Please help, RBS con!

Melly31

Gonna try n narrow this down to as little as pos to not bore you...
Been helping a friend, she got a loan with RBS on 7th March 01 for £4,500 (got loan agreement-£4,500 loan, PPI £2,033, 10yr loan! Interest rate 18.8%, total interest payable £7,280.20, total payable for loan inc interest £13813.20! Monthly repayments £115.11)
They then persuaded/harassed her (rang her at work & home, sent letters etc) to advise(?!?!) her to consolidate this loan with her overdraft (overdraft was £1,365.08) on 7th Feb 02-at which point she'd repaid £1,266.21 towards loan 1, repayments then were £208.65 a mth!
She complained as her monthly repayments had almost doubled & on 9th Oct 03 RBS gave her a new loan to refinance existing debt which cost her £155.44 a month, total loan amount £5,761.06 + PPI £1,457 over 5 yrs at 10.9% apr-total amount repayable inc interest £9,326.40 (at this point she'd paid £4,173 & £1266.21 off loans 1 & 2!).
In total so far she's paid £6,159.25 for loan 3-add this to repaid amounts for loans 1 & 2 & it totals £11,598.46, lets bear in mind she's only ever received £4,500 cash & £1,365.08 to repay overdraft!
Funny thing (well not very funny) is she's only got copies of loan agreements 1 & 3, now she's a complete & utter hoarder-keeps everything & anything BUT she's got 2 copies of loan agreement 1 BUT 1 has date in bottom corner which is same date that she took out loan 2!?!?
Anyhow in Feb this yr she asked for a copy of loan agreement 2 (I asked her to do this as payments etc didn't add up), so RBS stopped her monthly repayments as it was classed as a dispute (got this in writing), this loan agreement cannot be found (thought they were supposed to keep them for 6yrs?) Information Commissioners office have been involved & issued RBS with something (not sure what) as they cannot produce loan agree no 2?
I have been speaking to RBS (pretending to be my friend-prob illegal?) & just 2 days ago someone said loan agreement 2 was for £10,000? (£208.65 a month for 10 yrs! I’ve worked out interest rate was 22.287%!)
But as she took out loan 2 to consolidate loan 1 with her overdraft of £1365.08 & she'd already repaid £1266.21 towards loan 1-which was only ever for £4500-how can she have needed a £10,000 loan? (I’ve seen her bank statements & she did not receive a single penny from this loan!).
I helped my friend fill in a form for Financial Ombudsman to look at it quite some time ago, got a call from woman dealing with it on Thursday (my phone number is on claim form etc), very very snotty woman; states that RBS are NOT obliged to provide copies of loan agreement no 2 as this loan does not exist anymore, I said ‘but it’s directly related to loan agreement no 3’ but she said it’s tough & as she can only look at loan agreement no 3 (which we & her have copies of) & my friend has signed it meaning she obviously agreed with it-hard cheese, basically! I honestly think the woman secretly works for RBS!
So where do we go from here?
Still have no idea why my friend needed a £10,000 loan for loan 2, she also took out PPI for all 3 loans (PPI amounts to £3490 for loans 1 & 3 not inc interest-have no idea what PPI was for loan 2, but if £10,000 loan was needed I estimate PPI to be £4154.81 for loan 2!)
I personally think that as loan 3 was to refinance loan 2 surely RBS should have copy of loan agreement 2 (esp as we asked for copy 3yrs & 5 months after loan was taken out)?
Financial ombudsman won’t help, Information commissioner’s office have reprimanded RBS for not having it-but that’s it & it still seems odd my friend has 2 copies of loan agreement no 1-yet 1 is dated when loan agreement no 2 was taken out? She did not look at agreement at time-just filed it away & is adamant she did not photocopy loan agreement nor did she bin it!
Anyway sorry to have rambled on, any help at all would be very gratefully appreciated.

Mel

k1mmie

there is a site that was recommended to me called loanchecker - if you go to the thread that is about PPI it should be on there. I fyou cannot find pm me and I will give it to you. You put the basic details in and it tells you if there is a case to claim. Also I agree with you. I too had a loan with one company and they encompassed this onto another loan, so surely the loan 3 repaid loan 2 ete. You would think!

Melly31

Hi, thank-you for that, but i'm not sure it relates to my concerns?
I'm more interested in if RBS have broken any laws by not keeping a copy of loan agreement no2, esp as it directly relates to loan agreement no3 & it was only taken out 3 1/2 yrs before we requested a copy of the agreement?
Esp when you consider that the loan was apparently for £10,000 & they cannot explain why a £10,00 loan was needed to refinance a £4500 debt!
I've filled in the details on loanchecker but it didn't ask for many details, so i couldn't really explain the situation esp as we have no idea how much the PPI costs were for loan2?
It's asking for a £10 fee for copies of loan agreements that i know RBS cannot supply? What would they then do if RBS couldn't supply it to them?
The financial ombudsman have stated that RBS do not have to keep copies of loan agreement no2 as it's been repaid?
Is this correct? (It's been repaid with another loan so surely they should keep a copy of it?) Financial ombudsman also stated that my friend signed loan agreement no3 so that means she must have agreed with that 1 & as it was to repay agreement no2 she must also have agreed with that loan?
She only ever took out no3 as the repayments from loan agreement no2 were crippling her, so by taking out no3 her payments reduced drastically & the term of the loan halved!

k1mmie

Hi Melly. There is a chap on one of these threads. Let me see if I can get you his ID. He will be able to advice you.

k1mmie

hi Melly.

Here is the answer I put to him, and his reply.
Originally Posted by petermb


Both. We can then go back after the event if they got the first loan wrong. This will have an weffect on the second.


See if you can find him on PPI discussion boards. He will I am sure have the advise you are looking for. If you cannot find him, let me know and I will ask him to contact you. All the best and good luck.

kim

Melly31

Thank-you k1mmie,
I have just PM'd Peter, thankyou for your help.

Mel.