RBS - Can they do this?

Moif

Hello, first time poster here.

I've recently asked the RBS to lend me some money to pay off an overdraft that I built up when I was a student. I can't remember the exact figure but it worked out to be around 2500 at 70 odd per month. Not so bad, managed to get £1000 paid off in just under a year which left me with £1500 to pay.

However, last month I was asked to leave my job because due to mitigating circumstances I wasn't able to pass my driving test. That's by-the-by. I was very lucky in that I walked straight into another job which unfortunately wasn't as well paid. Consequently I asked the RBS if I could lower my loan repayments until I found myself a new job paying what I was on before.

They said this wouldn't be a problem and told that they could reduce the repayments down to 50-odd a month and extend the time taken to pay it back. Brilliant I thought and thought no more of it.

Anyway the following week when I got paid I logged into my account online and my £1500 has now jumped up to over £3000!! How the hell did that happen?

I'm now in a better position financially and want to up my repayments and get this loan amount reduced but they've told me that they can't reverse what they've done and I now owe them *more* than the original loan amount.

Is there anything I can do?

Xbigman

It sounds like they gave you a new loan to clear the old one. Did you sign anything?
If you did then you need to check the paperwork. Look at the interest rate and if there was PPI.
If you didn't then get on to RBS and find out exactly what they have done. Also, check your bank statements. That original £70 payment might show up with a reference or account number, if it did then did it change?
Regards



X

Noz

you need a better explanation from RBS?

Astaroth

Certainly agree with Noz, it is not possible to say if they can do what they have until we actually know what they have done.