to be honest.

The problem you have is proving that the charges are unfair and disproportionate. Since the OFT court case that attempted to look into the issue, there have been no reported successes going down the unfair charges route, apart from hardship.

For hardship, you would need to be in priority debt, which would normally be rent/mortgage arrears or council tax arrears for example. It could also be a cut in pay if you work or loss of job. If you don't think you meet hardship, I suggest you read MSE Martin's reclaim guide about the alternative arguments.

Premier_2

grinch49 wrote: »

... I was more going down the "unfair and disproportionate charges" to be honest. ...

Here's the appropriate MSE guide for that
http://www.moneysavingexpert.com/reclaim/oft-bank-charges

Note carefully it suggests it won't be easy and does involve some financial risk.

The reality is, as others have indicated, that no one has yet reported any success in court following this particular guide.

s23gss

Hello!!!!
New to this but I hope that I have an interesting point to make!

My partner & I have held a joint account with Nationwide since 2007. I was earning £35k per year and my partner was on £13k.We have no savings or pensions between us. Upon opening our account we asked for a £100 over draft but was told NO! We would need 6 months of good accounts in order to have this. After 6 months of trouble free banking we asked again only to be told NO again. The reason was not given, as they couldn't discuss it with us?! In 2008 I lost my job but, was fortunate enough to take another quickly but with quite a drop in salary to £21k, whilst my partner was up to £18k now. We also now have our first child going into nursery, which was an extra cost! We have continued to apply for an over draft but keep getting turned down without explanation?! We, like many other families have struggled from time to time and as a result have incurred bank charges. On some occasions the charges have totalled £120 in one hit!!??!!

So I ask, If we can't have a £100 over draft because we are too much of a financial risk, Why does Nationwide see fit to have taken nearly £2000 out of our account over the last 3 years? Furthermore, when I ask for some of it back, why am I asked to fill out a "Hardship" form only to found by the bank that I don't qualify as I'm not in "Hardship"?!
Surely, if I'm not in "Hardship" I'm not really a financial risk? So why can't they give me a £100 over draft to stop the £30 a go charges?
Is this not profiteering?!

I notice also that Nationwide have now cut their charges from £30 to £15 as of January 1st this year. Interesting as when I have enquired in the past about the banks high charge rate, I have been told that its "Fair" and to "Cover the banks cost only"!!

Does anyone out there have anything to add to this I wonder?

dunstonh

Is this not profiteering?!

No.

Its telling you that no means no but if you are going to borrow the money anyway then you have to pay their published terms. Whether you like it or not doesnt really matter. The banks won the court case. No-one has yet found any argument to counter it.

Surely, if I'm not in "Hardship" I'm not really a financial risk? So why can't they give me a £100 over draft to stop the £30 a go charges?

How about you stop drawing on the account when you know its going to cost you?

s23gss

No, it's not profiteering?!?! Please!! The OFT made strong recommendations to all financial services that the penalty charges for account misuse should be more reflective of the true cost to the establishment and should NOT be profiting from this. A rate of £12-£15 for most offences was given.
Obviously in your opinion it's perfectly ok for the likes of Nationwide to carry on charging that extra £15 which apparently does not constitute a "Profit"!!!!

"How about I stop drawing on the account when I know it’s going to cost me?"

Truly ground braking & brilliant financial advise. Thanks.

zppp

s23gss wrote: »

No, it's not profiteering?!?! Please!! The OFT made strong recommendations to all financial services that the penalty charges for account misuse should be more reflective of the true cost to the establishment and should NOT be profiting from this. A rate of £12-£15 for most offences was given.
Obviously in your opinion it's perfectly ok for the likes of Nationwide to carry on charging that extra £15 which apparently does not constitute a "Profit"!!!!

Nice point. Only problem, they only stated this for credit cards and not for current accounts. You may not like the answer, but it is true. The OFT were not able to take a view on bank charges due to losing the court case.