Help with Nat West loan

IN_LIKE_EVERYONE_ELSE!

I am helping an elderly Gentleman with a £15,000 Nat West loan, this chap is 66 years old and has learning difficulties, the original loan was for £5k, it seems that everytime he set foot in the branch they asked if he had a few minutes to discuss the loan, they have rolled the loan by offering reduced interest rates on the new borrowing. I really think this is unfair and want to do all I can to sort this out. He has no income but does own a bungalow outright and a couple of small pensions. This chap is afraid and has only just told his wife about the loans after he was mugged in the street. (as well as being mugged in Nat West, I am torn between the bank and the mugger as to who is more despicable.)

He was also given £7k from Lombard, strangely enough, part of Nat West, well there's a coincidence!

The family does not want to incur solicitors fees or go to the press.

Any help would be much appreciated.

Robert_Sterling_3

IN_LIKE_EVERYONE_ELSE! wrote:

He was also given £7k from Lombard

Do you mean he also had a loan from Lombard?

Mojo25_2

Hi
I'm not an expert but I've seen this kind of thing being taken up by the likes of Watchdog. Banks have been in trouble before for selling loans to people without the means or proper financial understanding to deal with them - often resulting in the debt being written off. Maybe contact the CAB or surf the net on consumer issues - they may well have broken the banking code.

Mojo25_2

Hi again
It was BBC's real story I saw it on - in this case it was Lloyds TSB. Have a look at this:
http://news.bbc.co.uk/1/hi/business/3906313.stm

IN_LIKE_EVERYONE_ELSE!

Thanks for that, if anybody else can help I would be most grateful.

southernscouser

I think you should give your local citizens advice bureau a call. Yhere are rules against irresponsible lending and this could come under that!

Not sure but maybe even a financial ombudsmen! Could be wrong though!