Payment holiday AP marker 3 May at 7:31PM edited 3 May at 7:38PM in Coronavirus Support and Help 56 replies 2.2K views

nmcilveen2016

I took a 3 month payment holiday with nationwide back in march, despite being assured my credit file would not be impacted I get an alert today that they have recorded an arrangement to repay on my credit report.

I am scared my other lenders will find out about this and close my accounts without realising this information should not have been put on my file, I have contacted nationwide but would my other accounts be affected in the meantime while I try to get this resolved, I have never had any negative info on my credit file I have autism and im very scared and upset

Nationwide are an absolutly diabolical company, just a few weeks ago they took a full loan repayment despite the fact my payment holiday is not due to end until june, I had to contact them to get it refunded even lodged a complaint and now this happens ! 

MattMattMattUK

When did you take the mortgage holiday, March 2020 or March 2021?

nmcilveen2016

MattMattMattUK said:

When did you take the mortgage holiday, March 2020 or March 2021?

March 2021, they told me it would not have any impact on my credit rating though and I even have a letter from them confirming this. I am so scared I am shaking with complete anxiety. 

It was a personal loan holiday not a mortgage holiday.

Jeremy535897

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

nmcilveen2016

Jeremy535897 said:

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

It shouldnt have as it was taken in error which they themselves admitted, the next day the 99p token payment was also taken for the holiday. They admitted wrongdoing and even compensated me and apprently it was because I paid £30 towards the loan while in a holiday, which according to FCA rules i should be allowed to do.

Im scared other banks will close my accounts or reduce my credit lines. Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide, I should not have to face financial ruin because of their incompetance. 

MattMattMattUK

nmcilveen2016 said:

Jeremy535897 said:

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

It shouldnt have as it was taken in error which they themselves admitted, the next day the 99p token payment was also taken for the holiday. They admitted wrongdoing and even compensated me and apprently it was because I paid £30 towards the loan while in a holiday, which according to FCA rules i should be allowed to do.

You should be allowed to, but it does sometimes cause issues, as could well have been the case here.

nmcilveen2016 said:

Im scared other banks will close my accounts or reduce my credit lines. 

It is very unlikely a bank would close an account, if you had a credit card and the bank were reviewing limits at that specific period in time it might have an impact, but it also might not. Some banks (particularly Barclaycard) and reducing credit card credit limits at the moment, but that is an ongoing process.

nmcilveen2016 said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,

You need to get some perspective, this is a minor administrative issue that will in all likelihood be resolved in a few weeks at most. The FCA will have no interest in investigating a building society (or bank) over a minor administrative error and it is absurd to think they should. Nationwide have not breached the terms of the loan, technically you have by taking a payment holiday, it is just a breach agreed by both parties. 

nmcilveen2016 said:
I should not have to face financial ruin because of their incompetance.

You will not face "financial ruin" and it would be unlikely to have any impact at all.

nmcilveen2016 said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.

That is absolutely absurd.

nmcilveen2016

Jeremy535897 said:

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

It seems that you are correct it has triggered this. Complete joke of a company once i have this loan paid off Ill never ever go near them again. 

sparklep0ny

nmcilveen2016 said:

Jeremy535897 said:

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

It seems that you are correct it has triggered this. Complete joke of a company once i have this loan paid off Ill never ever go near them again. 

That's your prerogative but if you don't want to do business with companies that make mistakes, be prepared to never do business with anyone.

nmcilveen2016

MattMattMattUK said:

nmcilveen2016 said:

Jeremy535897 said:

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

It shouldnt have as it was taken in error which they themselves admitted, the next day the 99p token payment was also taken for the holiday. They admitted wrongdoing and even compensated me and apprently it was because I paid £30 towards the loan while in a holiday, which according to FCA rules i should be allowed to do.

You should be allowed to, but it does sometimes cause issues, as could well have been the case here.

nmcilveen2016 said:

Im scared other banks will close my accounts or reduce my credit lines. 

It is very unlikely a bank would close an account, if you had a credit card and the bank were reviewing limits at that specific period in time it might have an impact, but it also might not. Some banks (particularly Barclaycard) and reducing credit card credit limits at the moment, but that is an ongoing process.

nmcilveen2016 said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,

You need to get some perspective, this is a minor administrative issue that will in all likelihood be resolved in a few weeks at most. The FCA will have no interest in investigating a building society (or bank) over a minor administrative error and it is absurd to think they should. Nationwide have not breached the terms of the loan, technically you have by taking a payment holiday, it is just a breach agreed by both parties. 

nmcilveen2016 said:
I should not have to face financial ruin because of their incompetance.

You will not face "financial ruin" and it would be unlikely to have any impact at all.

nmcilveen2016 said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.

That is absolutely absurd.

Im happy enough to pay to loan after the holiday but I dont believe its "absurd", fact is lenders have a duty of care if they have failed to act with due care in regards to that agreement, then they shouldnt be allowed off the hook, dont think thats unresonable and if the FCA are setting these rules then its not absurd to expect them to step in when "errors" are being made and incompetance is to blame for it ! 

It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !

sparklep0ny

nmcilveen2016 said:

MattMattMattUK said:

nmcilveen2016 said:

Jeremy535897 said:

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

It shouldnt have as it was taken in error which they themselves admitted, the next day the 99p token payment was also taken for the holiday. They admitted wrongdoing and even compensated me and apprently it was because I paid £30 towards the loan while in a holiday, which according to FCA rules i should be allowed to do.

You should be allowed to, but it does sometimes cause issues, as could well have been the case here.

nmcilveen2016 said:

Im scared other banks will close my accounts or reduce my credit lines. 

It is very unlikely a bank would close an account, if you had a credit card and the bank were reviewing limits at that specific period in time it might have an impact, but it also might not. Some banks (particularly Barclaycard) and reducing credit card credit limits at the moment, but that is an ongoing process.

nmcilveen2016 said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,

You need to get some perspective, this is a minor administrative issue that will in all likelihood be resolved in a few weeks at most. The FCA will have no interest in investigating a building society (or bank) over a minor administrative error and it is absurd to think they should. Nationwide have not breached the terms of the loan, technically you have by taking a payment holiday, it is just a breach agreed by both parties. 

nmcilveen2016 said:
I should not have to face financial ruin because of their incompetance.

You will not face "financial ruin" and it would be unlikely to have any impact at all.

nmcilveen2016 said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.

That is absolutely absurd.

Im happy enough to pay to loan after the holiday but I dont believe its "absurd", fact is lenders have a duty of care if they have failed to act with due care in regards to that agreement, then they shouldnt be allowed off the hook, I should be due compensation dont think thats unresonable and if the FCA are setting these rules then its not absurd to expect them to step in when errors are being made ! 

Compensation is awarded for losses.  It is not awarded for "what ifs." As of now, you have suffered no loss other than having to make a phone call.  £15 would suffice.

A word of warning though.  Everyone will know you were on a payment holiday, regardless of this marker.  You may find you have trouble getting credit in the near future.

nmcilveen2016

sparklep0ny said:

nmcilveen2016 said:

Jeremy535897 said:

I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.

It seems that you are correct it has triggered this. Complete joke of a company once i have this loan paid off Ill never ever go near them again. 

That's your prerogative but if you don't want to do business with companies that make mistakes, be prepared to never do business with anyone.

They made a mistake last month, and a few weeks after they make an even worse mistake, businesses make mistakes agreed but I was assured this would not happen and I specifically asked if it would.