Financial Services

OOPS! CARD PROVIDERS ARE STILL LEAVING CUSTOMERS IN THE DARK
Over two-thirds of credit card holders do not know their order of payments

New research* from Nationwide Building Society reveals that credit card customers still do not know the order in which their payments are allocated to their account. Over two-thirds (69%) of those
questioned do not know the correct order in which their repayments are processed. Incorrect answers given were:
* The longest outstanding debt is paid off first (18%)
* Items with the highest interest are paid off first (12%)
* They get to choose which items are paid off first (9%)
* The most recent items are paid off first (4%)
* And many simply don't know (26%)
* (Whilst 2% wouldn't know as they only ever pay off the entire balance)

Worryingly, only around a quarter (29%) of those questioned know how their repayments are allocated to their credit card account - that items with the lowest interest are paid off first - known as an
adverse order of payments. Nationwide is the only card provider to operate a positive order of payments which means the most expensive debt is paid off first unlike its competitors who choose to leave
items with high interest, such as cash advances, to continue to accrue interest and be cleared last.

Two-thirds (66%) of credit card holders think it is important to find a credit card provider that allocates their repayments to the most expensive debt first. However, as the recent uSwitch survey of
credit cards** revealed, on average people stay with their credit card provider for six years - even if the proposition is poor - highlighting that providers are taking advantage of their customers'
apathy. Unfortunately, apathy about order of payments alone costs consumers £500 million each year.

Nationwide recently welcomed the announcement by the Department of Trade and Industry that, from 1 October 2008, all credit card providers will have to draw attention to the order of payments they
use. However, because this practice is not well understood by consumers, and is adverse to their best interests, Nationwide calls on the industry to make changes now and treat their credit card
customers fairly by adopting a positive approach to their order of payments.

Jeremy Wood, divisional director at Nationwide, says: "Nationwide has long-campaigned for a positive order of payments for all credit card customers. Many credit card providers use low introductory
rates to lure people into opening an account. These offers can look very appealing, but when you scratch beneath the surface you discover that credit card holders often don't receive the full benefit
of these low rates. Most providers apply repayments to the cheapest debt first making it more expensive for you and more profitable for them.

"Something needs to change as it's unacceptable that over two-thirds (69%) of credit card holders do not know how their payments are allocated. We urge the OFT, when they respond to Which's super
complaint about the calculation of credit card interest, due at the end of this month, to address the issue of order of payments."

Nationwide Building Society

Nationwide Building Society is for the first time allowing its 6.6 million members to vote in its AGM online at www.nationwide.co.uk in addition to being able to vote by post or at any branch.

The launch of the online facility is one of a range of initiatives designed to encourage as many members as possible to use their vote and any member who votes online will also be automatically
entered into a free prize draw to win a pair of football tickets to an England, Scotland, Northern Ireland or Wales home international.

For the second consecutive year, Nationwide plans to donate 10p for every vote cast in its AGM to disabled athletes via Disability Sport Events (DSE). The Society is targeting a minimum of 1 million
members to use their vote, which would generate £100,000 for DSE, a huge boost for the UK's disabled sports people.

This news is brought in association with MLM Finanical - Shropshire Mortgages

Mortgages Shropshire

MLM Financial are pleased to announce the launch of thier newly updated website covering mortgages and financial services products.

MLM specialise in the supply of mortgages shropshire but also offer remortgages, first time buyer mortgages, buy to let mortgages, intrest only mortgages and more.

Furthger information can be found on their new mortgage website www.mlmfinancial.co.uk.

Nationwide Building Society Mortgages

Nationwide Building Society today announced the end of the increased reservation fee discount for existing borrowers. The loyalty discount, which is available to existing mortgage borrowers compared
to new borrowers taking out a new product, was increased to £200 in February as part of a limited offer. The loyalty discount will return to £100 at end of business on Thursday 3 May 2007.

Matthew Carter, divisional director for mortgages at Nationwide, said: "Nationwide is committed to rewarding loyalty. Many existing Nationwide borrowers were able to take advantage of the increased
loyalty discount and many more will still benefit from a discount of £100 on their reservation fee."

Nationwide offers a competitive mortgage range to suit the needs of all its borrowers, whether buying a first home, a new home, or switching deal. Full details can be found at