RBS loan and Royalties Gold account.

sarah0404

Hi can someone help me out here. I recently took out a RBS loan, for which the apr was 9.9%. I know as a Royalties Gold member you can get a lower loan rate, but since I'm not a Royalties Gold member I didn't bother asking about that. I have been a member in the past, but cancelled it because it was useless for me. For a fee it allows you certain benefits like lower apr, higher overdrafts and discounts on Cds and electrical goods etc. Being a debt free wannabe I don't have the money to be buying CDs and electricals, even at a discounted rate, and I certainly don't want a higher overdraft, because thats what got me into trouble in the first place.

When I was applying for the loan nothing was said about Royalities Gold accounts, nothing was even mentioned in the passing. So i was surprised when I receieved a Royalties Gold membership pack this weekend. My partner on the way to work this morning went into the bank to see about it. He has just phoned me, with a waffly phone call about our loan being at a discounted rate, we have to keep the royalties gold or pay more on the loan blah blah.

I am extremely angry! Can they do this? I feel I have been tricked into this. No one mentioned this AT ALL. On the print out of the loan calculation they gave me there was no mention of royalties gold. I didn't go in asking for a royalties gold account loan, so why did they give me one? Obviously really, to get 12.50 a month extra out of me.

I'm going into the bank this afternoon myself to see about it, but i just wondered if anyone had any advice before I went in. Can I still have the loan at 9.9%? I thought that was expensive enough, because as a Royalties Gold customer several years ago I had a rate of 6.7%. It looks like whatever happens I'm going to be paying out more, either in the long run with a higher APR or the 12.50 a month. :mad:

Phantom_Flan_Flinger

RBS have been hounding me for years to get a Royalties Gold account.
My account has been with them for a while.

I've always refused as their 'offers' could always be bettered elsewhere anyway without paying them a monthly fee.

CD's and electricals can easily be found cheaper on the net.

There loans rate is average to say the least. When I got a loan out last October, they couldn't offer anywhere near Northern Rocks APR of 5.7%.

All you can do is go in and talk, you're certainly not going to lose out.

I had an issue 5 years ago when I made my account joint with my wife. I know they were trying to look after my interests, but when they gave my wife a card, it was only a cashcard, no Switch or cheque guarantee. I went in and complained and she got a new card.

Saying all that, she has since robbed me blind and I'm now skint - only kidding.