Nationwide offering me support? What's that supposed to mean?

CakeTime

I received a letter today from Nationwide and would like a second opinion - Are they saying I'm at risk of debt, gambling away my money or do they think I'm making money?

Dear xxx
We're always looking for ways to support our members and improve our service. This includes having a specialist team who are experts in helping customers who are facing a change in their financial situation; we're called the Triage Team.

Although you're maintaining your account correctly, we believe you may benefit from discussing your current position because we've noticed a change in your overall financial situation over the last few months.

The letter then goes on to say things about how, if I don't want to talk to their team, I can get independent advise about money management from the National Debt line, Debt Charity or local Citizens advise.

My Nationwide account is where I get paid - my direct debits come out of it and when I want to spend money I move it to another account with another bank called Monzo. This can often be a lot of £20 movements from Nationwide to Monzo, even several times a day. Do you think they consider this the unusual activity? I've also received 2 bonuses in one quarter so if anything my bank account has gone up...

Does anyone know the criteria for this letter being triggered? Should I be offended? It sounds silly but I feel that's quite a rude letter as I personally feel I'm well on top of my finances.

EachPenny

CakeTime wrote: »

I received a letter today from Nationwide and would like a second opinion - Are they saying I'm at risk of debt, gambling away my money or do they think I'm making money?

My initial reaction was 'Is this a scam?'. Have you checked if the contact details are real Nationwide ones? A quick google does confirm they have a 'Triage team' so possibly genuine.

It could - though perhaps unlikely - be that they have noticed you are accumulating some money in your current account and want to suggest you do something about savings. Is your account a FlexDirect one earning interest?

Personally I'd call a known Nationwide number and ask what it is all about. There is a possibility that some type of scam or fraud has taken place (e.g. someone trying to apply for loans/credit cards in your name) - so whatever the trigger for the letter it would be best to find out.

I'd also not take offence... I'd see it as them trying to look out for your best interests.

agrinnall

This was the top result when I googled Nationwide triage team, although as far as I can see the word triage doesn't appear on the web page. It does explain when they might contact you and what happens if you take them up on their offer. In your circumstances I might just give them a call to stop them contacting you again.


https://www.nationwide.co.uk/support/challenging-times/money-worries

jim1999

I think I got one of those letters. My only transactions where SO in, SO out to savings account again and again.

Possibly because my balance was at £0 on a frequent basis?

Either way I never bothered to ring them.

describes

They do call the team triage team so it may be accurate. I never worked within that team itself but I did have to call them one or two times every week.

Ergates

CakeTime wrote: »

I received a letter today from Nationwide and would like a second opinion - Are they saying I'm at risk of debt, gambling away my money or do they think I'm making money?

Dear xxx
We're always looking for ways to support our members and improve our service. This includes having a specialist team who are experts in helping customers who are facing a change in their financial situation; we're called the Triage Team.

Although you're maintaining your account correctly, we believe you may benefit from discussing your current position because we've noticed a change in your overall financial situation over the last few months.

The letter then goes on to say things about how, if I don't want to talk to their team, I can get independent advise about money management from the National Debt line, Debt Charity or local Citizens advise.

My Nationwide account is where I get paid - my direct debits come out of it and when I want to spend money I move it to another account with another bank called Monzo. This can often be a lot of £20 movements from Nationwide to Monzo, even several times a day. Do you think they consider this the unusual activity? I've also received 2 bonuses in one quarter so if anything my bank account has gone up...

Does anyone know the criteria for this letter being triggered? Should I be offended? It sounds silly but I feel that's quite a rude letter as I personally feel I'm well on top of my finances.

Do you have a credit card with Nationwide?

This sounds like it might part of the FCA's "Earlier Intervention" scheme which was brought in as part of the Persistent Debt scheme. It compels companies to take a look a their customers overall financial health - the idea being to identify people who look like they *might* be heading into financial difficulties, *before* they get there, and to offer them help. It won't just be looking at your.

To quote the rules: "A firm must monitor a credit card customer’s repayment record and any
other relevant information held by the firm and take appropriate action
where there are signs of actual or possible financial difficulties."

The FCAs definition of signs of financial difficulties is:

"In CONC (unless otherwise stated in or in relation to a rule), the following matters, among others, of which a firm is aware or ought reasonably to be aware, may indicate that a customer is in financial difficulties:

1. consecutively failing to meet minimum repayments in relation to a credit card or store card;
2. adverse accurate entries on a credit file, which are not in dispute;
3. outstanding county court judgments for non-payment of debt;
4. inability to meet repayments out of disposable income or at all, for example, where there is evidence of non-payment of essential bills (such as, utility bills), the customer having to borrow further to repay existing debts, or the customer only being able to meet repayments of debts by the disposal of assets or security;
5. consecutively failing to meet repayments when due;
6. agreement to a debt management plan or other debt solution;
7. evidence of discussions with a firm (including a not-for-profit debt advice body) with a view to entering into a debt management plan or other debt solution or to seeking debt counselling.

"

I don't know the details of what data might be looked at or what the exact criteria are (as opposed to the more specific Persistent Debt rules - which are a lot clearer). It could include using data from external companies (like Experian) to get an overall picture if the customers financial health.

Simplest suggestion would be to call the Nationwide and ask them.

Penelopa.Pitstop

My husband started receiving emails from Barclays suggesting he may have issue on his credit card account. Advising him how to pay more than minimum, etc. He doesn't pay minimum, we have 0% on the card and pay set amount each month to benefit from low balance transfer offer.

There's no way to unsubscribe from these emails, which are spam to me. Nanny state is really annoying.

krsfrrst

Did you ever chase this up?

I got the same letter and agree - I have no monetary issues.

I pay the mortgage out of a Santander account, they wouldn't be able to monitor how much I have in this account would they??

I do also have another cashbuilder account opened about 20 years ago that is never ever used and has like £10 in it. Maybe that is triggering the letter?

Seems pretty careless to just send these letters out with out any actual investigation.

jonesMUFCforever

Penelopa.Pitstop wrote: »

My husband started receiving emails from Barclays suggesting he may have issue on his credit card account. Advising him how to pay more than minimum, etc. He doesn't pay minimum, we have 0% on the card and pay set amount each month to benefit from low balance transfer offer.

There's no way to unsubscribe from these emails, which are spam to me. Nanny state is really annoying.

Nanny state to you maybe but to a lot of other people it will mean they repay a lot of debt earlier and pay less interest.

societys_child

Nanny state is really annoying.

Ain't that the truth.



The banks are being forced into a position where they have to "know their customer" and are more and more being held responsible for "mistakes" customers make.


They have to show they are being proactive in protecting their customers from themselves, whether the customer wants it or not . .

IanManc

Nationwide offering me support? What's that supposed to mean?

It means they're going to send you a truss for Christmas!

:rotfl::rotfl::rotfl::rotfl::rotfl: