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Professional Trainee Loan - Can Anyone Help?
Hi Guys,
In November 2000 I took out a Professional Trainee Loan with NatWest for £7350 (course fees) repayments of £172.43 to be made from September 2002 by Standing Order. In the same month I took out a further £2000 (living expenses) with the same conditions repayments of £32.18 to be made September 2002 and at the end of each month for 60 months.
In September 2002 repayments for £172.43 were debited from my account no repayments of £32.18 were debited from my account. I did not think anything of this nor question this, as I stupidly just assumed that they decided to consolidate the two loans. I saw no reason for them not to take the £32.18 as I was making the repayments of £172.43 and as far as I was concerned my account held sufficient funds for both repayments to be made from September 2002 till the present day. (At no time did I make attempts to stop the Standing Order for the £32.18).
In March 2006 I received a letter from NatWest stating that they should have set up a Standing Order for the £32.18 in September 2002 but this was not done, and from April 2006 a Standing Order will be set up - this I do not have a problem with. What I do have a problem with is that now I'm £1383.74 in debt for the missed repayments something that was not totally my fault. The Bank have said that I can condolidate the loan repayments but I do not feel that this is a big enough concession on the Banks part for what I can only describe as an administrative failing on their part.
It should not in my opinion have taken four years for this to come to light and I feel I should not have to pay it all back. The question is am I just clutching at straws here? I have never missed a repayment on the larger loan and for me this non-payment should have come to light sooner considering this loan ends August of next year.
Your opinions on this matter would be appreciated.
In November 2000 I took out a Professional Trainee Loan with NatWest for £7350 (course fees) repayments of £172.43 to be made from September 2002 by Standing Order. In the same month I took out a further £2000 (living expenses) with the same conditions repayments of £32.18 to be made September 2002 and at the end of each month for 60 months.
In September 2002 repayments for £172.43 were debited from my account no repayments of £32.18 were debited from my account. I did not think anything of this nor question this, as I stupidly just assumed that they decided to consolidate the two loans. I saw no reason for them not to take the £32.18 as I was making the repayments of £172.43 and as far as I was concerned my account held sufficient funds for both repayments to be made from September 2002 till the present day. (At no time did I make attempts to stop the Standing Order for the £32.18).
In March 2006 I received a letter from NatWest stating that they should have set up a Standing Order for the £32.18 in September 2002 but this was not done, and from April 2006 a Standing Order will be set up - this I do not have a problem with. What I do have a problem with is that now I'm £1383.74 in debt for the missed repayments something that was not totally my fault. The Bank have said that I can condolidate the loan repayments but I do not feel that this is a big enough concession on the Banks part for what I can only describe as an administrative failing on their part.
It should not in my opinion have taken four years for this to come to light and I feel I should not have to pay it all back. The question is am I just clutching at straws here? I have never missed a repayment on the larger loan and for me this non-payment should have come to light sooner considering this loan ends August of next year.
Your opinions on this matter would be appreciated.
0
Comments
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£32.18*60=£1931 :mad:matlock wrote:...I took out a further £2000 ... with ... repayments of £32.18...for 60 months.
Amount £1383.74 doesn't look like some penalty for missed payments. It looks rather like interest for the period that you didn't pay anything. IMHO you have full control over your standing orders and it was your responsibility to repay the debt as agreed. Bank shouldn't chase you for the money you owe them.
However, you can try complaining ...0
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