Mis-sold Natwest Loan

jscooby86

Hi I really need someones advice!

I completed my uni degree about 18 months ago now. I went to my local natwest branch to see about getting an 11k loan to pay off all my student debt with my partner. When in the branch the lady who took me into a small private booth was more than happy to help. Obviously I wanted a graduate loan as the APR was a lot less than the normal personal loans on offer at the time. So we went through all the application of a supposed 'Graduate' loan. There was a problem however as I had forgot to bring with me my proof of graduation so the lady said it fine all I would need to do is bring them down with me the next day and sign for the loan. So went away returned the next day on my lunch hour with the documents which were briefly looked at, signed the paperwork assuming all was well and went off with the funds deposited later that day.

18 months on and now that I work for a bank myself I began to realise that my monthly payment were quite high for the APR i thought I as on. So i pulled out all the paper work to find that I had been given a normal personal loan with a rate of 13.5% instead of the 8.4% a Graduate loan guarentees. To my horror I made an appointment to see a personal banker at the branch.

When I went down the lady explained that she didnt understand how this had happened as they didnt do graduate loans in the branch and the lady who had originally done the loan no longer worked for the bank.....so she said it will have to be logged as a complaint. 3 weeks later I heard back for a guy called Dan who was dealing with the complaint and he said if I brought my graduation certificate down that a refund who be given of the excess interest (approx £500) and a reduction of the rate and payment I am on. So I did as he asked and 2 weeks later nothing came of it. So i tried for 5 consequtive days to get in contact with this Dan.

He seemed to be avoiding me... but on the 5th day I got a voicemale asking to contact him at the branch on the phone number supplied. So I did and whilst waiting for Dan to come I overheard a conversation in the background. It was Dan slagging me off to the lady who originally done my loan who "apparently" didnt work for the branch anymore and she was calling me a liar and threatening to come on the phone to put me straight! to my complete disbelief! When he finally answered I told him I had heard everything, he quickly said the paperwork had been sorted and put the phone down! !!!!!!!!!! What kind of bank service is that!??? The idiot must have thought I was on hold which I clearly wasnt.

Can someone please advise me on what to do because as you can probably imagine I am at the end of patients.:mad:

Robert_Sterling_3

Keep persuing this matter.

chambta

I always make sure customers are on hold before I slag them off. Or to be absolutely safe wait until the call has ended.

jonesMUFCforever

What is the maximum amount thy would lend under their graduate loan scheme?
Some banks I know have a limit of £10k.

I know hindsight is a wonderful thing but did you not notice anything amiss when the CCA agreement was put in front of you to sign?
I don't think this is a missold loan - a mistake maybe but not missold.

Kavanne

The call would have been recorded so you could escalate the claim to customer relations if you feel the customer care team haven't deal with it satisfactorily.

jscooby86

Well I was in a rush on the second day I returned to sign the documents as I had to get back to work after my lunch. The limit they were offering at the time and still are is 15k

Robert_Sterling_3

jscooby86 wrote: »

Well I was in a rush on the second day

So you signed without reading the contract.

tartanterra

You should always read the paperwork, especially when such a large sum of money is involved! However, that's not to say there is no way back from this.

Persue the matter by putting everything in writing, but crucially, don't just send it to the banks customer service division. Send copies to "interested parties" such as the NUS, CEO of the bank etc., and note this at the bottom of your letter. I would also copy it to a national newspaper personal finance column such as "Troubleshooter" in The Times. Whilst the newspaper may not run your letter, the fact that the bank can see you have informed "interested parties", may give them the incentive needed to sort this out.

Good luck!:D