Natwest loan strapped me in !!

martyfarty69

Hi guys

Just got off the phone with Natwest complaints dept ( very rude and unhelpful , what did i expect ) I took out a Natwest loan last November after having a " Financial Review " ( or in plain english a loan sales talk ) because it offered a very good rate at the amount i required, alot of things were explained to me in the branch then by my advisor but one thing that wasnt explained and is in very tiny print on the T&C's on my loan agreement ( of which i only received the yellow customer copy of the agreement i signed, never any formal paperwork outlining the start date, end date, APR etc ) is that I am obliged to keep a Natwest account open for the entire duration of the loan !!
I only realised this when i went to switch my DD's to my new A&L account as i didnt want to have the terrible Advantage Gold account anymore, and was told that i couldnt switch my loan DD.
I am fuming, I know its in the T&C's ( although it says that " IF required by the Bank the customer will open and maintain a current account with the bank " , surely that is a very vague way of telling you you have to have an account open with them, i was never told the Bank Required me to have an account, surely a better wording would be " Natwest REQUIRE you to open and maintain an account for the entire duration of the agreement" i think that is MUCH clearer ) but surely a large condition of the agreement should be made aware to the customer at the time of taking the loan by the customer advisor who's selling the loan, especially as it cant be that much of a common practice as i used to have an IF loan and that was paid from two different bank accounts at various points of its duration .
I am fuming and do not want to do business with Natwest at any point from now on if i can help it, what are my options, i dont want to keep an account open that i dont need, my finances are messy enough as it is.
Advice would be great right now.
Cheers

Astaroth

Pay off the loan (though you will most likely have to pay an early settlement fee) and then move your finances where you want?

Whilst it can be irritating to be hit by terms and conditions we do have to take our own responsibility for having signed something which has points in it we have either not read or not understood.

JohnR

Surely it would be possible to keep that account open, and only pay the loan payment from it, with a standing order from your new a/c the day before?

rockpeblar

Go through Quidco and apply for a A&L loan and get £80 cashback. Then use this loan to pay off the Natwest loan.

grumbler

Is it so big problem 'to keep a Natwest account open for the entire duration of the loan'?

JohnR wrote:

Surely it would be possible to keep that account open, and only pay the loan payment from it, with a standing order from your new a/c the day before?

Absolutely, although one day is not enough for a transfer from different bank. It usually takes 3-4 working days (or draw cash an pay it in over a counter).

MarkyMarkD

Given A&L's Moneyback Bank loan rate is only 5.5% APR, I should switch to this if they will have you - there's no way your Natwest loan will be cheaper than this. Then you can wave goodbye to your Natwest Current Account too.

martyfarty69

Hi Guys

Yeah these are all solutions i have already considered and some i will be undertaking, my question is what can i do about the fact that a vital term of the loan wasnt made aware to me, and i believe that i was missold a product .

Cumbrian_Male

Make a formal complaint of misselling to the complaints dept. then appeal and exhaust their internal processes then to the ombudsman

grumbler

martyfarty69 wrote:

... a vital term of the loan wasnt made aware to me, and i believe that i was missold a product .

Vital?! I don't think so ... Missold? Did you suffer any financial (or non-financial) losses as a result of this?

jonesMUFCforever

How did you expect to repay the loan?

martyfarty69

Yeah grumbler i think it is a Vital part of the agreement being Financially OBLIGED to keep a certain product with them without being informed thats the case.
And ejones999, i dont really get the question, i was always going to repay the loan on a monthly basis from whichever bank account i have at the time, at the start of the loan it was a Natwest current account, but now i have switched account providers then i now wish it to be my A&L account