Nationwide Personal loan - Interest and charges re-credited question please

noddlehaggis

Hi, I'm a newbie posting although I've been following these forums for years!

I was in a lot of debt until the back end of last year when i managed to clear most things and settled a large Nationwide debt of £9k for just over £6k

I've recently just had a letter from Nationwide say that they had charged interest when i was in arrears when they shouldn't have! The resulting amount re-credited to my loan account is £2.5k.

The wording is not terribly clear but just wondered if I would actually be due any money back as I did settle for a lesser amount, if you see what i mean? The loan account has been closed for a little while now.

I can supply the whole wording if it help anyone to help me shed light on this one?

Thanks guys!

Noodle:D

dunstonh

Technically, they are allowed to set off any redress payment against the debt that went unpaid. So, as the redress is £2.5k and the debt written off was £3k then they do not have to refund any to you. However, if any of the redress involves interest against the capital amount then you usually receive that.

I say technically, as sometimes banks dont keep the best of records and may not be aware at that you failed to repay your debts.

noddlehaggis

Thanks for the reply!

I'm sure that I'm not going to be due any monies, as great as it would be it is their money technically like you said but I'll ring them on Monday anyway just to see how the land lies. Thanks again for you help:beer: