Proof the banks are keeping us in debt.

Tixy

Pixie5740 wrote: »

Thanks Marliepanda. Maybe it's just Nationwide's policy to offer it to 2/3 of applicants or at least it was at some point.

Lenders used to quote a typical APR - that was the rate 2/3 of accepted customers used to be offered.

Since Feb 2011 its now quoted as a representative APR - which means that at least 51% of accepted applicants must be offered that rate or better.

stevemLS

And you have already said you have 10's if not 100's of thousands of debt that you are juggling about and have been for 8 years with a further 6 to go?

Do you not think that might have an impact?

matttye

Pixie5740 wrote: »

I think you're mis-understanding what the advert says. It says that suject to status you'll get the advertised rate. Subject to your status you are not eligible to get the headline rate.

If I remember correctly that at least 2 out of 3 people who apply for the product need to get the headline rate advertised. For whatever reason you're the 1 out of 3 in this case.

He's not misunderstanding the advert at all. The advert is written badly.

"Subject to status. You'll get the advertised rate upon acceptance."

This means that the loan is subject to status, but if accepted you'll get the advertised rate - i.e. 4.5%.

"Subject to status, you'll get the advertised rate upon acceptance."

This means that it is subject to status that you will get the advertised rate upon acceptance.

Punctuation matters, as demonstrated here.

sourcrates

It also says "FREE CASH" at cash machines, but that's a load of cobblers as well................:p

Stewart_78

matttye wrote: »

He's not misunderstanding the advert at all. The advert is written badly.

"Subject to status. You'll get the advertised rate upon acceptance."

This means that the loan is subject to status, but if accepted you'll get the advertised rate - i.e. 4.5%.

"Subject to status, you'll get the advertised rate upon acceptance."

This means that it is subject to status that you will get the advertised rate upon acceptance.

Punctuation matters, as demonstrated here.

Eats, shoots and leaves.

rugbychick81

It seems strange that the bigger loans would have a higher rate.

BillJones

mnireland wrote: »

I have more reasons* than most to despise banks and their employees.

It's mutual.

Now, do you feel ready to take some responsibility for yourself?

Gaz83

Regardless of the OP's situation, it is a very poorly written advert.

Thrugelmir

Gaz83 wrote: »

Regardless of the OP's situation, it is a very poorly written advert.

If you want to conduct business with someone. Then endlessly complaining about them isn't the way forward. As there's no right to credit. No business has to serve any customer.

Brock_and_Roll

For my sins I have worked in banking for 20+ years.

The reality is 95% mind numbingly boring. Basically high street banks make absolutely naff all these days out of providing basic services i.e. bank accounts. If you think about it, they have huge expense in doing this - aside from all the property and staff costs, they have the huge costs of providing the "multi-platform" access that people expect - i.e. branches, web banking, mobile banking etc. Then they have huge costs in trying to keep these systems secure, moving cash from A to B etc. Yet in the UK at least, the concept of "free basic banking" is dear to the consumer so the first big bank that bites the bullet and charges for all accounts will lose big market share.

So basically, in order to make profits and basically justify their use of so much shareholder capital they need to sell "extras" - loans, cards, insurance etc - this is the case for both corporate and retail banking. Everything within banks these days is geared up to this sales process - all the marketing & reward systems.