Coop Bank....Grrrrr...

gatwickba

So much for "Ethically Guided".

Finally got through to them regarding me being unable to afford the minimum payment on my Coop Visa card. I also have a loan and personal current account, the latter I cannot close because I have a loan with them.

I wrote and offered them 1% of the outstanding balance as a monthly payment, they wrote back and rejected it based on my current expenditure, so I called them up and the woman on the phone said I need to make at least 2% payment if I want to keep my current account. I told her I didnt and they are only using it to take payments on the loan. So...the conversation turned to "do you have a mortgage?" She told me they are working with a company (think it was ocean finance or freedom finance - not sure) and they could take all my current unsecured debt and turn it into a secured loan. I told her I wasnt interested. She replied "well, it is something you WILL have to concider" In the meantime, they have accepted my 1% per month, but not frozen interest and only for 3 months. So basically my token payment will not even cover the interest, making my debt even bigger now. All they are interested in is getting me to take the offer of turning all my debt into secured loan which I am NOT going to do (only a fool would!)

All my other creditors, Egg (fantastic), Capital One, RBS. Have been brilliant. Just Coop Bank being a royal pain.

madmoney_2

well done you!!! how these ppl sleep at night is beyond me!

gatwickba

Excuse me! I've not been "over spending", my personal circumstances have changed and I can no longer afford MY DEBT.

This thread is not about me trying to get away without paying my debt. I admit I am in debt, I am offering to pay my debt. The thing that I dont appreciate is the bank telling me that I will have to consider applying for a secured loan to clear my debt with them.

Is it Ethical for them to tell me that I must secure the debt against my home?

CharliesAngel

Is there any way you could shift to a 0% card deal and a cheaper loan elsewhere? Or add it on to one of your other loans (preferably the one with the lowest APR)? Then lengthen the term if you're willing to reduce repayments..
It's none of Co-Op's business if you have a mortgage or not, I'd be fuming!

CA

gatwickba

I've got no other means of credit, I have defaulted on all my cards and loans, just making my mortgage the top priority.
All other creditors are accepting lower payments and frozen interest. Coop are the only one not willing to help, and yes I know its their money.

rayday2

I can imagine the huge commission CO-OP would make referring you to freedom or ocean good for you. Are you offering these lower payments on your own or through a DMP, if it is on your own take a look at the national debt helpline website they have template letters you can use one of them is when a creditor refuses to stop interest.

Dave Trousers you are very wrong with your tone, if someone is negotiating payments they deserve more respect than what you or Co-Op are offering it is not like orginal poster is hiding from debt collectors she is tackling in the best way she knows how and the DFW style is to support maybe you should re-read what our Guru Martin has to say and learn a little compassion!

gatwickba

Thanks Rayday2...I am doing my own negotiations, I will have a look at the NDH site for the template and send one off when I have a reference letter from coop to link it too.

All the other creditors were very understanding and have frozen interest and charges. Its great to see a payment of £120 actually coming off the debt rather than £100 also going back on as interest. :j

I think Dave Trousers tone is the same throughout the majority of his posts, god forbid we dont use paragraphs or make spilling mestakes :rolleyes:

rayday2

I am sure you will find the NDH website a good source of support it boosts my confidence in dealing with people and if I get really stuck I scream for help here lol! Most are helpful!

Good luck!

gatwickba

:beer: I'll second that!