RBS defulted/ delinquent account- Build up of missed loan repayments

amber_b

Hi There ,


I would really appreciate any advice on the best thing I can do to rectify the situation, here's the story :


I got a loan from RBS for £ 7,500 at the end of 2012. I paid this on time with no problems until a few months into 2014 where a change to income and some unexpected bills meant I didn't have enough money to pay one month.


My circumstances changed and the loan repayment of £188.80 a month was becoming a struggle now. I approached RBS and they agreed a courtesy month break from the loan and advised that should I wish to reduce my repayment I should write to them with a breakdown of my outgoings and suggested a loan repayment that would be more suitable until I was in a better position to increase it again.


This was rejected ( perhaps it was too low in hindsight) and I was advised to default on the next payment and wait for the debt recovery team to contact me as 'they would be able to arrange a lower repayment, although this step would prevent me using the account and affect my credit'. I asked if there was a number I could call to discuss but was assured that they would contact me.


I missed a payment and didn't hear anything. I called RBS and was told again that I would receive a call from Debt recovery. Things took a turn for the worse, my flatmates and I were given 1 months notice to leave and it was 5 months until I was able to get back on my feet and find somewhere to live (still had the same number, not one call from them)


I'm settled and although I felt scared to confront it know that if I leave it , it will get worse. The last I checked last year I owed £5400 ish on the loan and £400 ish on overdraft.


I recently did a credit check and found that my score is 798 out of 999 and I now owe £ 6400. As I have left it so long I would like to know the best thing to do.


I need to contact them before it gets out of hand and would like to know the best things to say, I'm a student ( full-time course) working part-time and would like to pay an amount that is reasonable for my current circumstances.


Any advice on this will be greatly appreciated , many thanks !

[Deleted User]

All you can do is contact them and agree a repayment plan. They will probably want you to provide a breakdown of outgoings to ensure your offer is reasonable.