Closing our account

Avenger2

Could anyone offer some advise, we have had our current account with the RBS for 8 years, we successfully reclaimed approx £3K in a missold PPI policy, its a bit drawn out but basically we put our claim to them in July last year from that date they stopped taking the loan repayment. after a lot of telephone conversations we agreed a new figure for the loan to include our overdraught and approx 8 loan payments, we signed the new loan agreement and sent it off, the following day our PPI payment went into our account, so that paid the overdraught, approx 3 weeks later we received another letter from the RBS to say that they had had another look at the agreement and decided that they would not be going ahead with it so it would be withdrawn, on hearing this news I had a feeling that the remaining money in our account would taken out to repay the missing payments from the loan, so rightly or wrongly I transferred the money to another account.
As far as I am concerned there was sufficient funds in our account each month to repay the loan back in July.
We have now received another letter advising that they would be closing our account, my wife also got a letter to say that if my name is removed from the account she can stay with them!!!!!!!!!!!
Its really a matter of principal that I take it further or should I just walk away?

jonesMUFCforever

No idea but if the banking relationship has irrevocably broken down why prolong the agony?

Avenger2

We sent a letter outlining my concerns about the banks conduct regarding my overdraught, basically we were given the facility indefinitely, the bank said that this was not the case, I reminded them that the conversation I had with the bank had been recorded and if they refer to the transcript it would confirm that that is what the bank offered, their reply to that was the bank representative would be put forward for further training to prevent it happening again!! as far as I'm concerned the arrangement was with the bank and not with an individual who requires further training.
I sent the letter on the 3rd January and to this date I have not received an answer.
I think the breakdown is with the bank, I feel I need to put my case forward as I do feel we have been unfairly treated.

willo65

In the T&C's of the o/draft it will stay it can be withdrawn at any time - I would imagine the employee meant no expiry date on the o/draft.

Avenger2

Thanks for your time, I can accept that they may be able to withdraw it at any time but I have had no actual reason why they have withdrawn the loan or the overdraught.
In the letter I sent at the beginning of January I asked, but I have not received any response, only a letter to say that they will be closing the account in 30 days, it isn't a hardship as we do have another account in place but going back to my original post its the principal,

jonesMUFCforever

They do not have to give a reason to withdraw any credit facility.

cottager

If you have a record of your January letter and proof of delivery, and it was a letter of complaint, you could write again referring to it (enclose a copy) and ask them this time for a 'letter of deadlock': this should at least elicit a written response, and if they confirm you are in deadlock you could refer a complaint to the Financial Ombudsman.

You'd still have to consider and decide whether to actually go to the FO or 'walk away', but at this stage I was only thinking of a means to get the bank to respond to you.

Example of deadlock letter here:
http://www.which.co.uk/advice/how-to-complain-to-an-ombudsman/sample-letter/index.jsp
with other info from the menu top left.
Also here:
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Avenger2

Thanks I will give that a go, I do feel strongly that they should reply,I think they haven't replied because they haven't got an answer and they have cocked up!
We have always danced to their tune going back to when I was self employed, everything has always been on their terms, I sound bitter now, but may be I have got some sort of case that we have been unfairly treated.