Loan with Nat West - money gone missing!

Options
paulsaints
paulsaints Posts: 4 Newbie
in Loans
I took out a loan with Nat West in 2002. It went into arrears. We remortgaged in 2004 and with some of the proceeds deposited, at Nat West's insistence, £10,000 into my Nat West current account. This was supposed to be held as security against the unpaid loan. Thanks to several successful recent PPI claims against Nat West it has become apparent that the £10k cannot be located!
Despite several requests Nat West don't appear able to trace this sum of money. I have also asked the solicitor responsible for the conveyancing of the remortgage to provide proof that the money was paid to Nat West but I am struggling to get any joy there also.
Does anyone have any suggestions before I go to the Ombudsman?

Comments

  • mcpitman
    mcpitman Posts: 1,267 Forumite
    First Anniversary First Post Name Dropper
    Options
    paulsaints wrote: »
    I took out a loan with Nat West in 2002. It went into arrears. We remortgaged in 2004 and with some of the proceeds deposited, at Nat West's insistence, £10,000 into my Nat West current account. This was supposed to be held as security against the unpaid loan. Thanks to several successful recent PPI claims against Nat West it has become apparent that the £10k cannot be located!
    Despite several requests Nat West don't appear able to trace this sum of money. I have also asked the solicitor responsible for the conveyancing of the remortgage to provide proof that the money was paid to Nat West but I am struggling to get any joy there also.
    Does anyone have any suggestions before I go to the Ombudsman?

    Apologies, I may be being dim here.... isn't the money in your current account?
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
  • paulsaints
    paulsaints Posts: 4 Newbie
    Options
    That's just the point - it isn't. I should have mentioned also, the account was 'frozen' when I deposited the £10k. In my opinion they should have used that money to repay some of the outstanding balance on the loan. Instead it sat in the account for a number of years and now nobody seems to be able to tell me what's happened to it.
  • mcpitman
    mcpitman Posts: 1,267 Forumite
    First Anniversary First Post Name Dropper
    Options
    Ok, can you ceck the paperwork of the remortgage to establish which sort code and account number the funds were sent to?

    If not, as you say the solicitors would be best placed to show you the completions statement and which funds were sent to which bank accounts.
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
  • paulsaints
    paulsaints Posts: 4 Newbie
    Options
    Actually I know where the money went, into the aforementioned account. Unfortunately I don't have the statements anymore and the solicitors have been taken over by another company.
  • mcpitman
    mcpitman Posts: 1,267 Forumite
    First Anniversary First Post Name Dropper
    Options
    paulsaints wrote: »
    Actually I know where the money went, into the aforementioned account. Unfortunately I don't have the statements anymore and the solicitors have been taken over by another company.

    Do you know the sort code and account number of the current account?

    Are you still with Natwest? Most banks/BS's will store all linked accounts to you if you have been with them for a while.

    Alternatively, does the current account feature on your credit report? Even if was closed at some point it may feature for up to 6 years after closure.
    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
  • Jenniefour
    Jenniefour Posts: 1,393 Forumite
    First Anniversary First Post Combo Breaker Mortgage-free Glee!
    Options
    paulsaints wrote: »
    Instead it sat in the account for a number of years and now nobody seems to be able to tell me what's happened to it.

    How do you know that? I think I would be round to the bank asap, with plenty of ID, to see if they can access information about any accounts you have had and may now be closed or just sitting there.

    I have a couple of old bank accounts with small amounts of money in that I've not used at all for years, and I always get an annual statement anyway.
  • MEM62
    MEM62 Posts: 4,754 Forumite
    First Anniversary Name Dropper First Post
    edited 7 December 2016 at 11:12AM
    Options
    You cannot go to the ombudsman until you have gone through NatWest's formal complaint procedures. In order to be successful you are going to have to prove that the £10k was deposited with them in the first place.

    The fact that a law firm has been taken over does not negate its obligation to keep files.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards