Terms & conditions

1. Parties

This Agreement is between Nationwide Building Society, Nationwide House, Pipers Way, Swindon SN38 1NW and the borrower(s) named on the front of this Agreement.

2. Definitions

The words below have the following meanings in this Agreement:

  • "Act" is the Consumer Credit Act 1974.
  • "Amount of credit" is also referred to as ‘your loan’ and is the amount of credit to be provided under this Agreement.
  • "Total charge for credit" is the total amount of interest charged on the Amount of credit.
  • "Total amount payable" is the total amount payable by you under the terms of this Agreement, being the sum of the Amount of credit and the Total charge for credit.
  • "you"/"your" means the borrower(s).
  • "we"/ "us"/"our" means Nationwide Building Society, its successors and assigns.

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 balance.

4. Communications

Unless otherwise agreed, all communications and documentation in relation to this Agreement will be in English.

5. Your right to withdraw

If you wish to withdraw from this Agreement you can do so as set out in the ‘Your right to withdraw’ section on the front of this Agreement. You must notify us of your intention to withdraw from this Agreement in one of the following ways: (a) in writing by completing the ‘Right to Withdraw’ form (enclosed with the letter advising you that your funds have been issued) and sending it to Personal Loans Admin, Nationwide Building Society, Kings Park Road, Moulton Park, Northampton NN3 6NW; or (b) by phoning us on 0800 545 3000.

You must also repay the amount you owe us within the timescale set out in this Agreement by sending a cheque for the amount of your loan, made payable to Nationwide Building Society at the address shown above. The amount you owe us will be the amount of your loan. We will not charge you any interest. If you do not repay the amount you owe us within 30 calendar days from the day after the date you notified us of your intention to withdraw, we will recover it as a debt through the Courts.

6. Your right to request a statement of account

You have the right to receive, on request, and free of charge at any time throughout the Term of this Agreement, a statement in the form of a table showing (a) details of each remaining payment owing under this Agreement; (b) the date on which each payment is due; (c) the amount and any conditions relating to the payment; and (d) a breakdown of each of the instalments showing how much is a capital repayment and how much is an interest payment and, (e) if applicable, any other charges. Where the Interest Rate is variable or the other charges may be varied under this Agreement the statement shall indicate clearly and concisely that the information contained in the statement is valid only until the rates of interest or charges are varied.

7. Your right to repay early

7.1 Partial Early Repayment

If you decide to make a partial early repayment you should notify us that you wish to do so. Your payment will only be treated as a partial early repayment if you are paying us some of the amount payable by you before the time fixed by this Agreement. If you notify us that you wish to make a partial early repayment, you must make the payment (a) within 28 days beginning with the day following the day on which notice was received by us that you wished to do this; or (b) on or before any later date stated in your notice to us.

Any partial early repayment of your loan will reduce the amount on which we charge interest from the day after we receive your payment. The effect of any partial early repayment will be to reduce the Term of your loan.

If you wish to make a partial early repayment of the amount you owe us under this Agreement you must notify us in one of the following ways (a) in writing to Personal Loans Admin, Nationwide Building Society, Kings Park Road, Moulton Park, Northampton NN3  6NW; or (b) by phoning us on 0800 545 3000.  You must then make your payment by sending your account reference and your name along with a cheque, made payable to Nationwide Building Society, to the address shown above.

You also have the right to request a statement showing the effect that this additional payment has had on the balance outstanding under this Agreement. You can make this request either at the same time as making your early payment or after that time. We will send you a statement within 7 working days after we receive your request.

To request a partial early repayment statement please call us on 0800 545 3000.

7.2 Full Early Settlement

If you want to pay off the entire loan early, you must request a settlement quotation from us. We will confirm to you in writing the amount required to settle your loan in full.  This settlement quotation is valid for twenty eight days from the date you request it.

Your settlement quotation will include interest up to and including this date. In addition, in accordance with the regulations made under the Consumer Credit Act, if your loan term is greater than 12 months you will pay an additional 30 days interest. If you decide to settle your loan we must receive the amount detailed in the settlement quotation by the stated date.

To request a full settlement quote please call us on 0800 545 3000.

8. Our 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.

If you fall behind with your repayments we may pass information about the amount you owe to a credit reference agency. Credit reference agencies record this information and companies may use it to assess any future loan/credit applications you might make. This may affect your ability to get credit.

9. Missing or underpayment

We need to make you aware of some of the consequences of not making your agreed payments. If you underpay or miss any payment due under the credit agreement you will be in default on the agreement and:

  • You may pay more overall.
  • We may register your details with credit reference agencies.
  • You may find it more difficult to obtain credit in the future.
  • Legal proceedings could be taken against you which could result in any outstanding debt being secured against any property you own.

If you have difficulties making payments under your Agreement please contact us.

10. Interest for late payments and charges

Interest at the Interest Rate shown on this Agreement will be payable on any amount not paid by its due date (including any balance which may become payable under section 9 of the Terms and Conditions of this Agreement) calculated from the due date until actual payment to us, to run both before and after any judgment.

All reasonable expenses, charges and costs incurred in locating you or in collecting any sums due and unpaid shall, if we wish, be recovered from you should you fail to comply with any provision of this Agreement.

11. Appropriation

You agree that we may use money from any other account(s) you hold with Nationwide Building Society, Derbyshire Building Society, Cheshire Building Society or Dunfermline Building Society or any other trading division of Nationwide Building Society to reduce or repay any sum you have failed to pay on your personal loan

12. 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 'disassociation' at credit reference agencies. We may make periodic searches within Nationwide Building Society, 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.

13. Concessions

No concession or arrangement we agree with you will alter the terms and conditions of this Agreement.

14. Change of address

You will notify us in writing within seven days of any change in your address.

15. Credit intermediary

If you applied for this agreement online and were referred to our website by someone else you may have dealt with a credit intermediary. If so, the credit intermediary involved may have been one of the following: Moneysupermarket.com or Moneysavingexpert.com, both are wholly owned subsidiaries of Moneysupermarket.com Financial Group Limited of Moneysupermarket House, St Davids Park, Ewloe, Flintshire CH5 3UZ; Confused.com operated by Inspop.com Limited of 3rd Floor, Greyfriars House, Greyfriars Road, Cardiff, CF10 3AL; or Experian Limited of Landmark House, Experian Way, NG2 Business Park, Nottingham NG80 1ZZ.

16. Complaints

We have a complaints procedure and for more information, or to make a complaint, please: (i) visit our website and click on the option ‘Contact us’; (ii) phone 0800 30 20 11; or (iii) visit one of our branches. If you are not satisfied with the way we have dealt with your complaint you may refer it to the Financial Ombudsman Service. You can also refer your complaint to them first without giving us the opportunity to resolve it, but if you do this, they will only consider your complaint with our consent. The Financial Ombudsman Service provides a free, independent, complaint resolution service. Details about their service and how to refer a complaint to them can be found on their website at www.financialombudsman. org.uk

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.

18. Regulating authority

The supervisory authority for Consumer Credit Agreements under the Act is The Financial Conduct Authority (FCA), 25 The North Colonnade, Canary Wharf, London E14 5HS.

Important information

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.

Lending Code

Nationwide Building Society subscribes to the Lending Code.

For more information on the Lending Code please visit http://www.lendingstandardsboard.org.uk/

If you have any questions about an application you have already made online, please call 0800 545 3000 and select option 5.