can you have a natwest loan without a Natwest account?

Doozer_2

Hello,

I need some information regarding an existing loan I have with natwest.

I am currently in the process of reclaiming my bank charges from natwest and therefore opened a new bank account, i chose nationwide as they were recommeneded to me.

Nationwide automatically moves your D/D's for you, the rest of them went without a hitch but the last one (the natwest loan) did not appear on my nationwide account although natwest assured me it was cancelled and i have a print out to prove it.

The D/D date came and went so I visited natwest. Natwest told me that the D/D had been cancelled by mistake and should not have been cancelled at all, they made me sign a form to reinstate it, they would not do anything until I had signed the form.

Once I had signed it I asked them if I could change the direct debit to action from my nationwide account I was told that “YOU CANNOT HAVE A NATWEST LOAN WITHOUT IT BEING SERVICED FROM A NATWEST ACCOUNT”.

I thought that statement was odd so I did a bit of research to prove that you can have a natwest loan without it being serviced from a natwest account and went back to see them. They told me that my loan was different, could it possibly be because it is a consolidation loan?.

The loan is abysmal anyway, I took it out two years ago as a last resort from being pummelled with extortionate charges and threatenig letters on two bank accounts, on one occasion they even emptied my bank accounts, the interest rate is 12.55% with £60 a month for payment protection cover. will I ever pay it off!

Seeing as I could not move my loan D/D I asked if I could change the date of the D/D to later in the month giving me time to transfer the money from one account to another. I was told the only way I could do this was to make two payments in one month and then they would reset the D/D, that’s £600, not possible.

If I could not manage the above than a solution was to transfer my salary back to natwest and set up a standing order for the rest to go into nationwide after the loan had come out, utterly ridiculous.

Next chapter

I thought it may be an idea to apply for a loan with nationwide to pay off the natwest one then I would have everything in one place.

I went to nationwide and explained the circumstances, new account with them, want to move loan too etc etc,

I went through the application process and I got turned down!

I was told that it could be due to the fact that I did not have history with the bank (I had only been a customer for a month) and that I should try again in 6 months! I was furious and complained the next day as a search on my credit history could easily have been avoided if that is the case. The customer advisor took my details and 3 weeks later I am still waiting for a response.

Does anyone have any ideas about this and how credit history works? I am at my wits end!!:mad:

Little_Miss_Winner

How much was the loan for? and how much is outstanding?

aLSO

£60 a month for payment protection cover.

I would cancel the above straight away!!!

Doozer_2

potogold wrote:

How much was the loan for? and how much is outstanding?

aLSO


I would cancel the above straight away!!!

The loan was for 10.7k, i got a settlement figure the other day of £10.1k, I am guessing the interest went first!!!!!!!

I dont think i can cancel the payment protection, I believe it was part of the loan agreement.

I am also worried because if natwest close my account as a result of the charges claim, how will my loan be serviced?

cmc_entertainment

you can cancel the ppi - but it will stay for you for a few months - thats what happended to me

amandathepanda

You can't have a NatWest loan without a NatWest current account, the funds have to be transferred over every month from the current account to the loan.

Doozer_2

When i asked the lending people they insisted that the money could be taken from any bank account (not just a natwest one) it is really getting to me as i can't find a safe and manageable soultion. I am reluctant to apply for another loan as i dont want to have loads of searches appearing on my credit history.

I thought the loan situation was strange because i have never known of this with any other lender.

cmc_entertainment

they always state that my loan HAS to come out of my current account and i cant set the DD to come out of anyother bank/bs account.

Doozer_2

I have checked my contractual agreement with NATWEST and it does not state anything of the sort.

Little_Miss_Winner

hiya,

Seeing as I could not move my loan D/D I asked if I could change the date of the D/D to later in the month giving me time to transfer the money from one account to another. I was told the only way I could do this was to make two payments in one month and then they would reset the D/D, that’s £600, not possible.

What date does your wage get paid into Nationwide? And what date does your loan at the mo get debited from natwest?

Little_Miss_Winner

Also read this link re; PPI from the fsa....

https://www.moneymadeclear.fsa.gov.uk/news/payment_protection_insurance.html

Doozer_2

potogold wrote:

hiya,



What date does your wage get paid into Nationwide? And what date does your loan at the mo get debited from natwest?

the money goes by BACS transfer into my nationwide account on the 28th of the month (or before due to weekends etc) and the loan comes out of my natwest account on the 1st of the month.

Any help would be muchly appreciated!