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Payment holiday AP marker
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Make thing worse In what respect exactly, its a search only impacts for a short period, certainly not as bad as having an AP being marked against you incorrectly, which you seem to believe dosent matter as I'm on a payment holiday, it matters to me !sparklep0ny said:
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.)Deleted_User said:
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 said:
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 said:
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.MattMattMattUK said:
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.Deleted_User said:
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 !MattMattMattUK said:
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.Deleted_User said:MattMattMattUK said:
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.Deleted_User said:
Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded.MattMattMattUK said:
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:
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.MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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.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 !
https://www.financial-ombudsman.org.uk/consumers/how-to-complain
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 !MattMattMattUK said:
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.Deleted_User said:
Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded.MattMattMattUK said:
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:
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.MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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.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 !
https://www.financial-ombudsman.org.uk/consumers/how-to-complain
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.
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.
All im expecting is that nationwide dont be unduly careless and provide me with correct information.
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.0 -
You’ve a very negative view of a company that has allowed you to take a payment holiday when you couldn’t pay them what you’d agreed to.Deleted_User said:
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 !MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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 !
That’s your prerogative of course, but you were the one that breached your agreement with them first.0 -
It was the goverment who allowed me, it wasent them being nice, so people are being made to feel guilty for taking one, go away the agreement was not breached, no one exactly asked for covid !GeordieGeorge said:
You’ve a very negative view of a company that has allowed you to take a payment holiday when you couldn’t pay them what you’d agreed to.Deleted_User said:
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 !MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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 !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
-1 -
But it still impacts you. It seems like a bizarre move when you're moaning about the AP marker to make things (a bit) worse by sticking an unnecessary hard search on there.Deleted_User said:
Make thing worse In what respect exactly, its a search only impacts for a short period, certainly not as bad as having an AP being marked against you incorrectly, which you seem to believe dosent matter as I'm on a payment holiday, it matters to me !sparklep0ny said:
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.)Deleted_User said:
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 said:
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 said:
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.MattMattMattUK said:
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.Deleted_User said:
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 !MattMattMattUK said:
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.Deleted_User said:MattMattMattUK said:
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.Deleted_User said:
Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded.MattMattMattUK said:
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:
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.MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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.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 !
https://www.financial-ombudsman.org.uk/consumers/how-to-complain
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 !MattMattMattUK said:
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.Deleted_User said:
Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded.MattMattMattUK said:
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:
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.MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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.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 !
https://www.financial-ombudsman.org.uk/consumers/how-to-complain
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.
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.
All im expecting is that nationwide dont be unduly careless and provide me with correct information.
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.
And as I said in the previous post, it won't provide any useful information anyway as you're not requesting borrowing (and just because one lender is OK with it, doesn't mean the other hundreds of lenders will be.)0 -
If you're paying less than the contractually agreed amount (and as you point out they didn't do it by choice) then you absolutely breached the agreement.Deleted_User said:
It was the goverment who allowed me, it wasent them being nice, so people are being made to feel guilty for taking one, go away the agreement was not breached, no one exactly asked for covid !GeordieGeorge said:
You’ve a very negative view of a company that has allowed you to take a payment holiday when you couldn’t pay them what you’d agreed to.Deleted_User said:
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 !MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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 !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !1 -
No I didn't, hence why they aren't allowed to record negative information, If I breached the agreement without the holiday then I would of been in breach of the arrangement.sparklep0ny said:
If you're paying less than the contractually agreed amount (and as you point out they didn't do it by choice) then you absolutely breached the agreement.Deleted_User said:
It was the goverment who allowed me, it wasent them being nice, so people are being made to feel guilty for taking one, go away the agreement was not breached, no one exactly asked for covid !GeordieGeorge said:
You’ve a very negative view of a company that has allowed you to take a payment holiday when you couldn’t pay them what you’d agreed to.Deleted_User said:
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 !MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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 !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !0 -
But the irony is you said that the AP marker is perfectly fine and won't affect me because im on a payment holiday, so why should it matter exactly ?sparklep0ny said:
But it still impacts you. It seems like a bizarre move when you're moaning about the AP marker to make things (a bit) worse by sticking an unnecessary hard search on there.Deleted_User said:
Make thing worse In what respect exactly, its a search only impacts for a short period, certainly not as bad as having an AP being marked against you incorrectly, which you seem to believe dosent matter as I'm on a payment holiday, it matters to me !sparklep0ny said:
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.)Deleted_User said:
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 said:
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 said:
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.MattMattMattUK said:
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.Deleted_User said:
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 !MattMattMattUK said:
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.Deleted_User said:MattMattMattUK said:
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.Deleted_User said:
Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded.MattMattMattUK said:
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:
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.MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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.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 !
https://www.financial-ombudsman.org.uk/consumers/how-to-complain
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 !MattMattMattUK said:
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.Deleted_User said:
Its a loss if a credit facility was reduced or removed as a direct result of that information being recorded.MattMattMattUK said:
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:
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.MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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.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 !
https://www.financial-ombudsman.org.uk/consumers/how-to-complain
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.
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.
All im expecting is that nationwide dont be unduly careless and provide me with correct information.
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.
And as I said in the previous post, it won't provide any useful information anyway as you're not requesting borrowing (and just because one lender is OK with it, doesn't mean the other hundreds of lenders will be.)0 -
It will influence a finance company's decision when assessing the application for credit. A payment holiday will at the very least suggest suggest a stretched financial position. Finance companies set their own criteria they are not instructed who to lend to. .Deleted_User said:GeordieGeorge said:
If they aren’t doing you a favour then just pay your normal amounts in full, stop messing around paying less.Deleted_User said:
It was the goverment who allowed me, it wasent them being nice, so people are being made to feel guilty for taking one, go away the agreement was not breached, no one exactly asked for covid !GeordieGeorge said:
You’ve a very negative view of a company that has allowed you to take a payment holiday when you couldn’t pay them what you’d agreed to.Deleted_User said:
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 !MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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 !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,2 -
it seems that some on the MSE forum are laying down the law on their behalf, it indicates nothing unless it was a missed payment or a default.Thrugelmir said:
It will influence a finance company's decision when assessing the application for credit. A payment holiday will at the very least suggest suggest a stretched financial position. Finance companies set their own criteria they are not instructed who to lend to. .Deleted_User said:GeordieGeorge said:
If they aren’t doing you a favour then just pay your normal amounts in full, stop messing around paying less.Deleted_User said:
It was the goverment who allowed me, it wasent them being nice, so people are being made to feel guilty for taking one, go away the agreement was not breached, no one exactly asked for covid !GeordieGeorge said:
You’ve a very negative view of a company that has allowed you to take a payment holiday when you couldn’t pay them what you’d agreed to.Deleted_User said:
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 !MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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 !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !0 -
Sadly that's not true. A lack of payments IS account conduct.Deleted_User said:
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly , no one here has any resonable evidence that back up their claim that it would, even though the balance is reported its not the balance that counts, its the account conduct !GeordieGeorge said:
If they aren’t doing you a favour then just pay your normal amounts in full, stop messing around paying less.Deleted_User said:
It was the goverment who allowed me, it wasent them being nice, so people are being made to feel guilty for taking one, go away the agreement was not breached, no one exactly asked for covid !GeordieGeorge said:
You’ve a very negative view of a company that has allowed you to take a payment holiday when you couldn’t pay them what you’d agreed to.Deleted_User said:
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 !MattMattMattUK said:
You should be allowed to, but it does sometimes cause issues, as could well have been the case here.Deleted_User said:
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.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 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 scared other banks will close my accounts or reduce my credit lines.
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:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,
You will not face "financial ruin" and it would be unlikely to have any impact at all.Deleted_User said:
I should not have to face financial ruin because of their incompetance.
That is absolutely absurd.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.
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 !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Payment holidays are always taken into account and are never seen as a positive.5
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