Nationwide loan reversed, but payment taken!!

TheKeyMaker

After being refused for a loan by Tesco, I went on and applied second time with Nationwide; was accepted, signed an agreement electronically and within a week got a letter saying that the funds have been issued. Waited a week and no money in my account, decided to give them a call and were told that the money has been reversed and that I had to send prove of income. Sent them my payslips and bank statements and within minutes someone called me to say that they nationwide will withdraw they loan offer because I was self-employed.

I did argue that I run a limited company and I’m full time employed by a big company, but under their definitions limited companies are classified as self-employed, which to me is debatable. I believe that in the current economical situation the definition or permanent staff is utterly outdated.
Fair enough, if that is the bank policy then nothing I could do; I’ve pointed out to the lady on the thought that, that they have already setup a direct debt from my account and that should be cancelled. I have cancelled a direct debt myself many years ago, which had impact on my credit rating. Since then I have followed my bank advise that the preferable option is to have the originator doing that.

Today I have checked my bank account and the loan payment has been taken by nationwide. I can’t say here what I feel, but outrage and anger will be an understatements. Not good enough to get a loan from Nationwide, yet good enough to pay for it!
Where do I stand? Should I seek compensation or should I demand they give me a loan which I’m already paying for it?

Anyone has been in same situation before?

Thanks in advance.

Edited to correct typos

TheKeyMaker

Gets worst:
I'v just checked my credit reports, and this (reversed) loan is listed!!

Whatever nationwide will do, I really don't want see in my credit reports that loan with such age is marked settled - would sound like a PDL.

bengalknights

Get in touch with them asap to correct the loan as settled and refund the amount taken...plus interest

Mara69

They're certainly not going to give you a loan not matter how much you demand. They should, however, rectify the entry on your credit file, refund the money taken plus interest and cancel the DD. I also think that maybe they should offer a small sum in compensation - about £20.

TheKeyMaker

The problem I have is that nationwide has caused a big damage not only in my credit rating, but in my reputation and integrity:

- This loan was for my wedding; for those who will jump in about wedding affordability I should explain that I have saved up enough money for my wedding, but unfortunately recently a member of my family was diagnosed with a very serious illness, and I’ve used the money to pay treatment.

- When I’ve received a letter from nationwide saying that the funds have been released, I sent out invitations and confirmed all essential bookings.

This was a £20k credit and I don’t think I’ll be happy to have that recorded in my credit file as settled for the next 6 years.

- Then I have been referred by my accountant to a lender who was ready to lend me, without taking into account my last two applications because my explanation has been accepted as reasonable. Once soft credit checked, I was told that it was a problem: “excessive borrowing” (not high level usage of credit available). I was also advised by this lender that possible fraud has flagged up as well.

I was puzzled and couldn’t make sense of any reasons for my last refusal, but now I’ve realize how the last lender felt knowing that I was trying to borrow another £20k on the top of £20k loan I “took up” couple weeks before.

I understand that nationwide don’t have to give me a loan, but they also don’t have the right to bully me a shred my life to this point.

Can I sue them?

geoffky

"big damage not only in my credit rating, but in my reputation and integrity":

Grow up you clown..... go ahead and sue them for what? A mistake that can be sorted with a phone call.....I would hate to bump your car...

DCFC79

Sue them for what exactly ? Your reputation and integrity ?

Its not an episode of the sopranos/sons of anarchy you know.

chanz4

In 2 weeks it wouldn't be showing on a cra

TheKeyMaker

With all due respect to Martin’s greatest legacy which keps us around and brings me here time to time (and will), I might respectfully say that there’s a pattern of conduct of the so called “stars rewarded” elite which worries me and most of us who come here looking for genuine useful advise.

You see, the fact that some of the “stars” did spent here 4,5 years or less cutting and paste the same bullying answers across this forum in a race for “stars” doesn’t make them look any smarter, neither do provide answers to the questions what we are looking for.

Whether we are told that we are like “clowns” or suggested that we don’t watch sopranos it is not really the point. Perhaps if make an effort and reading through, trying to understand what some of us are really want to say, without applying the usually scenarios and frames would be useful for all of us, then again if you’re really trying to help and not caught up yet in the numbers of stars by cloning answers.

I work in oil & gas industry (for a British corporation) in Far East Russia where during winter (6 Months) the temperature is around -46C and summer (2,5 months) the temperature is around +40C.

Bottom line; I do live in real world (perhaps I’m so naive according to the “stars” in this site), but when Nationwide Bank (not Wonga) send me a letter, saying that my funds have been released and I’ve double checked it, that their direct debt has been setup in my nominated account, somehow I do believe them.

With that in that in mind, I did the following things:
- Sent wedding invitations for my wedding guests (40’s+ of peoples) among family and friends.

- Confirmed the bookings of the venues and services, and pay relevant deposits.

o Consequences #1 (some of us call that reputation):
 Retract wedding invitations and personally apologise to everyone for the wedding cancelation, with provision of all justifications.
 Loss of thousands of pounds to void financial commitments assumed during bookings (properly negotiated, but still thousands)

- Consequences #2 (some of us call that integrity):
o Was accused by a reputable lender (recommended by my accountant) as a fraudster.

Consequences # 3 (some of us call it credit rating record)
- Had a payment of £430 illegally taken from my account by nationwide, which did lead to:
o Miss of DD’s payments to:
 02 – My mobile phone provider
 Sky (self explanatory)
 Council Tax (also self-explanatory)

Dears Dedicated Diehard Moneysavingexpert Devote’s, Fervent Moneysavingexpert Super Fan’s: I’m happy to make that one phone call, to whom you claim that would sort out everything; just tell me to whom: GOD? Whoever? ….
...otherwise I might just choose to sue Nationwide ...

Edited to correct typos

miketaff1408

Once again, I am staggered by the responses of some of the members responses on this forum to a situation posted by the OP.

Put yourself in his position - YOU had applied for this loan and had thought you had been accepted, received all the paperwork and were just waiting for the money to be cleared, money that you were banking on. Money for the biggest day of your life - your wedding. Or maybe for a brand new car - loan approved so you head down to the dealer and put your deposit down. Then the rug is pulled from under you. I guarantee that each and every one of you would be absolutely LIVID and spitting feathers. I know I would.

And then to add insult to injury - they take the first payment!!!

And due to the loan showing on the credit report, you are unable to obtain further credit.

OP, I do not think you are dramatising your situation in any way. You have at least my sympathies.
l

ihateyes

disgusting behaviour from nationwide. you should not be left financially out of pocket.