Missed loan payment

immoral_angeluk

Then you need to put in a formal complaint to the bank, stating exactly that, and ask for them to remove the missed payments markers from your credit file, presuming that you're now up to date with payment. If you don't get anywhere ih the complaint within 8 weeks then you should raise it to the Financial Ombudsman service.

clairbear1000

So when you spoke to the manager, did you ask about the late payment markers and why the arrears were taken so long after the late payment?

We can argue forever about Natwest letting you know, but in the end they will expect you to manage your money.

You need to see if there is anything you can do to salvage the situation. Maybe check your agreement terms in case that shed any light.

If not, you'll have to put it downto experience and check statements in future.

euronorris

Whilst it's annoying that they didn't contact you, it isn't their fault the payment was missed. And yes, you could argue that they didn't do anything for 6 months and then 11 months, but you could also argue that neither did you. The banks aren't infallible and neither are their systems or staff. They overlook things sometimes too.

I know it can be easy to overlook things, but that is why I started a spreadsheet for my income/expenditure. I then check my online banking every other day (sometimes every day at the start of the month) to ensure that the payments have been taken. I then tick them off my budget for the month, so to speak. And I do that for both my UK and Dutch accounts. Perhaps you could start something similar?

I am curious though, if you had 8k sitting in the bank at times, why didn't you just call up and make a payment to clear the loan a lot earlier?

euronorris

Waynee wrote: »

I wouldnt mind ifit was 1 -2 months of late payments then the bank made contact to say your missing a payment, but 11 months and still no contact is a bit bad on there behalf.

But also on yours.

Waynee_2

clairbear1000 wrote: »

So when you spoke to the manager, did you ask about the late payment markers and why the arrears were taken so long after the late payment?

We can argue forever about Natwest letting you know, but in the end they will expect you to manage your money.

You need to see if there is anything you can do to salvage the situation. Maybe check your agreement terms in case that shed any light.

If not, you'll have to put it downto experience and check statements in future.

Yes i have asked allready for a copy of my agreement.

Yes i did ask why i hadnt been informed about the late payment, and was told perhaps the letter didnt get to you, yeah right.

Waynee_2

euronorris wrote: »

Whilst it's annoying that they didn't contact you, it isn't their fault the payment was missed. And yes, you could argue that they didn't do anything for 6 months and then 11 months, but you could also argue that neither did you. The banks aren't infallible and neither are their systems or staff. They overlook things sometimes too.

I know it can be easy to overlook things, but that is why I started a spreadsheet for my income/expenditure. I then check my online banking every other day (sometimes every day at the start of the month) to ensure that the payments have been taken. I then tick them off my budget for the month, so to speak. And I do that for both my UK and Dutch accounts. Perhaps you could start something similar?

I am curious though, if you had 8k sitting in the bank at times, why didn't you just call up and make a payment to clear the loan a lot earlier?

The 8k was saved for a new van

Crap_with_money.com

At the end of the day, most banks will send you letters or call you out of courtesy, however, as many have said before me, managing your finances is your responsibility and not the banks.

You've committed to making those payments, it's your fault you haven't made it, and the bank do have the right to take any money you owe back from you at any point - they can even take it from different accounts you hold from them if you have a savings account or whatever.

You can obviously look into your t&c's and double check your statements from both instances to see whether it was highlighted, but my feeling is even if you raise it as a complaint, from the information you've given, you'll likely have to just chalk it up to bad experience and make sure you're more dilligent in managing your finances in the future.

It's not your fault "up to a point" that you missed the payments, it's your fault entirely. Sorry to sound harsh, but from what I've read you're frustrated that you've been a bit careless, but you expected the bank to pick up the slack for your mistakes, and are now annoyed that they haven't?

Waynee_2

Crap_with_money.com, you say )the bank do have the right to take any money you owe back from you at any point - they can even take it from different accounts you hold from them if you have a savings account or whatever.)... I really wish they would of just taken the money or marked the charge they gave me as (UNPAID NWP LOAN) like they have done in 2006 when i was out of work and missed a couple of payments.

Put this search in google "should the bank inform you of a missed loan payment" and read the second link down the page (i cant post links) this guy is complaining that he missed a payment and natwest took the payment the following month, so they took double, i really wish they had done with me, why do they do it with some and not others? thats just not fair.

yes it is totaly my fault i missed the payment, and today i have been investigating my account, now the loan was due on the monday and on the friday i payed some cheques in to my account along with £205 in cash to ensure the funds were clear for the monday, but for some reason the "cash" funds was not clear on the monday as they should have been.
This is why i most prob missed the unpaid payment because 1 i thought cash cleared straight away and 2 nothing on my statment said anything about unpaid loan what so ever, just the next month on my statment there is a charge for £38 but it dont say what it was for.

Had my statement said i had missed a loan payment i would of sorted the payment out to put it right

euronorris

Waynee wrote: »

Crap_with_money.com, you say )the bank do have the right to take any money you owe back from you at any point - they can even take it from different accounts you hold from them if you have a savings account or whatever.)... I really wish they would of just taken the money or marked the charge they gave me as (UNPAID NWP LOAN) like they have done in 2006 when i was out of work and missed a couple of payments.

Put this search in google "should the bank inform you of a missed loan payment" and read the second link down the page (i cant post links) this guy is complaining that he missed a payment and natwest took the payment the following month, so they took double, i really wish they had done with me, why do they do it with some and not others? thats just not fair.

yes it is totaly my fault i missed the payment, and today i have been investigating my account, now the loan was due on the monday and on the friday i payed some cheques in to my account along with £205 in cash to ensure the funds were clear for the monday, but for some reason the "cash" funds was not clear on the monday as they should have been.
This is why i most prob missed the unpaid payment because 1 i thought cash cleared straight away and 2 nothing on my statment said anything about unpaid loan what so ever, just the next month on my statment there is a charge for £38 but it dont say what it was for.

Had my statement said i had missed a loan payment i would of sorted the payment out to put it right

Why didn't you query what the charge was for? Surely that would've stuck out to you as unusal? Didn't you want to know what is for and make sure you were right to get charged?

I'm sorry, but they are your accounts and your finances. Any way you look at it, the onus is on to you to manage them and ensure all is in order.

Crap_with_money.com

Waynee wrote: »

now the loan was due on the monday and on the friday i payed some cheques in to my account along with £205 in cash to ensure the funds were clear for the monday, but for some reason the "cash" funds was not clear on the monday as they should have been.
This is why i most prob missed the unpaid payment because 1 i thought cash cleared straight away.

Cash generally does clear straight away, depending on how/what time of day you paid it in? Did you pay it in over the counter? Or did you put it into one of the pay in slots?