Natwest Error in loan agreement

js336

Good Afternoon,

I recently set up a consolidation loan with Natwest, to encompass my overdraft and two existing loans. This was agreed in October, subject to a six month affordability check, whereby I had to make the appropriate payments on time in order to show that this loan would be within my means.
The first payment went out on November 5th, and that same day I received a text message asking me to urgently contact the bank. Upon speaking to Natwest, I was told that I had broken the terms of the loan agreement, and that I must have missed a payment. I told them that the payment had cleared from my current account that morning, and following a little digging, they agreed and said that it must have been a computer glitch. No harm done.
6th December, the second payment went out. 19th December, I once again received a text message telling me to urgently contact the bank. Upon speaking to them this time (in four separate phone calls, because they had to keep speaking to managers) it was discovered that on my original loan agreement, the lady who had filled in all the forms had put two different payment dates, and therefore the system was expecting payment on the 5th of the month, and again on the 15th, an that was the source of my difficulty. I was asked by the person on the phone whether I'd like to raise a complaint, to which I said no - I'd just like the original agreement to be honoured. I was told that in order to escalate the issue to the appropriate place, I'd need to raise a complaint, so that's what I did.
Throughout Christmas week, I spoke to the same gentleman a few times, who assured me that he was doing everything he could to refund the recent interest charges on my loans in order to recreate the original agreement and stop my new loan repayments from having to increase. To my knowledge, this had been the agreement, and payment went out for this affordability check on January 5th.

This morning, 4th February, I once again got a text message. The Natwest representative I spoke to informed me that my accounts were in arrears and payment was due immediately. I explained briefly the situation so far, and that I was very distressed to find that this was still happening.

This has impacted my life in a lot of ways, not least causing me stress, anxiety and upset, but also adding strain to my relationship, undoubtedly affecting my credit file, and taking up endless hours of my life on the phone - often distressing my baby daughter. The person on the phone today suggested I pursue compensation, but I don't know anything about how this would work - can anyone help me with what I should do from here?

jonesMUFCforever

If you don't raise a complaint it seems it will never be resolved - start it now.

Apples2

Make sure in your complaint letter you request any adverse entries on your credit file are corrected.

DevCoder

Compensation above and beyond a goodwill gesture (and Id be looking at £100-150 max for this) needs to be on a proven basis.

That means you must prove any loss that you wish to claim as compensation, so if you can prove you were on the phone for x hours then you can claim this back in a compensation claim. Unless you can prove via a doctors letter that the stress has caused you £X amount of costs then this will fall under the goodwill gesture.