Should I let Natwest take me to court?.....

Rushy666

About 7-8 years ago, I 'believe' I set up a loan with Natwest. Basically, here's the story.....

I went through a very messy and acrimonious split from my long term fiancee and we had large joint debts. These were split by Natwest, although the loan that was put in place for me was (in my opinion) way beyond my means and set me up for a fall. And therefore, on reflection, I feel as though the loan agreement I entered into was mis-sold.

Unsurprisingly I got into financial difficulty, and I've subsequently been battling them for years since. I've recently managed to get them to agree to wipe £3K in compound interest of the loan figure, after complaining to the Ombudsman - but this still leaves a current debt (according to them) of nearly £9K - only £1.5K less than the amount of the original loan despite me having paid over a total of £5 over the years. The Financial Ombudsman have said they can't do any more.

Now, here's where it gets interesting..... Natwest and the Ombudsman have now told me that they do not have any of the original documentation that I allegedly signed, either on hard copy or scanned. So my question is..... if they took me to court, could they ever prove I entered into any loan agreement with them? And if not, could I pursue them for all the money I've paid them so far?.......

If anybody has any similar experiences, I'd appreciate some advice.

Thanks, Martyn.:beer:

ceminem

Proof of the loan will not be hard as you will have banking records of receiving the loan and a payment history. If you are responsible enough to run up the debt then you are responsible enough to pay it back whatever means possible.

petermb_2

Rushy666 wrote: »

About 7-8 years ago, I 'believe' I set up a loan with Natwest. Basically, here's the story.....

I went through a very messy and acrimonious split from my long term fiancee and we had large joint debts. These were split by Natwest, although the loan that was put in place for me was (in my opinion) way beyond my means and set me up for a fall. And therefore, on reflection, I feel as though the loan agreement I entered into was mis-sold.

Unsurprisingly I got into financial difficulty, and I've subsequently been battling them for years since. I've recently managed to get them to agree to wipe £3K in compound interest of the loan figure, after complaining to the Ombudsman - but this still leaves a current debt (according to them) of nearly £9K - only £1.5K less than the amount of the original loan despite me having paid over a total of £5 over the years. The Financial Ombudsman have said they can't do any more.

Now, here's where it gets interesting..... Natwest and the Ombudsman have now told me that they do not have any of the original documentation that I allegedly signed, either on hard copy or scanned. So my question is..... if they took me to court, could they ever prove I entered into any loan agreement with them? And if not, could I pursue them for all the money I've paid them so far?.......

If anybody has any similar experiences, I'd appreciate some advice.

Thanks, Martyn.:beer:

Without a copy of te executed agreement Nat West wil n ot be able to take you to court. I would immdiately officially request a copy under section 77 of the Consumer Credit Act 1974. If you pm me |I will provide you with a template letter.

You must send a £1 with your request. If they fail to provide a copy of the agreeement within 12 days the loan becomes unenforceable ntil they do. If they have lost or destroyed it then it can never be enforced.

Rushy666

Thanks Pete - really appreciated. I hope you've got my PM with the details on to email me the letter you mentioned. If I get some closure out of this, I owe you a large beer! Thanks

fermi

CCA request - Getting a copy of your credit agreement and account details.

Link to factsheet: Factsheet | Getting a copy of your credit agreement, account details and a statement of account.

Link to online version: Sample letters | Letter if you want a copy of your credit agreement and/or a statement of the account and the creditor has so far refused to send you a copy free of charge.

(Your home address)

Date:

To:

Dear Sir/Madam

Account No: _____________________________

With reference to the above agreement, I/we would be grateful if you would send me/us a copy of this credit agreement and a full breakdown of the account including any interest or charges applied. I/we understand that under the Consumer Credit Act 1974 [sections 77-79], I am/we are entitled to receive a copy of any credit agreement and a statement of account on request.

I/we enclose a payment of £1 which represents the fee payable under the Consumer Credit Act 1974.

I/we understand a copy of any credit agreement along with a statement of account should be supplied within 12 working days.

I/we understand that under the Consumer Credit Act 1974 creditors are unable to enforce an agreement if they fail to comply with the request for a copy of the agreement and statement of account under these sections of the Act.

I/we look forward to hearing from you.

Yours faithfully


Print your name, don't sign.

CHR15

I do hope the OP keeps this updated with the progress and outcome.

All this talk of unenforceable loans but so far, nothing to prove it does (or doesn't) work.

petermb_2

CHR15 wrote: »

I do hope the OP keeps this updated with the progress and outcome.

All this talk of unenforceable loans but so far, nothing to prove it does (or doesn't) work.

The chances are you wont hear either as lenders are getting clients to sign gagging agreements.