RBS loan agreement

Lucyjane83

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Thrugelmir

The fact that you don't have copy of the signed loan agreement to hand means nothing. As provides no evidence other than your word.

Brock_and_Roll

Lucyjane83 wrote: »

When I looked at the paperwork, it became apparent that the loan agreement in my possession is absolutely nothing to with me. The name on the agreement is different, along with the amount and circumstances. With this in mind, I am pretty sure that RBS do not have any loan agreement signed by me.

This might sound sarcastic but this is how it would look in a court of law.....

.....if it was not you who borrowed the money and not your name and signature on the agreement then why have you been making payments on and off over the years!

Lucyjane83

As I say, I have paid back more than I ever actually borrowed off them. It was never my intention to try to get out of not paying them back what I owed. I don't actually think I have ever made a repayment to RBS due to the circumstances outlined above, it has always been through a debt collection company.

I just think I have been treated really badly by RBS and the fact that I don't have correct paper work from them makes me think they do not have the correct paper work either. I'm basically paying back over 4k worth of charges and interest now which I don't believe I should be.

As I say, I am just looking for information anyway.

Thanks for your replies.

opinions4u

You don't believe you should pay interest on a loan?

Lucyjane83

Considering the circumstances, I don't believe it should have ever have been a loan.

I don't believe I should have had to pay interest on £1500 worth of charges. (Charges were £35 a go which would be applied immediately to the account without notice which would trigger further charges and is the reason my account was so out of control).

I don't believe they should have continued applying charges to my account when my accounts only use was to pay into so that I could back this loan via direct debit (this was the only way I was allowed to pay).

Basically they just added £4,300 onto my overdraft and sold the debt to a debt company.

gb12345

Lucyjane83 wrote: »

Considering the circumstances, I don't believe it should have ever have been a loan.

I don't believe I should have had to pay interest on £1500 worth of charges. (Charges were £35 a go which would be applied immediately to the account without notice which would trigger further charges and is the reason my account was so out of control).

I don't believe they should have continued applying charges to my account when my accounts only use was to pay into so that I could back this loan via direct debit (this was the only way I was allowed to pay).

Basically they just added £4,300 onto my overdraft and sold the debt to a debt company.

So when RBS decided to cancel your account and call in your maxed out overdraft did you have the money to pay them back?

I'd say that you didn't so they offered you a loan to allow you to pay it back over a longer period, rather than the immediate repayment that they could have demanded. You then failed to stick to the mew agreement - so the loan was sold on and charges were added.

You could of course just stop paying and see if the debt collection agency agree that you have paid enough, but the more likely result is that you'll end up with a CCJ and a credit history in an even worse mess than it is at present.

Lucyjane83

gb12345 wrote: »

So when RBS decided to cancel your account and call in your maxed out overdraft did you have the money to pay them back?

I'd say that you didn't so they offered you a loan to allow you to pay it back over a longer period, rather than the immediate repayment that they could have demanded. You then failed to stick to the mew agreement - so the loan was sold on and charges were added.

You could of course just stop paying and see if the debt collection agency agree that you have paid enough, but the more likely result is that you'll end up with a CCJ and a credit history in an even worse mess than it is at present.

The overdraft would have been managed had they stopped adding on charges of £35. As previously stated, these charges amounted to £1300.

I could have paid back the overdraft in installments and charges could have been frozen.

Again, as stated it was a student account so I was not paying interest on the account.

Again, the money for the first loan payment was in my account and waiting to be taken by direct debit but a £10 charge was taken from my account (I was told there would be NO FURTHER CHARGES to this account). The direct debit was rejected which triggered another £35 charge on the account and before I was even notified about the rejection of the direct debit I owed them something like double the first loan payment which was soon added to by another loan payment, subsequent DD rejection and charge.

I was a student with very limited income, I would have loved to have been able to throw money at this any made it all go away but unfortunately it wasn't an option.

gb12345

Lucyjane83 wrote: »

I could have paid back the overdraft in installments and charges could have been frozen.

But RBS decided that they didn't want to offer you that option (as they are perfectly entitled to do), so it was either pay back in full what you owed or accept their offer of a loan to allow you to spread the repayments over a managable period.

opinions4u

Any self-ownership at all?

Just wondering.

Lucyjane83

gb12345 wrote: »

But RBS decided that they didn't want to offer you that option (as they are perfectly entitled to do), so it was either pay back in full what you owed or accept their offer of a loan to allow you to spread the repayments over a managable period.

Thank you for your input