Regal Credit - Natwest Bank

hsj2011

To cut a long story short, about 8 years ago, I opened a current account with Natwest and it turned out that they actually opened an 'Additions' account costing £15 per month. I never paid any money into the account and never used the account apart from one mistake (a £20-odd cheque which obviously bounced).

Anyway, after a year, the account had gone seriously overdrawn (purely due to the bank charges - either for the 'additions' or the cheque bouncing charge/associated unauthorised overdraft fees) and I reluctantly agreed to a £250 loan to pay the fees.

I defaulted on the lot 6 1/2 years ago and it's now vanished from my credit file but Natwest are now chasing me for £450 through Regal Credit (which I assume is for the loan) but as I agreed the loan over the phone, I wouldn't have signed any sort of credit agreement. They have somehow obtained my mums mobile number and are hassling her as well.

My problem is, I have recently opened a business account with Natwest and I'm worried that if I fight either the loan and/or the original fees, they'll close down my business account too.

Can I please have some advice as I'd love to get this sorted asap.

Tixy

Sounds like this debt is probably statute barred.
A debt is statute barred if you haven't paid anything towards it for 6years, haven't acknowledged in writing that you owe the money for 6years and assuming there is no CCJ for the debt (this is for england wales, please say if you are in scotland).

Are they writing to you chasing for this money? If so and if you think its statute barred then send the relevant letter from this post - http://forums.moneysavingexpert.com/showpost.php?p=11571227&postcount=3

Although they cannot legally enforce a SB debt and must stop chasing you if you tell them you cannot afford to pay it could affect your business account - possibly consider moving the business account elsewhere?

hsj2011

Tixy wrote: »

Sounds like this debt is probably statute barred.
A debt is statute barred if you haven't paid anything towards it for 6years, haven't acknowledged in writing that you owe the money for 6years and assuming there is no CCJ for the debt (this is for england wales, please say if you are in scotland).

Are they writing to you chasing for this money? If so and if you think its statute barred then send the relevant letter from this post - http://forums.moneysavingexpert.com/showpost.php?p=11571227&postcount=3

Although they cannot legally enforce a SB debt and must stop chasing you if you tell them you cannot afford to pay it could affect your business account - possibly consider moving the business account elsewhere?

It's not statute barred unfortunately because I made some payments towards it 2 years ago. (Only a couple of payments but still).

As far as I know, they are trying to 'verify' my address, which is why they have contacted my mum because they hadn't got my number. My mum has now given them my number but I'm yet to hear from them but if they phone me, do I give them my details or do I tell them to get lost?

hsj2011

I have just had a phone call from Regal who were very threatening. She wasn't aggressive but did state that if I refused to go through the security questions, she would arrange for someone to visit my home to discuss the matter.

She told me it relates to a Natwest Credit Card that I took out at the same time as opening my bank account 8 years ago. This default has also disappeared from my credit file due to it's age but she said that if I don't arrange some sort of repayments by 3pm tomorrow, they will start adding interest to the account. Can they do this?

They're after £900 and there is no way I can pay that in a lump sum.

Tixy

I would write and ask them for a a breakdown of the debt and at the same time I would include in the letter a request to only contact you in writing and to cease all phone calls to you (or your mum), you could also put in a paragraph about revoking their right to visit you at home. (templates in a sec).

When did you last use the credit card? are you sure that this is not statute barred even if your loan wasn't?
If they send you some proof that the debt exists then at that point you could come to an arrangment to pay. If you cannot pay the lump sum then they cannot have it. They will have to accept a reasonable offer of a monthly payment from you.

Edit - Templates
Prove it letter http://forums.moneysavingexpert.com/showpost.php?p=11570893&postcount=2
telephone harrasment http://forums.moneysavingexpert.com/showpost.php?p=11571485&postcount=4
don't doorstop visit http://forums.moneysavingexpert.com/showpost.php?p=23635529&postcount=58

I would send a letter based on the 3 templates above to start.
After that if they still insist its payable you could consider doing a CCA request on the card for them to supply a copy of the credit agreement to you (I wouldn't wait to see what they respond to a prove it letter first though)

hsj2011

Tixy wrote: »

I would write...

Thanks for your very helpful post.

I had another call from them today which I refused to answer. They left me a voice message stating (in a very harsh voice) "If you don't return this call I will have no option but to make arrangements for a visit to your home next week".

I phoned them back and told them I want proof that I owe this money. They gave me an email address (collections@regalcredit.co.uk) and told me to send the request there.

I have done as they asked, along with the 3 letters in the above post and have also found this address which I'll be posting the letters to by first class recorded delivery (can I send them all in one envelope?)

I can't believe there are people that are so naturally nasty in the world as to want to scare people like this for a job.

The address I found was:

Regal Credit Consultants Limited
Regal House
High Street
Bagshot
GU19 5AA

Does anyone know if that's the correct one?

PNPSUKNET

as above I would move your business account, if your not ltd they can and will take the money. As you have made a payment within the 6 years the clock started again

hsj2011

PNPSUKNET wrote: »

as above I would move your business account, if your not ltd they can and will take the money. As you have made a payment within the 6 years the clock started again

How soon do you think I should do that? Do you think I should empty the business account soon seeing as I've emailed the letters now?

nottoolate

hsj2011 wrote: »

It's not statute barred unfortunately because I made some payments towards it 2 years ago. (Only a couple of payments but still).

was that towards the credit card account?

hsj2011

nottoolate wrote: »

was that towards the credit card account?

At the moment I'm not 100% sure. I just know it was to Natwest. Hopefully it will be clearer when I get the statements.

Spendnsave2010

hi hope you dont mind me jumping in here - what is the "additions" on the current account? i have just opened a current plus account hoping to ge an interest free overdraft however i did it online and received the info today in the post stating my card and pin are on the way - i spoke to someone in the bank and they said i can't have a overdraft at the moment and to try again 3-6 months after opening the account but after looking at all the charges that can be incured on the account i think i may be best off with my basic account