Help negotiating with Natwest regarding a loan

shes_a_waterfall

Hi there.

Im in the process of negotiating with my creditors. Due to my Father being seriously ill the last year and passing away last month combined with being in my final year on university my income has drastically decreased.

I only need about 3 months of making reduced payments then I will be in a stronger financial posistion to continue making the normal payments. Due to finishing uni and working more hours and hopefully have all the paperwork sorted regarding my father.

The loan outstanding is £3000 odd and is 164.00 pm, there is only 2 year left on it.

When I phoned and explained the situation the women told me that she could not accept a partial payment as the system wont allow it and she would make a note saying that Ive contacted them. I told her that next 3 months i will not be able to pay the full installments. She said just to get in touch with them when i can i can afford to pay the installments? But they will just add charges, interest wont they? Or pass the debt onto a debt collection agency?

I really dont need harassing phone calls at home at the moment my Mums still dealing with the loss of my Father.

Am I being fobbed off by Natwest?

Broken_hearted

Firstly hugs. secondly tell them the are not allowed to phone and all correspondance must be in writing. I find that natwest are best if you deal with them face to face so go into a branch and explain your situation. You should be able to do this in a private room so no need to worry if you get upset. Ask them to freeze interest and if they add charges claim them back.

Emmzi

Hi,

it sounds like they're being realistic in what you can afford to do, and showing some sympathy over your recent bereavement.

However, to cover yourself, I would put your circumstances in writing to them, and a note of when you expect to be able to restart payments. (Also tell them how impressed you were with how understanding your telephone advisor was - a little honey can help a lot)

Ask them to confirm that this is acceptable, and send you anote of any additional charges you will incur, and any other consequences.

I would expect to have to pay extra interest and maybe a one off rescheduling fee, depending on the type of loan; but once you ave the info back from them, someone here will be able to help.

Fingers crossed, they really are just being reasonable.

shes_a_waterfall

Thanks.

The women did sound sympathetic and was very helpful. Im thinking I should go into my local branch and speak to somone reagrding it as my current account, student account and loan is with them.

Im scared though as im in about £14,000 in debt total with 1 other loan and 4 cc's.

Im in arrears with my credit cards not by much but next month I will have no wages at all. Ive just started back at work but I get paid monthly and missed the cut off.

Broken_hearted

Try not to stress about it lots of people including myself have more debt than you and three month is no time at all. then you can get back on track . Hugs again.

Emmzi

I think you should try and get something in writing from them, if you can.

Also, if your cc companies know what's going on, they may be more lenient - it's easier for them to make a note on your account and wait a few weeks, than launch into default procedures. So if you are going to miss payments and can't make minimum payments, I would let them know before it happens rather than later. It might save you some hassle with your credit rating later on.


If you have a contract for starting back at work, the bank might even be willing to sub you a couple of hundred quid to make payments - they know the money will come back to them once your pay cheque is in.