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Natwest Loan - Couple of Issues..Advice needed!
Hi Guys,
I am currently in the process of helping my partner sort her loan out (with Natwest). Now we have been in touch with National Debtline and sent the budget sheet and covering letter, we had a reply back from Natwest saying they do not hold any records for this account...Seems a bit strange, so they have asked for more details previous address etc, surley they could find her details and loan in their system?
Anyway this letter has been written and is due to be sent but as I was sat reading through her loan agreement and statements the Fixed annual rate has been changed... This doesn't seem right, when she took the loan it was 7.1% fixed annual rate over 84 months pre paying £379.07( this is all shown on the loan agreement paperwork). However upon checking her statements the interest rate is now 10.75% and she has been paying £424.95. I don't quite understand how Natwest can change a fixed rate and the payment per month, I appreciate that her amount payable per month will go up according to the interest, but are Natwest allowed to just change her fixed annual rate?
She is very good at keeping records etc and I can find no mention of the interest rate being increased in any letter at all....So any thoughts or help would be much appreciated!
Regards
Kate
I am currently in the process of helping my partner sort her loan out (with Natwest). Now we have been in touch with National Debtline and sent the budget sheet and covering letter, we had a reply back from Natwest saying they do not hold any records for this account...Seems a bit strange, so they have asked for more details previous address etc, surley they could find her details and loan in their system?
Anyway this letter has been written and is due to be sent but as I was sat reading through her loan agreement and statements the Fixed annual rate has been changed... This doesn't seem right, when she took the loan it was 7.1% fixed annual rate over 84 months pre paying £379.07( this is all shown on the loan agreement paperwork). However upon checking her statements the interest rate is now 10.75% and she has been paying £424.95. I don't quite understand how Natwest can change a fixed rate and the payment per month, I appreciate that her amount payable per month will go up according to the interest, but are Natwest allowed to just change her fixed annual rate?
She is very good at keeping records etc and I can find no mention of the interest rate being increased in any letter at all....So any thoughts or help would be much appreciated!
Regards
Kate
0
Comments
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As you have read the original loan agreement and not found anything to agree or disagree with the interest hike, the best thing to do is for your friend to make an appointment with NatWest to get this resolved.0
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