Was talked into getting an RBS loan which I didn't ask for

poppasmurf_bewdley

JayneEire wrote: »

Thanks for your response.

I just think it seems wrong to talk someone into getting a loan which they hadn't asked for.

Sorry but it's called "salesmanship" and it's what salesmen do to people. That's why they're employed.

bargainbetty

stator wrote: »

Don't worry about these guys, they just love insulting people in debt

I don't think the tone of this thread is helpful overall, but there is an element of truth in many of the posts. It is not about 'insulting people in debt'. Lots of established forum members have seen a lot of changes and people on here and seem to be less tolerant of people who openly acknowledge that they created their debts, signed up to alternative financing and then blame the bank for their continuing spiral. Many of us have faced up to our own problems, and didn't seek to blame others.

That said, the OP did acknowledge their own actions, and ask if there was any point complaining.

Personally, and bearing in mind that 'vulnerable' in contractual release terms would mean mental illness, developmental disability or severe incapacity such as dementia etc, is does get my back up when a poster says they were vulnerable because they were in debt. Not vulnerable - desperate. It is different.

Perhaps a kinder eye in reading would result in a kinder tone in response, but freedom of posting is always balanced by freedom of response. Don't go to the public seeking validation - you will hear from those who disagree.

Foxy-Stoat_3

GUTTED. I needed a loan a few years ago and they didn't give me one, probably because of people like the OP who didn't need or want a loan but took one anyway!!!

I may start a thread and complain that people took loans out that they didn't need.

Sounds like the main problem was when the OP became unemployed and not taking out a loan that may of been financially advantageous to them.

dealer_wins

No different to walking into a showroom, and being sold a car, kitchen, TV, Computer etc

stator

dealer_wins wrote: »

No different to walking into a showroom, and being sold a car, kitchen, TV, Computer etc

Except people do seem to expect honest and competent advice from their bank, hence the whole PPI scandal.

Monkeyballs

Hi Jayne,

I had the same thing, I went along and was told I could borrow £X which I could use to consolidate my other debts which I did.

What I didn't do (because I knew better) was follow the suggestion which they gave me to close my other accounts or at least look to get rid of the other higher interest forms of credit I had at the time.

Instead, I looked at it as 'free money' which I'd worry about later as I was young and destined for greatness

I know that at the time they were actually selling me their product but I accepted because I would have a single debt which I would be able to repay over the course of 3 years and BOOM! gone I acted like prat and here I am now in debt and dealing with it

If you feel you want to make a complaint then go for it, I suspect you'll not get anywhere but my advice is to look on it as a lesson hard learned and move on with a more frugal, money savvy future

Good luck!

MB

MEM62

JayneEire wrote: »

Hi guys,

I was just wanting some advice.

Around 7 years ago I went into the Royal Bank of Scotland to pay some money into my account. That is all I went in for, but the teller told me that a note had come up on my account and I should go and talk to one of her colleagues.

I was then taken to a room and told that I was eligible for a loan. At the time I had an overdraft with RBS from my student days, as well as being at my limit on two credit cards. They told me that taking a loan out with them was a great idea as it would mean I could pay off my overdraft and two credit cards and only have to pay one monthly sum.

They made it sound like it was the best thing to do, so I went along with it.
At the time it probably was. I expect that the interest would have been lower and the payments more manageable.
But, I was already trapped in the debt spiral and on a low pay. Taking out that loan made things worse as when I became broke again, I ended up maxing out my credit cards again to pay for food/bills etc. So then I had to pay back the loan AND credit card debt.
No, taking the loan didn't make it worse. Your continuing to spend made it worse. Did you not learn your lesson first time round? Surely you should have realised that if you spent again on your credit cards that you would have to pay them off in addition to your loan. Your additional spending caused the 'spiral of debt' - not the loan.

I was paying back RBS monthly for around a year, but when I became unemployed, I missed a payment and they shut down my entire current account I'd had since I was a child.
RBS would not close you account because of one missed payment.

Now, I'm aware that the debts are my own fault and I never should have agreed to the loan. But I feel like this way of getting me to sign up to a loan was pretty unethical. Is there anyone who I could complain to? Would there even be a point after all these years?
There was nothing unethical about this and it was your spending afterwards that caused the problem. You have no cause for complaint and need to accept responsibility for your own actions.

I still have my debt with them, and although I have managed not to acquire any more debts in the last few years, I'm still on a very low wage, so can't pay it off just yet. I'm not expecting the loan to be written off by them. I guess I'm just older now and im looking back at the way banks/credit card companies used to operate pre-recession, and feel upset at the ways they'd try to manipulate vulnerable people.
In what way are you vulnerable? It is true that money was more readily available in the past but you cannot blame the bank if that temptation led you to spend beyond your means.
Thanks for reading

I have no wish to be overly harsh in my response but you were in a position where you were in debt and when more money was available you continued spending. Surely the first time you consolidated your debt should have taught you the realities of paying this money back. Paying back is never as easy as borrowing and I am sure that you did not just expect the debt to go away?

tomtontom

stator wrote: »

Except people do seem to expect honest and competent advice from their bank, hence the whole PPI scandal.

The bank offered the OP a loan and she accepted it. Nowhere has she suggested she was lied to or otherwise misled.

R_P_W

stator wrote: »

Except people do seem to expect honest and competent advice from their bank, hence the whole PPI scandal.

I think a bank is the last place I would go for advice about anything to do with my finances!

PeacefulWaters

stator wrote: »

Don't worry about these guys, they just love insulting people in debt

For complete clarity, assuming this was in some way aimed at me, I have a problem with people who don't take responsibility for their own actions.

This thread is such an example.