Legal
Terms & conditions
Important information
The Banking Code and you
Finance & Leasing Association Code of Practice
Terms & conditions
1. Parties
This agreement is between Nationwide Trust Ltd of Nationwide House, 20 Lower Dagnall Street, St Albans, Herts AL3 4RR and the borrower(s) named on the front of this agreement.2. Definitions
In this agreement "you" means the borrower(s) and "we" means Nationwide Trust Limited, its successors and assigns. Headings are for convenience only and shall not effect the interpretation of any term.3. Joint borrowers
If this is a joint agreement, you shall each be fully liable for all sums outstanding under the agreement and not just half the balance4. Communications
Unless otherwise agreed, all communications and documentation in relation to this agreement will be in English.5. Right to demand earlier payment
We may demand immediate and full repayment of your loan if:- You gave us false or incorrect information when you applied for the loan; or
- You are more than fourteen days overdue with any amount you owe us.
6. LoanCare cover (not available after 11 March 2009)
Where this agreement includes LoanCare Cover:
(i) You acknowledge that you have received details of the optional LoanCare Cover and that you agree to the terms,conditions and eligibility criteria for this insurance as detailed in the Insurance booklet. If you have not received this booklet please contact us on 08459 302012.
(ii) The person insured for accident & sickness, unemployment and life benefit is indicated on the front of this agreement with an asterisk *.
(iii) You authorise us to pay the premium to the insurers. Any insurance benefits we receive in connection with this agreement will be paid to your account, even if there are no monthly repayments due at the time.
(iv) Your Insurance premium is valid for the term of the loan and includes Insurance Premium Tax (IPT) at the current rate.
7. Insurance cancellations within 30 days
If you cancel any insurance paid for as part of this Agreement within 30 days of the date your funds are issued, the Amount of Credit, Total Amount Payable, Monthly Repayment and Total Charge for Credit(interest) will change to those quoted in the Loan column of the Financial Information sections of this Agreement. In all other respects this Agreement will be unchanged8. Insurance cancellation after 30 days
If, after thirty days, you cancel any insurance paid for as part of this agreement and you are not in arrears with any payment due, you may be entitled to a premium refund. At your request, we will apply the refund to reduce the outstanding balance of the loan. Your contractual monthly payment will not change as a result and you will repay your loan in a shorter term than shown in the Key Financial Information section. We will let you know your reduced loan balance and the revised date your loan will be repaid based on you making all your contractual monthly repayments on their due date.If you are in arrears with any payment due under this agreement, the funds will be paid to your loan account to reduce or repay your arrears.
9. Overpayments
We will not usually accept payments in addition to your contractual monthly payment. Where we do allow you to make such an overpayment, the maximum you can pay is £100, except for refunds resulting from the cancellation of any associated insurance (see clause 8).10. Appropriation
You agree that we may use money from any other account(s) you hold with Nationwide Building Society to reduce or repay any sum you have failed to pay on your personal loan.11. Credit checks
An 'association' between the joint applicant and/or any individual identified as your financial partner, will be created at credit reference agencies, which will link your financial records. This association, and any others that either of you may have will be taken into account in all future applications by either or both of you. This linking will continue until one of you successfully files a 'dissociation' at credit reference agencies. We may make periodic searches within Nationwide, at credit reference agencies and fraud prevention agencies to manage your account with us, to take decisions regarding credit, including whether to make available or to continue or extend existing credit. The searches will not be seen or used by other lenders to assess your ability to obtain credit.12. Concessions
No concession or arrangement we agree with you will alter the terms and conditions of this loan agreement.13. Change of address
You will notify us in writing within seven days of any change in your address.14. Complaints
If you would like further information on our complaints procedure, or wish to make a complaint, please:(i) Write to Customer Relations Manager, Nationwide Trust Ltd., Nationwide House, 20 Lower Dagnall Street, St Albans, Herts. AL3 4RR.
(ii) Talk to a staff member at one of our branches.
(iii) Phone 08459 30 20 12 and talk to one of our staff members.
(iv) Go to our website, www.nationwide.co.uk, and select the option "Contact Us".
15. Your right to cancel
If you wish to cancel this agreement after we have issued your funds, you must let us know within fourteen days of issue. You must send us your completed Cancellation Form (enclosed with the letter advising you that your funds have been issued). You must also send a cheque for the full loan amount (including any funds used to pay off an existing loan), made payable to Nationwide Trust Ltd. Send your Cancellation Form and cheque to P & P Department, Nationwide Trust Ltd, Nationwide House, 20 Lower Dagnall Street, St Albans, Herts, AL3 4RR. You have thirty days to return the money to us, otherwise we will charge you interest (in accordance with the terms and conditions) from the day the funds were issued to you.16. Paying off your loan early
You may wish to pay off your loan before it has run its full term. To do this, call us on 08459 30 20 12 for a settlement quotation.We will confirm the amount you owe in writing, including :-
- the current balance on your loan at the time we receive your request
- the amount required to pay off your loan
17. English Law
You and we can choose the law which applies to this Agreement. Unless you and we agree otherwise, English Law will apply.Back to top
Important information
Provision of these credit facilities does not confer membership rights in Nationwide Building Society.You and we can choose the law which applies to this contract unless you and we agree otherwise, English Law will apply. All communications and documentation in relation to this contract will be in English. If you are in breach of your loan agreement, we may use any money you have in another Nationwide Building Society account to repay or reduce the amount you owe us on your loan.
Please note for various legal, regulatory and customer service requirements your call may be recorded. Nationwide Trust Limited is a wholly owned subsidiary and appointed representative of Nationwide Building Society. Nationwide Trust Limited, registered in England, number 01060355. Registered office Nationwide House, 20 Lower Dagnall Street, St Albans, Herts AL3 4RR.
Nationwide Building Society is authorised and regulated by the Financial Services Authority for life assurance, pensions, unit trusts, insurance and regulated mortgages.
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The Banking Code and you
Setting standards for banks, building societies and other banking service providers.
We subscribe to the Banking Code. Not all financial institutions do. Doing your banking with someone who subscribes to the Banking Code gives you extra confidence. You should check that any other financial institution you deal with for banking services (such as savings accounts, current accounts, loans and credit cards) also subscribes.
The Banking Code sets minimum standards of good service that you can expect from banks, building societies and other providers of banking services. This leaflet tells you about our key commitments and responsibilities to you under the Banking Code.
Our key commitments to you
We promise that we will act fairly and reasonably in all our dealings with you by meeting all the commitments and standards in this Code. The key commitments are shown below.
- we will make sure that our advertising and promotional literature is clear and not misleading and that you are given clear information about our products and services
- we will give you clear information about accounts and services, how they work, their terms and conditions and the interest rates which may apply
- we will help you use your account or service by sending you regular statements (where appropriate) and we will keep you informed about changes to the interest rates, charges or terms and conditions
- we will help you to switch your current account between financial institutions subscribing to this Code
- we will lend responsibly
- we will deal quickly and sympathetically with things that go wrong and consider all cases of financial difficulty sympathetically and positively
- we will treat all your personal information as private and confidential, and operate secure and reliable banking and payment systems
- we will publicise this Code, have copies available and make sure that our staff are trained to put it into practice
How you can find out more
The Banking Code is updated regularly. The most recent edition came into force on 31 March 2008. It contains standards that cover:- choosing products and services which meet your needs
- running your account
- borrowing money
- interest rates, charges and terms and conditions, and how you will be told about any changes to these
- cards and PINs
- protecting your account and your personal information
- moving or closing your account
- dealing with financial difficulties
- complaints
How to make a complaint
If you ask us, we will tell you how to make a complaint and how quickly we will deal with it. If we cannot settle the complaint to your satisfaction, you may ask the Financial Ombudsman Service to look into it. You can contact them both at South Quay Plaza, 183 Marsh Wall, London, E14 9SR.Copies of the Banking Code
If you would like a free copy of the Banking Code, you can get one from us. Or you can view and download a copy from the British Bankers' Association's website at http://www.bba.org.uk.Banking Code Standards Board
The Banking Code is monitored by an independent organisation – the Banking Code Standards Board. It makes sure that any institutions which subscribe to the Code follow it and it can take action if any institution fails to do so. You can contact them at Level 12, City Tower, 40 Basinghall Street, London, EC2V 5DE or via their website at www.bankingcode.org.uk.Back to top
Finance & Leasing Association Code of Practice
The Finance & Leasing Association (FLA) is the major UK representative body for the UK finance and leasing industry.The FLA campaigns for best practice in lending and leasing. The Code sets out standards of good practice for the finance and leasing industry and is intended to assure all who obtain finance from full members that they are doing business with reputable organisations.
Nationwide Trust, as a member of the Finance and Leasing Association (FLA), promises to uphold the 11 key commitments outlined below. These commitments apply to the conduct of business for all products and services provided to customers.
- act fairly, reasonably and responsibly in all our dealings with you
- make sure that all services and products meet the FLA Code of Practice and all relevant laws and regulations
- not discriminate between consumers on grounds of race, gender, disability, ethnic origin or sexual preference
- help you when you need information and guidance
- act honestly and try to make sure that credit brokers, and all other suppliers of goods and services we do business with, do the same
- keep your personal information confidential
- correct mistakes and handle complaints quickly
- consider cases of financial difficulty sympathetically and positively
- follow any guidance notes that the FLA issue, where relevant
- train our staff to make sure that the procedures they follow reflect the commitments set out in this code
- make copies of this Code freely and readily available to consumers
Copies of the Finance and Leasing Code are available from Nationwide Trust Limited, 20 Lower Dagnell Street, St Albans, Herts. AL3 4RR or visit the Finance & Leasing Association website at http://www.fla.org.uk .
Back to topIf you find yourself in financial difficulties, visit our help and advice section.
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