Natwest Loan - Advice Needed Please.

Stressed01

Hi there,

I am new to this forum, and highly stressed and worried...

So here's the story...

In 2007 my husband and I went to NatWest for an appointment to speak about a loan for about £22K (which is now £35K with interest). We had originally been told that I may not be able to get the loan as I did not have permanent residency and I had only started a full time job one week before I went to NatWest. I had not even received any wages from them, let alone 3 months worth.

The lady at the bank after doing our credit checks said that we could have the loan. (The loan is on both our names, but we found it strange that I am the first named on the loan especially because I wasn't even a permanent resident at the time).

Subsequently, I lost my job 2 months later (as the firm decided to sell up) and found out I was pregnant. I had hyperemesis during my pregnancy and was constantly hospitalised and could not work.

We then contacted the bank and agreed to make lower payments, but our credit score is now so horrific and we have since moved onto a DMP with Payplan.

Can anyone let me know, if I should have even been allowed the loan in the first place? I hear conflicting stories, but I guess many of you will know better.

Any help will be highly appreciated.

Many Thanks,
Sx

Joeler

Hi Stressed

If and your husband were required to pay back over half of the original loan amount as interest when you took out the loan, then it implies the bank thought you were a significant risk, which has turned out to be true, unfortunately.

Although it's easy to look back and say perhaps the bank shouldn't of leant you the money, they did, and you accepted it however naively at the time.

Unsure what you are asking, but in terms of improving/repairing your credit, there is loads of available help on here and people will be more than happy to offer advice and support. Start by getting copies of your credit reports from the three main agencies and seeing what is affecting it, obviously the debt management plan will be a significant part of this. Get a statement of Affairs (S.O.A) posted up on the Debt Free Wannabe board for people to look through and comment on, hopefully they will be able to offer advice on how you can reduce your outgoings and pay off what you owe faster.

Hope this helps a bit.
Joeler