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Firstly, apologies to Mods if I have placed this piece in the wrong place! Took an unsecured loan with Nationwide Trust in 1999, then ran into financial difficulties and couldn't afford the repayments (although still working). Nationwide were massively unsympathetic, even demanding that we move money from children's savings accounts to service the debt. The loan was subsequently sold to debt collectors, and although I have paid some amounts off it over the years, it has circled around various companies - but having learn't so much from this site, I started sending the CCA request letter, which none of the DCAs ever complied with. In simple terms, the debt then 'disappeared'. Stupidly, and yes I can hear you all groaning out there, we had stayed with Nationwide as our main bankers. Then, at the beginning of December 07, our Nationwide Flexaccount was frozen. We next received a letter telling us that the account had been frozen and that the money in there would be transferred within 14 days to offset the remaining loan account debt. Obviously, I got straight in touch with Nationwide unsecured debt recovery who demanded £400 per month to reinstate the account (a figure greater than the original loan monthly instalment!), telling me this was less than many other 'agents' would demand. They wrote a short note telling me that we had an 'arrangement' and highlighting not only the amount remaining, but that they had also levied £2,199 in late charges. They have threatened legal action (as they would) if the arrangement is not adhered to. We have now changed banks, and so are clear of any further risk of the account being frozen again. But my question really relates to what sort of action they might consider - given that when our account was frozen, the loan was over 3 years past it's original payment period. Although I don't dispute the debt as such, I sense that morally Nationwide are not on the strongest ground and I feel I would be prepared to highlight that in court as well as the media. I am also minded to challenge the late fees as these seem not only excessive but randomly calculated too! In other words, I am not prepared to be screwed around by Nationwide any more, and would really be grateful for any thoughts on how to move forward with this. As a point of note, I am about to challenge the bank charges on the Flexaccount as well as an old Nationwide credit card debt (yes, we had the lot!). Many thanks from Norfolkboy.

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Yeah challenge the fees, although they may have been described to you in the intitial agreements so your failiure to read up on late charges may have cost you! If they haven't told you about them, then query them. Asks them where it states that these late charges will occur.


As for further action - most likely a judgement. Little more they CAN do.

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If they don't have the credit agreement, which they have already failed to produce, they can't even get a court judgement if you defend the case.


Look through the mound of paperwork you'll have been sent over the last x years, for the phrase assignment, sold etc. Is there a letter saying that the account was sold to anyone.


Subsequent to that letter, has any letter whatsoever been sent to you that the debt was sold to nationwide?


it's very important.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.


I am not a qualified or practicing lawyer.

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Tomterm8, since the loan was started in December 1999, I can find no mention - and you're right, it is a mound of paperwork - of the wording that you mention. There are numerous letters from DCAs chasing me for money, but no mention of any assignment or the debt being sold either from, or to, Nationwide.

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