Nationwide Offseet Loan From Current Account - Now In OD!

[harrassed senior]

Another avenue is that they have 'terminated' your loan which may well have been 'unenforceable' at law, and by doing this have now made the money owning into an uncontracted loan so to speak.

 

Not sure if this is viable at this time, but it may be worth sending a CCA request to see if that is/was indeed the case.

 

Were you served a Default Notice and was it correct. How soon after the Default Notice was the account terminated/transferred.

 

Not quite an answer to your question, but maybe another angle from which to approach this dispicable act.

[Stagparty]

Thanks for the replies guys - this all happened over 12 months ago so I'm trying to relate events to the publications that were in place at the time - that's the reason for me referring to the Banking Code Bazooka

 

Harrassed Senior - they have indeed terminated unlawfully, they just used set off to transfer a regulated loan to my overdraft facility without bothering to issue a DN first. When they eventually got round to issuing the DN on the current account, they did so under s87(1) and the DN didn't allow time for service. Nationwide appear not to be too concerned by such trivialities as complying with statute though. In addition they have admitted, both to myself and the FOS, that they don't have a copy of the signed agreement yet still the FOS is siding with them and rejecting my complaint! It's this complaint rejection I'm trying to deal with at the moment - I'm pretty sure that NW are stuffed if they try and sue me - would you agree?

[2Grumpy]

They have made you take credit to pay the loan - against the oft guidance I think!

[Bazooka Boo]

Have you used the FOS' own complaints procedure? In that you do not agree with their rejection, and highlight to them why you believe them to be wrong and biased to the bank?

[Stagparty]

Hi Bazooka

 

At the moment I'm responding to the first guys "decisions" and presenting why I think he is wrong. I *think* (but am not completely sure) that if he won't change his mind I can ask for a higher level person to look at the case and then if I don't like his findings I can reject the answer they give. If I've understood it correctly the bank are bound by a decision but I am not.

 

To be honest NW have really screwed things up and it would be a brave (stupid?) lawyer who said litigate when they are in breach of a s78 CCA request and they have admitted to me and the FOS separately that they cannot find the agreement. If they miraculously "found" it just before a hearing I think the FOS and FSA would be rather interested. If they did pursue the matter then they have clearly terminated the agreement unlawfully and not in accordance with the CCA and I've accepted this termination in writing.

 

Having said all that, with the way they have acted so far I wouldn't be at all surprised if they chose to litigate. If they do I'll be on here like shot out of a gun trying to mount a rather robust defence!

[Bazooka Boo]

Yes sorry, you are correct in allowing the bank to attempt to correct their mistake first prior to escalating it further. I do believe they only have 8 weeks however?