Credit Rate destroyed by Natwest Bank - please help

paulr77

I would like to share the story about my problem with NatWest Bank.

In 2009 my then wife and I entered into a joint loan agreement with NatWest Bank.

The marriage broke down and we began divorce proceedings in 2012.

We visited NatWest twice, to arrange to settle our financial obligations. The bank was not helpful, but I continued to repay the loan as per the agreed arrangement.

My ex-wife entered an IVA in October 2012. I was unaware of this or the financial consequences for me.

NatWest, without giving me the 60 day advance notice that I believe they should, blocked my bank account and my access to internet banking. They cancelled my debit card and destroyed my previously good creditworthiness.

I have had to deal with creditors because direct debits have been cancelled, and also with the consequences of not renewing them on dates as required by contracts.

NatWest moved collection of the bank loan (despite my paying on time previously) to Triton, their debt-collecting agency, who harass me monthly by email and text despite my setting up a direct debit with The Halifax to pay the full amount as agreed. Triton also disregards the original conditions of the agreement, which I had always adhered to.

The Bank has refused to remove my ex-wife’s name from our joint loan. It has also refused to divide the loan.

I am in full time employment and have always ensured my financial obligations have been met, but due to the actions of my ex-wife, NatWest have defamed my good character and ensured that I am unable to secure a mortgage, buy a car on credit, or even have a mobile phone contract. My life is ‘On Hold’ until March 2019 as a consequence of another person’s actions.

Please be advised that I have already been to the Financial Ombudsman Service for assistance, and the case is also in the hands of solicitors, but to no avail as yet.

Any help you can offer with regard to my present situation would be most gratefully received; there must be people with similar bank problems.

Gaz83

It sounds like most of your difficulties stem from them blocking this bank account. Was this bank account solely in your name, or a joint account?

DCFC79

You can still get a phone contract albeit maybe a sim only contract or a 30 day sim.

paulr77

It was a joint loan account and default marker was placed on my solo account.


Sim only contract for 1 year I was refuse by T-Mobile - they request 100 deposit due my credit score.

nomoneytoday

Did you pay "half" the loan prior to her IVA?


If so, her IVA would cause them to go after you for the full debt, if your liability is joint

Candyapple

paulr77 wrote: »

My ex-wife entered an IVA in October 2012. I was unaware of this or the financial consequences for me.

When you were divorced, were your marital assets not settled/discussed/split?

Any joint 'products' you held together you both should have contacted respective lenders and got your accounts changed to singular ones and in respect of this loan, split equally into 2 given that you were both joint applicants. If that was not possible, you and your wife should have discussed repayments between yourselves and either she forwards her half of the payments to you monthly and you pay it off, or vice versa. In the event that she wasn't able to afford the repayments, you at least could avoid ruining your credit history by either taking on the repayments yourself or possibly taking out a loan elsewhere for the balance. The lender will always go after whoever will pay with joint accounts and in this instance, it is you since your ex has an IVA.

However hindsight is a wonderful thing.

Good luck in trying to get the default removed, I think your ex has screwed you over until 2019 unfortunately.

Thrugelmir

paulr77 wrote: »

The Bank has refused to remove my ex-wife’s name from our joint loan. It has also refused to divide the loan.

Joint and several liability has been a mainstay of English contract law for hundreds of years. You are liable for the entire debt if your wife doesn't pay up. There's no discussion to the contrary.

paulr77

I was paying a full amount as agreed(my share plus my ex-wife) on time. I have a full bank statement and credit history from Experian and Equifax.

paulr77

Thrugelmir wrote: »

Joint and several liability has been a mainstay of English contract law for hundreds of years. You are liable for the entire debt if your wife doesn't pay up. There's no discussion to the contrary.

I aware about this bank regulation but if I pay on time a full amount (my share plus ex)as agreed should I have any problems? I checked my loan agreement with Natwest and there is nothing about any consequences for me if I will be paying on time, Only warning if I will not paying on time.

paulr77

Candyapple wrote: »

When you were divorced, were your marital assets not settled/discussed/split?

Any joint 'products' you held together you both should have contacted respective lenders and got your accounts changed to singular ones and in respect of this loan, split equally into 2 given that you were both joint applicants. If that was not possible, you and your wife should have discussed repayments between yourselves and either she forwards her half of the payments to you monthly and you pay it off, or vice versa. In the event that she wasn't able to afford the repayments, you at least could avoid ruining your credit history by either taking on the repayments yourself or possibly taking out a loan elsewhere for the balance. The lender will always go after whoever will pay with joint accounts and in this instance, it is you since your ex has an IVA.

However hindsight is a wonderful thing.

Good luck in trying to get the default removed, I think your ex has screwed you over until 2019 unfortunately.

During our divorce process we try to split a join loan twice but every time bank refused. I was paying a full amount of loan as agrred. My ex-wife due her financial problem enetered the IVA program. I was not aware about consequences for me from IVA. My divorce solicitor did not really know about IVA. Bank should give this 60 days notice(according Ombudsman ) which will let me escape from this hopeless situation - get a loan and repay joint loan.
Bank do not want to remove a default marker from my credit history.

antrobus

paulr77 wrote: »

During our divorce process we try to split a join loan twice but every time bank refused. I was paying a full amount of loan as agrred. My ex-wife due her financial problem enetered the IVA program. I was not aware about consequences for me from IVA. My divorce solicitor did not really know about IVA....

The bank is perfectly entitled to refuse.

You need to let go of this one. If two people get divorced, sorting out their joint assets and liabilities is their problem, no one else's. The bank was not a party to your divorce.

paulr77 wrote: »

... Bank should give this 60 days notice(according Ombudsman ) which will let me escape from this hopeless situation - get a loan and repay joint loan.
Bank do not want to remove a default marker from my credit history.

Actually the Ombudsman says that banks should give personal customers 30 days notice of account closure. The implication would be that Nat West closed your account for some reason, and you are claiming that they failed to give you adequate notice.

But you have told us that you "have already been to the Financial Ombudsman Service for assistance, and the case is also in the hands of solicitors, but to no avail as yet." Why? What did they say to you?