Payment holiday AP marker

[Deleted User]

sparklep0ny said:

Deleted_User said:

sparklep0ny said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

Even then, the company will know the OP took a payment holiday even without the markers so realistically if they're going to reduce the OP's limit or close accounts it'll happen with or without the AP markers.

A payment holiday wouldnt feed through, an AP would its a solid marker against someone ! 

Yes, it will.

Interest will continue to be accrued and your loan account balance will increase until you resume your contractual payments.

Loan balances are supposed to decrease over time, not increase. 

Anyone looking at your file, including a computer, will be able to spot this and see you're on a payment holiday (or at the very least not making your contractual repayments) and if it's a problem, refuse credit.

Well i dont care thats not the issue, its the AP marker that is, Im not going to be talked down to for taking a payment holiday ! 

sparklep0ny

Deleted_User said:

sparklep0ny said:

Deleted_User said:

sparklep0ny said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

Even then, the company will know the OP took a payment holiday even without the markers so realistically if they're going to reduce the OP's limit or close accounts it'll happen with or without the AP markers.

A payment holiday wouldnt feed through, an AP would its a solid marker against someone ! 

Yes, it will.

Interest will continue to be accrued and your loan account balance will increase until you resume your contractual payments.

Loan balances are supposed to decrease over time, not increase. 

Anyone looking at your file, including a computer, will be able to spot this and see you're on a payment holiday (or at the very least not making your contractual repayments) and if it's a problem, refuse credit.

Well i dont care thats not the issue, its the AP marker that is, Im not going to be talked down to for taking a payment holiday ! 

The AP marker isn't an issue either as 1. It will be removed shortly and 2.  Everyone will know you took a payment holiday anyway.

[Deleted User]

sparklep0ny said:

Deleted_User said:

sparklep0ny said:

Deleted_User said:

sparklep0ny said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

Even then, the company will know the OP took a payment holiday even without the markers so realistically if they're going to reduce the OP's limit or close accounts it'll happen with or without the AP markers.

A payment holiday wouldnt feed through, an AP would its a solid marker against someone ! 

Yes, it will.

Interest will continue to be accrued and your loan account balance will increase until you resume your contractual payments.

Loan balances are supposed to decrease over time, not increase. 

Anyone looking at your file, including a computer, will be able to spot this and see you're on a payment holiday (or at the very least not making your contractual repayments) and if it's a problem, refuse credit.

Well i dont care thats not the issue, its the AP marker that is, Im not going to be talked down to for taking a payment holiday ! 

The AP marker isn't an issue either as 1. It will be removed shortly and 2.  Everyone will know you took a payment holiday anyway.

Wel it clearly is as its on my credit file, duhhhh ! 

sparklep0ny

Deleted_User said:

sparklep0ny said:

Deleted_User said:

sparklep0ny said:

Deleted_User said:

sparklep0ny said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

Even then, the company will know the OP took a payment holiday even without the markers so realistically if they're going to reduce the OP's limit or close accounts it'll happen with or without the AP markers.

A payment holiday wouldnt feed through, an AP would its a solid marker against someone ! 

Yes, it will.

Interest will continue to be accrued and your loan account balance will increase until you resume your contractual payments.

Loan balances are supposed to decrease over time, not increase. 

Anyone looking at your file, including a computer, will be able to spot this and see you're on a payment holiday (or at the very least not making your contractual repayments) and if it's a problem, refuse credit.

Well i dont care thats not the issue, its the AP marker that is, Im not going to be talked down to for taking a payment holiday ! 

The AP marker isn't an issue either as 1. It will be removed shortly and 2.  Everyone will know you took a payment holiday anyway.

Wel it clearly is as its on my credit file, duhhhh ! 

And any effect it will have will be felt if it's not there either. That's pretty much a textbook example of not having an effect.

[Deleted User]

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

If course it is, you are correct in saying they have a right to withdraw a sevice at anytime, but if that was a direct result of inaccurate information being in the dolmain that shouldnt of been there in the first instance, then its a loss if that facility wouldnt have been removed if that information was not there ! 

Again, it is not a material loss, you seem either unwilling or unable to understand what a material loss is. Even if it is a direct consequence that would still not make it a material loss.

As Sparkle Pony has said other financial institutions will also be aware of your payment holiday and will take their lending decisions accordingly.

You need to look at this rationally, the incorrect marker will be amended in a week or two, the marker itself (rather than the payment holiday) will have no impact and neither will cause you material loss. You are not entitled to any compensation/free money, certainly not to have a £2,500 loan written off, although you might get a "shut up and go away" gesture of good will in the £10-50 range. 

You are a !!!!!! !!!!!! no offence I asked for advice not to be insulted by some snobbish person on social media who thinks hes better than everyone else, I have mental health problems okay ! 

You asked for information, it has been provided, you have then disagreed with the information provided because it does not fit what you want to hear, that is irrational.

I have not insulted you, but stated the facts of the situation, the difference between the FCA/FOS and what a material loss is and more importantly it is not. I have not said I am, nor do I think I am "better than everyone else".

Your mental health problems have no bearing on the facts of credit reports, though I wish you luck in addressing them as it has been a tough year for many.

I apoligise for being rude my bad, but i dont expect free money, im not exactly saying that if I dont get free money im going to refuse to pay the loan back, if that was the case then fair enough I would be, but fact is im willing to pay full contractual repayments after the holiday ends, even though nationwide have not exactly kept to their end of the bargain. 

All im expecting is that nationwide dont be unduly careless and provide me with correct information, they assured me after this direct debit mess up it wouldnt impact my credit file, now it has ! 

sparklep0ny

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

If course it is, you are correct in saying they have a right to withdraw a sevice at anytime, but if that was a direct result of inaccurate information being in the dolmain that shouldnt of been there in the first instance, then its a loss if that facility wouldnt have been removed if that information was not there ! 

Again, it is not a material loss, you seem either unwilling or unable to understand what a material loss is. Even if it is a direct consequence that would still not make it a material loss.

As Sparkle Pony has said other financial institutions will also be aware of your payment holiday and will take their lending decisions accordingly.

You need to look at this rationally, the incorrect marker will be amended in a week or two, the marker itself (rather than the payment holiday) will have no impact and neither will cause you material loss. You are not entitled to any compensation/free money, certainly not to have a £2,500 loan written off, although you might get a "shut up and go away" gesture of good will in the £10-50 range. 

You are a !!!!!! !!!!!! no offence I asked for advice not to be insulted by some snobbish person on social media who thinks hes better than everyone else, I have mental health problems okay ! 

You asked for information, it has been provided, you have then disagreed with the information provided because it does not fit what you want to hear, that is irrational.

I have not insulted you, but stated the facts of the situation, the difference between the FCA/FOS and what a material loss is and more importantly it is not. I have not said I am, nor do I think I am "better than everyone else".

Your mental health problems have no bearing on the facts of credit reports, though I wish you luck in addressing them as it has been a tough year for many.

I apoligise for being rude my bad, but i dont expect free money, im not exactly saying that if I dont get free money im going to refuse to pay the loan back, if that was the case then fair enough I would be, but fact is im willing to pay full contractual repayments after the holiday ends, even though nationwide have not exactly kept to their end of the bargain. 

All im expecting is that nationwide dont be unduly careless and provide me with correct information. 

Every mistake made by Nationwide can be easily reversed.  And it will be.   There's no need to fly off the handle like you've done, it's not going to do you any favours.

[Deleted User]

sparklep0ny said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

If course it is, you are correct in saying they have a right to withdraw a sevice at anytime, but if that was a direct result of inaccurate information being in the dolmain that shouldnt of been there in the first instance, then its a loss if that facility wouldnt have been removed if that information was not there ! 

Again, it is not a material loss, you seem either unwilling or unable to understand what a material loss is. Even if it is a direct consequence that would still not make it a material loss.

As Sparkle Pony has said other financial institutions will also be aware of your payment holiday and will take their lending decisions accordingly.

You need to look at this rationally, the incorrect marker will be amended in a week or two, the marker itself (rather than the payment holiday) will have no impact and neither will cause you material loss. You are not entitled to any compensation/free money, certainly not to have a £2,500 loan written off, although you might get a "shut up and go away" gesture of good will in the £10-50 range. 

You are a !!!!!! !!!!!! no offence I asked for advice not to be insulted by some snobbish person on social media who thinks hes better than everyone else, I have mental health problems okay ! 

You asked for information, it has been provided, you have then disagreed with the information provided because it does not fit what you want to hear, that is irrational.

I have not insulted you, but stated the facts of the situation, the difference between the FCA/FOS and what a material loss is and more importantly it is not. I have not said I am, nor do I think I am "better than everyone else".

Your mental health problems have no bearing on the facts of credit reports, though I wish you luck in addressing them as it has been a tough year for many.

I apoligise for being rude my bad, but i dont expect free money, im not exactly saying that if I dont get free money im going to refuse to pay the loan back, if that was the case then fair enough I would be, but fact is im willing to pay full contractual repayments after the holiday ends, even though nationwide have not exactly kept to their end of the bargain. 

All im expecting is that nationwide dont be unduly careless and provide me with correct information. 

Every mistake made by Nationwide can be easily reversed.  And it will be.   There's no need to fly off the handle like you've done, it's not going to do you any favours.

Just an update applied for a lloyds classic account just to see if it did decline and offer me a basic account, it accepted me for the full classic account so im guessing if it was that bad it would have only offered me a basic account. 

sparklep0ny

Deleted_User said:

sparklep0ny said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User said:

MattMattMattUK said:

Deleted_User 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.

Deleted_User 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.

Deleted_User 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. 

Deleted_User 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.

Deleted_User 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.

They made a minor administrative error which they will correct and which will have no impact, and you expect to be gifted £2,500? That is absurd by any rational measure.

Deleted_User said:
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 ! 

You may be due compensation if you could show that you suffered material loss. It is very unlikely that you will suffer any material loss and it is even less likely that you could prove it was a direct consequence of their error. Note having a credit card limit reduced is not a material loss. The FCA would only care if Nationwide failed to correct the error, they do not intervene over every minor issue, they are there as a last resort, when standard complaints procedures have failed and there is a genuine regulatory issue still unresolved. They will not even intervene at the request of a member of the public, The Financial Ombudsman Service is the route for consumers and to complain to them you have to have exhausted the financial institution's complaints procedure first, with the matter still unresolved. 
https://www.financial-ombudsman.org.uk/consumers/how-to-complain

Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded. 

No it is not, a company has a right to withdraw a service at any time. A material loss would mean you had actually lost money, not that some other financial situation would lend you less in the future. 

If course it is, you are correct in saying they have a right to withdraw a sevice at anytime, but if that was a direct result of inaccurate information being in the dolmain that shouldnt of been there in the first instance, then its a loss if that facility wouldnt have been removed if that information was not there ! 

Again, it is not a material loss, you seem either unwilling or unable to understand what a material loss is. Even if it is a direct consequence that would still not make it a material loss.

As Sparkle Pony has said other financial institutions will also be aware of your payment holiday and will take their lending decisions accordingly.

You need to look at this rationally, the incorrect marker will be amended in a week or two, the marker itself (rather than the payment holiday) will have no impact and neither will cause you material loss. You are not entitled to any compensation/free money, certainly not to have a £2,500 loan written off, although you might get a "shut up and go away" gesture of good will in the £10-50 range. 

You are a !!!!!! !!!!!! no offence I asked for advice not to be insulted by some snobbish person on social media who thinks hes better than everyone else, I have mental health problems okay ! 

You asked for information, it has been provided, you have then disagreed with the information provided because it does not fit what you want to hear, that is irrational.

I have not insulted you, but stated the facts of the situation, the difference between the FCA/FOS and what a material loss is and more importantly it is not. I have not said I am, nor do I think I am "better than everyone else".

Your mental health problems have no bearing on the facts of credit reports, though I wish you luck in addressing them as it has been a tough year for many.

I apoligise for being rude my bad, but i dont expect free money, im not exactly saying that if I dont get free money im going to refuse to pay the loan back, if that was the case then fair enough I would be, but fact is im willing to pay full contractual repayments after the holiday ends, even though nationwide have not exactly kept to their end of the bargain. 

All im expecting is that nationwide dont be unduly careless and provide me with correct information. 

Every mistake made by Nationwide can be easily reversed.  And it will be.   There's no need to fly off the handle like you've done, it's not going to do you any favours.

Just an update applied for a lloyds classic account just to see if it did decline and offer me a basic account, it accepted me for the full classic account so im guessing if it was that bad it would have only offered me a basic account. 

Ironically you've just added an unnecessary hard search to your credit file which is probably going to make things worse (albeit not much if only one search.)

And banks aren't all that strict when it comes to opening current accounts, they're much more so if you actually request borrowing.  So just opening an account won't tell you anything really.

mattyprice4004

I’m autistic too, and I must say expecting 2 and a half grand for this is indeed absurd. 

HSBC did something to my credit file years ago that makes Nationwide’s error with you look incredibly minor and I was perfectly happy with the £150 offered. 

[Deleted User]

mattyprice4004 said:

I’m autistic too, and I must say expecting 2 and a half grand for this is indeed absurd. 

HSBC did something to my credit file years ago that makes Nationwide’s error with you look incredibly minor and I was perfectly happy with the £150 offered. 

I "expected" nothing, I had an opinion which I should be allowed to have but I did say I'm happy to pay the loan off so your point is of high irrelevance, please point out where I specifically said I "expect" this ?

Seems like alot of folk on this forum love putting words into people's mouths, I said something mabey unresonable because I was angry but never did I state explicitly that I expected 2 grand.