Natwest- Refuse to freeze or reduce interest

Ervin_2

Good Day to all Money savers,

I would appreciate some advice from anyone who has debts with Natwest,in particular those with overdrafts that have been sent to the collections department in Telford.

We have 4 accounts with them and debts totalling over £30,000,we also have unsecured debts of over £20,000 to other creditors.

We enlisted the help of the CCCS in June last year and with their assistance managed to get all the companies to accept the payment plan and remove any further interest or charges, however Natwest would not stop charging interest. We took the CCCS advice to write to them every 3 months and ask them to reconsider their decision but each time they have said they will continue to charge interest as it is righly due in line with the banks tariff. However the amount that we have been paying them only just about covers the interest so we are not seeing a decrease in the total debt and this is disheartening as we have virtually zero disposable income left after paying the £875 month to the creditors and cannot live like this forever, 3 or 4 years is realistic, any more than that would be unreasonable. Natwest get 52.4 % of this total payment so very much the lions share and we told them this in our most recent letter again guided by the CCCS, this time they said to make it a formal complaint, however again the response is the same and that is the final response.

So what I'm asking you guys is what happens next?
Do they ever back down and freeze interest and if so in what circumstances?
We have told them if they fail to co-operate then we shall reduce the payment to them to just £25 month per account and distribute the surplus to the more helpful creditors but that still doesn't seem to do the trick.

Any advice on what to do next would be so appreciated, for instance how to complain to the Ombudsman? are they likely to agree with us?

Many thanks in advance

Ervin Autumnfest :money:

bottleofred

Hi Ervin,

You should write to them again and explain that if they do not freeze the interest, then the likelihood is you will never be able to settle the debt. Someone with more knowledge than me will be along soon with more/better advice.

Good luck in getting sorted

Tuscan

hi

reading your post could i have written it myself, ive been dealing with NW for 6yrs now via cccs on a 27k loan and as you they will not stop or reduce the interest, in my case they went to court in 2007 and tried to get a charge on my house, i attended the hearing and explained to the judge how i felt NW were not treating me fairly and as with you they got the lions share of the payment, in my case also 50 percent!.

cut a long story short the judge sided with me and refused the order but i did get a CCJ with a clause that they could try again after 12 months however 2yrs on the havent bothered (yet). NW are still charging me interest and theres nothing i can do to stop it as the amount i owe them falls outside of a standard credit agreement and there for there are different rules, this means even the judge could not order them to freeze it. currently they are getting £250 a month and around £200 is interest so the loan will run for ever.

they are the only creditor to refuse to help in anyway, NW are total S****, i have more than paid back the original loan as was a few years in when i defaulted then a further 6yrs payment, so 6 yrs down the line and i still owe almost the full amount of the original loan, they are utter sharks!!!


we have decided to sell up next year and clear all debts as my total debt payment is over £800 a month....

lily333

sounds like typical natwest..... we switched accounts and moved to barclays when we set up our dmp with cccs. We had an overdraft and a loan with them we continued paying them via our dmp, but couldn't give them the whole lot in one go. Unfortunately they went for a charging order and got it

AF01

Natwest will never back down. I have aloan with them and when diagnosed with cancer they went for the throat. They have been so nasty and unhelpful it is unreal. They took me to court knowing full well I could not meet the repayments they knew they would get. I applied to the court to vary the order but the judge said he wasn't able to condone the amount I wanted to pay but he in no way blames me for the situation I find myself in.

He also told me that he thought it best that he force Natwest to apply for a charging order against my share of the house, they will get this but when they do it means i no longer have to pay them each month making me better off. So I have 14 days to pay then they will start the next request for the charging order. Even the solicitor that came to the hearing was disgusted with how they have treated me and agreed with the judge that the charging order was probably the best way forward.

I need to request the figures from them though as I beleive that they are incorrect. Does anyone know where I can get a template to ask for this info under the consumer credit act ?

I am also in the process of resending a complaint to the OFT as the 1st one was shelved when Natwest pushed through the court action. They won't deal with a complaint if there is current court action.

I am hoping that they will fail to send me the correct details, so far they have told me 3 different sums that I owe them.... So that I can prove how incompetant they are to the OFT.

Any advice would be greatly appreciated.