RBS now refused already agreeded settlement - any advice

angeleyes

Hi guys
Really hoping for some advice over this as feel sick to my stomach, i thought the nightmare was over
I owed RBS £10k for the past 5-6 yrs (2 overdrafts and 1 unenforceable loan ) after numerous letters offering settlements they finally agreed to accept £5100 over the phone (after speaking to a supervisor) they then sent letters confirming this figure would show as a particle settlement and these liabilities would not be pursued any further by themselves or any other parties, I sent the cheque off by recorded delivery along with a letter confirming all the above.
I thought I was finally seeing the light and would almost be debt free , However this morning I received a letter from them also with the chq back stating they now will only consider £7000 !!!! which I certainly haven't got - I was only lent the other money from my mum on a long term flexi loan on condition it would clear my debts. so my mum will now want this money back, where do I stand with them cos they originally agreed and also confirmed it in writing before i sent the chq - im just so angry and upset :mad:- Can they do this ??? Where do I stand now ???

bottleofred

Hi angeleyes,

As you only have a verbal agreement with RBS, I think you either have to try to renegotiate the settlement figure or pay the £7000 they have requested. Don't misunderstand me, just because they have said they want £7000 doesn't mean you have to pay it and you could make a counter offer of the original settlement amount (in writing) and see how you get on. Can I ask, have you paid any money towards this debt or accepted liablility for it in writing in the last 5-6 years and when was the last payment made on the outstanding amount?

angeleyes

They confirmed the settlement offer of £5100 also in writing after the phone call.
I paid some on a ccs plan but couldnt afford that so had to stop so if they wanted monthly payments the most would be £1.60 pm !! which I showed the on the income and expenditure form which inc all my incomings and outgoings

Last payment was made approx 3 yrs ago via .

I can't renegotiate as I havent got any more, this money was coming from my mum who also hasnt got anything else - I have told them all of this

I just don't understand how they can accept a settlement then confirm it in writing and then back track and go back on their word !!!


they arent open again til monday I just needed advice on how to approach them and what my options are

thanks

angeleyes

any one ????

Oneday77

I can't really add much to this. However if as you say the agreement was confirmed in writing and you have sent the cheque in a reasonable time. Then write back and ask about their formal complaints procedure, which they have to provide. This should at least put everything on hold while you complain.
If no resolution comes out of complaining the write to the Ombudsman, you must complain to the bank first though.

moofychops

Oh dear angeleyes, have you done the maths for your monthly offer. 10.000 dividrd by 1.6 equals 6250 months or 520 years approx.
please please write again to them offering the 5100, and see what they say again. A second letter may swing it for you.
lots of (((hugs)))

DVardysShadow

Give the money back to your mother and stick to paying £1.60/month.

In rejecting your offer someone has smiled on you I think. Certainly, if I knew that it was all the money your mother had and that you could only afford £5100, I would renege on the agreement on behalf of RBS and raising the demand to £7000 looks like a good way of doing it. Which is probably why I wouldn't have a bright future in debt collection.