Nationwide personal loan. Claiming back interest

iaint_2

My wife and I had got into quite a bit of debt a few years ago and decided to take the bull by the horns and take out a personal loan to pay off these debts and then cut up our credit cards etc.

We took out a £24,000 personal loan with the Nationwide on the 02/08/2011 and we now owe just over £10,000 on it and apart from our mortgage we have no other debt.

After hearing about other banks refunding interest payments because the wording was incorrect on annual loan statements I had a look at the statements we had received from the Nationwide and found that the first two annual loan statements failed to state that we had the right to make partial payments. In fact the statement we received this year (2014) is the only one that has the partial payment wording included.

We sent a letter to Nationwide personal loans admin on the 07/12/14 stating their errors and told them due to the Consumer Credit Directive that came into effect on 01/02/2011 we were entitled to interest refunds for the periods of the non compliant annual statements. We asked could they advise further and we have heard nothing from them.

What steps should we take next? Another letter sent recorded delivery ? We are not sure what to do to be honest.

[Deleted User]

They'll contact you if you are owed a refund.

DCFC79

Don't worry about it now, focus on something else.

rizla_king

iaint wrote: »

What steps should we take next? Another letter sent recorded delivery ? We are not sure what to do to be honest.

Yes.

Send another letter saying the clock is ticking and that you will be taking them to the FOS 8 weeks from your original complaint if they do not resolve this.

haras_nosirrah

I hate this opportunistic bull

Nationwide got you out of a hole you created and now you want to screw them for the money you agreed to pay them back because a line was missing on a document you probably didn't read any way

Has the missing phrase meant you are financially disadvantaged in any way.

This is not just directed at the op but there are so many threads now from people asking to get out of paying what they owe due to technicalities or wanting to sue people for mistakes. The current lack of personal responsibility and compensation culture saddens me.

Nebulous2

I'm of the view that this is another novel strand of the government's quantitative easing plan.

Where would the economy be if we didn't have all these billions of pounds fed through to the consumer from PPI and now that that is drying up from returned interest?

I know two people who felt so flush with their PPI settlements that they both bought new cars.

So don't knock it - it's the only thing keeping us afloat!

MJP43

haras_nosirrah wrote: »

I hate this opportunistic bull

Nationwide got you out of a hole you created and now you want to screw them for the money you agreed to pay them back because a line was missing on a document you probably didn't read any way

Has the missing phrase meant you are financially disadvantaged in any way.

This is not just directed at the op but there are so many threads now from people asking to get out of paying what they owe due to technicalities or wanting to sue people for mistakes. The current lack of personal responsibility and compensation culture saddens me.

Are Nationwide giving loans as an altruistic act now without any profit based benefits for them attached? i.e APR not above FHBR?

Cool. I think I'm going to apply for one.

haras_nosirrah

Seems that way

I am going to apply for loads of loans - who knows they may forget to put a capital letter at the beginning of a sentence and then the debt will be wiped - yipee

burlington6

haras_nosirrah wrote: »

I hate this opportunistic bull

Nationwide got you out of a hole you created and now you want to screw them for the money you agreed to pay them back because a line was missing on a document you probably didn't read any way

Has the missing phrase meant you are financially disadvantaged in any way.

This is not just directed at the op but there are so many threads now from people asking to get out of paying what they owe due to technicalities or wanting to sue people for mistakes. The current lack of personal responsibility and compensation culture saddens me.

Well said. People blame the banks etc for the financial mess but the great British public who want it all without having to pay for it are to blame too.

No doubt the OP had no issues spending the money like those who bought houses they couldn't afford.