rbs draw down facility loan ?

hickers31

can anyone help ? in january 2007 we took out a draw down facility loan with rbs our mortage advisor arranged this with an intermidiate department within rbs (this department is no longer running )to do home improvements to our new home that needed loads of work our mortage advisor advised us this would be the best loan cause the apr was realy low and it would allow us to take further advances from it in future to do more work . in december we went to our local branch with a recent statement to take a further advance the branch manager informed us that a draw down loan has not been done in 10yrs ? we tryed to explain but he went and made several calls and said they could not help and that they could not find the original credit agreeament and would only honour it if we could find our agreemnet we have searched everywhere and can not find it we then sent a letter requesting this from a template off this site recorded delivery they received it but no acknowlegdment we then sent another letter to the complaints still nothing ! we are stuck now on what to do should rbs keep the agreemnet especialy seeing this loan is still running we have never missed a payment and all our statements states the loan to be draw down facility loan ? hope someone can give advise

[Deleted User]

write to stephen hester(their overpaid boss)at their edingburgh head office and complain

jonesMUFCforever

If I have it right you had a drawdown loan which enabled you to in effect get a further advance on your mortgage.
Why not ask them now for a further advance?

How much do you owe on the mortgage and how much is your house realistically worth?

If they don't give you what you want a re mortgage would be your only alternative provided the loan to value ratio is ok and you can show that you can afford the repayments.

hickers31

hi jonesMUFCforever

this has nothing to do with our mortage it was a personal loan for home improvements it was a very good loan our mortage advisor got with very low apr and should of allowed us to take further advances in future back to the original amount borrowed , i dont know any banks that offer this type of loan or the apr rate im trying to find out if a company has got to keep a copy of the original credit agreement and terms and agreeement as rbs are not acknowledging any letters we have sent and even phoneing them has become a nightmare as they pass you on to different departments and then say the department that set the loan up is no longer running but without the original agreement they wont honour the further borrowing

Vikipollard

I wonder how fast they'd find the agreement if you stopped paying and asked them to prove you owed them the money.

I'm NOT suggesting you should do that by the way, but it's funny how they can find you owe stuff when it suits them.

No valuable advice from me I'm afraid, but I hope you get it sorted.

bouncydog1

How low was the APR? It definately sounds as if it was a loan that was secured on your property - are you receiving statements from the bank and what do they say?

hickers31

thanks viki

hi bouncy dog

no this was not secured on the property and yes the statements states its a draw down facility loan and its actauly like a bank acc you pay your monthly payments in and then every 3months they take the interset from that account , also we have recenty noticed its not showing up on any of our credit reports and still no response from rbs :mad: