Natwest issue letter closing accounts

marko9

Recieved letter from Natwest informing me they closing my accounts which includes: -

• Current
• Saving
• Loan

I been with Natwest for 20years always in credit, although i missed couple payments long while back on the loan account. The loan account is currently £7.5k and i have more than this in savings so am guessing they can just take this monies if i dont withdraw very soon??

however, one thing i am yet to mention is i also hold a business account with Natwest and the company went bust (insolvent) and Natwest was one creditor was owed 8k....(thats life)

...but its !!!! how they are allowed to do this clearly out of spite.

Does anyone have any similar experiences?

jonesMUFCforever

Yes yes and yes.
You might think it spite but they have made a business decision that they do not want you as a customer or there is something else which you have not written.

paulmcerlean

Have heard of this happening. It's a business risk decision. Not spite.

le_loup

Let's say, in your business dealings, you had a customer who went bust and left you with a bad debt. Let's then say, the owner of that company set up again and wanted to do business with you. Would you say no? If you did, would that be spite?

Debt_Robot

Can you clarify something for me - was Natwest owed 8K and saw that money back or were they owed 8K and they didn't get the money back?

Not trying to pry into your life but can you use your savings to pay off the loan? That might help you get back in their good books or can you offer to pay some of the 8K back with your savings?

Of course, companies go bust which is part of life, but I do believe you should always endeavour to pay your debts unless you go bankrupt.

KingElvis

I would be shifting my money out of there pronto before they twig and grab it.

marko9

Kingelvis - intend moving all my monies asap to my wifes account with Lloyds. On separate issue can i have my salary directed to a account not in my name until resolved?

Debt robort - the business account went 8k overdrawn, but did offer to negotiate a deal that some of the debt is shifted to my personal loan, but they never replied to my letters.

I have the monies to pay the loan yes, but the loan APR is excellent (4.9%) and rather hold the cash for the unexpected, than pay the loan off.
but its good advice and have written letter today offering to pay loan amount off asap to reduce the risk -so lets see the response IF i get one at all.

PaulMcerlean - I dont see the risk on my personnel account - i am always in credit around 7k+ with income of 8.5k a month and outgoings 2k - remaining going towards savings. So it baffels me why/where the business risk is here??

JonesMUFCforever - i dont see your point? What else should i write?.....been straight forward normal banking with a failed business.

Of course its easy to open new account else where, but i actually like Natwest service and the online and iphone app services are first class personally.

jonesMUFCforever

My point is that you think it is spite when in fact it is a business decision - after your business failure cost them they don't want to take the risk with your personal accounts.

DCFC79

Well your going to have to get used to being with another bank,

chambta

I'd do the same if I were them frankly. If someone owed me money and didn't pay it back I'd not want to deal with them any longer.