Massive issue with natwest

andyricco

Orville wrote: »

I think what he is saying is that he come to an arrangement to pay, but yet they failed to set this up twice. While this was going on they kept charging him interest even though they are at fault for not setting it up.

I think that is the main reason why he is peeved.

That's exactly why I'm annoyed, thanks for reading the post.

I know about credit files, that's why I accept that it would be affected.
My main problem is with the way they have dealt with my account and situation. Maybe it's just me, but I fail to understand how they think an arrangement like this could help anyone. Personally, I think they've made enough money out of me loosing my job, I see it almost as though they take advantage of the situation knowing that it's not really helping - even agreeing to hold the interest for the duration of the agreement (initially 3 months) - what have they lost? 0.5% of a bonus for a director?

Still, I'm happy I can clear the balance completely now, so I can get rid of them for good.

andyricco

MrRedundant wrote: »

It wasn't their fault. You lost your job and couldn't pay and they invoked their contractual rights. Given you were quick enough to try and invoke your rights you can hardly criticise.

I don't blame them for invoking their contractual rights, and yes, I could have just left it to go through the collections procedure without invoking mine, but the point of the thread is that a) how is setting an agreement for less than 50% of the monthly interest going to help anyone and b) they kept messing the agreement up - not very professional of them.

andyricco

CHR15 wrote: »

I find that completely bewildering how you can genuinely feel that you are the victim.

Haha, well I do because of how it was dealt with by the bank. As if the shift in circumstances wasn't enough to deal with without having to go over and over and over it with the bank - they did not make it easy at all.

Thanks for the input.

andyricco

Hi,

Thanks for your input.

zppp wrote: »

2. They have told you the terms of the plan. They look to reduce the monthly repayment for an agreed period, but you have to pay the arrears within a set period. This was told to you at the time the plan would have been set up.

I wish it was - it was maybe supposed to be, but if it was, I wouldn't have a problem.

zppp wrote: »

3. Re your massive inconvenience. You may feel inconvenienced, but at the end of the day they are under no obligation to do anything and just refer you to the CAB or CCCS. Because you were unable to meet your monthly loan repayment, you have requested this help and that's what they have done. I don't see how you can play the victim card now.

I'm not playing any 'card' now. We agreed something, they didn't set it up numerous times - that didn't help me. I know they're under no obligation, but surely if they offer the assistance, they should really have the skills to stick to their word?

zppp wrote: »

4. You begrudge paying interest and charges that have incurred which are what? The only charge on a NW loan is a default fee of £30. As for interest, it is calculated daily but detailed on your loan agreement. If you fail to make a repayment on time or make reduced repayments, this will incur additional interest on the loan.

I fail to understand how NW justify maintaining the normal level of interest whilst on a hardship arrangement at 200% of the agreed repayment amount is responsible lending? I never expected the interest to be ceased completely, but I'm not the only one who lost their job over the last couple of years, you'd have thought they would have a policy to actually try and assist the customer instead of maintaining a level of debt - even if it's for a short period of time.

zppp wrote: »

I suggest that you see a debt charity, i.e. National Debtline, CCCS or CAB with regards to your situation.

It's all sorted now anyway, but thank you for your input.

zppp

andyricco wrote: »

I fail to understand how NW justify maintaining the normal level of interest whilst on a hardship arrangement at 200% of the agreed repayment amount is responsible lending? I never expected the interest to be ceased completely, but I'm not the only one who lost their job over the last couple of years, you'd have thought they would have a policy to actually try and assist the customer instead of maintaining a level of debt - even if it's for a short period of time.

200% would not be correct if you are making some form of repayment. Think of it in these terms;

Your loan payment is £200 per month and you are paying your contractual interest at 100% because you are making repayments.

You lose your job, and you need to make a reduced payment of £100 per month. In this case you will have the 100% plus approximately another 50% on the basis you have made half a repayment. Thus you are looking at 150% for that month.

With regards to your point of assistance, as I have stated previously, they don't have to do this. When they process a loan, you are read or shown a script about the fact they don't sell insurance, and how to get insurance if something goes wrong, namely giving an FSA website. It may be something you want to look at down the line.

Saying of this though, I am glad things are now sorted for you.