Nationwide Loan - 23.9% APR

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Comments

  • ollirian
    ollirian Posts: 33 Forumite
    Thank you for all the comments.
    I take responsibility for my situation.

    I still believe they should be little more cooperative based on my history as a customer with them.

    I have negotiated overdraft fees in the past.
  • BoGoF
    BoGoF Posts: 7,099 Forumite
    Name Dropper First Anniversary First Post
    ollirian wrote: »
    Thank you for all the comments.
    I take responsibility for my situation.

    I still believe they should be little more cooperative based on my history as a customer with them.

    I have negotiated overdraft fees in the past.

    And they obviously believe you should pay what you signed up for.

    You havent said why you had difficulty paying in November/December - what changed?
  • bigisi
    bigisi Posts: 925 Forumite
    ollirian wrote: »
    I take responsibility for my situation.

    Except you clearly don't and want to blame Nationwide as evidenced in all your posts in this thread.

    It's your fault you took the high APR loan. It's your fault you missed payments. Nationwide agreed by providing you with the loan that you could borrow the amount you borrowed at the APR you agreed and were happy with. They've held up their side of the deal, you haven't and now expect them to bend over backwards for you. They're a business, not your friend.
    ollirian wrote: »
    I have negotiated overdraft fees in the past.

    Irrelevant. Nationwide's money = Nationwide's rules.
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
    Name Dropper First Anniversary First Post
    ollirian wrote: »
    Thank you for all the comments.
    I take responsibility for my situation.

    I still believe they should be little more cooperative based on my history as a customer with them.

    I have negotiated overdraft fees in the past.

    Why? Part of the rate includes making a profit for their shareholders (or, in the case of Nationwide, their members). So you're essentially asking a profit making organisation not to make profit - where's the logic in that? There isn't any.

    Furthermore, regardless of how good a customer you think you are
    (merely making the payments you agreed to make ain't special, while missing payment on the only loan you've had with them doesn't seem like good customer behaviour to me...), any sort of loyalty bonus is entirely at their discretion - you have no right to it.

    Suggest you spend your time and energies rectifying whatever caused the repayment problems and get the loan back on track, rather than blaming Nationwide for everything...
  • enthusiasticsaver
    enthusiasticsaver Posts: 15,594 Ambassador
    First Anniversary First Post Name Dropper I've been Money Tipped!
    The best way to beat these banks is not to borrow. Sort out your finances so you are not in need of these loans at high rates.

    Financial services is a competitive market place so there is no way borrowing rates will be capped. The alternative is anyone with a less than perfect credit record will not be able to borrow at all. 23.9% is not the highest rate for borrowing.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • ollirian
    ollirian Posts: 33 Forumite
    enthusiasticsaver wrote: »
    The best way to beat these banks is not to borrow. Sort out your finances so you are not in need of these loans at high rates.

    Financial services is a competitive market place so there is no way borrowing rates will be capped. The alternative is anyone with a less than perfect credit record will not be able to borrow at all. 23.9% is not the highest rate for borrowing.


    Thank you - most help and empathetic response here.
    Thanks to everyone here for the tough love.
    Lessons learnt and part of being grown up.
  • nic_c
    nic_c Posts: 2,928 Forumite
    Name Dropper First Post First Anniversary
    If you have credit cards with lower APR you would be better spending on them and using the cash you would have used to pay your loan down. You could even see if existing cards would give you a promo rate for a money transfer.
  • Clive_Woody
    Clive_Woody Posts: 5,855 Forumite
    Name Dropper First Anniversary Photogenic First Post
    ollirian wrote: »
    Thank you - most help and empathetic response here.
    Thanks to everyone here for the tough love.
    Lessons learnt and part of being grown up.
    Can I suggest you get onto the Debt Free board on here as there will be many who have been through the same circumstances and will be able to help you manage your debt.

    First thing is normally to post a Statement Of Affairs (SOA) and go from there to see where you can save money to clear your debt quicker.

    No more loans, deal with your debt and live debt free. Good luck :money:
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
  • ollirian
    ollirian Posts: 33 Forumite
    Clive_Woody wrote: »
    Can I suggest you get onto the Debt Free board on here as there will be many who have been through the same circumstances and will be able to help you manage your debt.

    First thing is normally to post a Statement Of Affairs (SOA) and go from there to see where you can save money to clear your debt quicker.

    No more loans, deal with your debt and live debt free. Good luck :money:

    Thank you Clive - I'll join it.
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