Please have a look - RBS

TheEnglishman07

Hi all, please listen to what I have to say and let me know whether I have a case. I took out a loan in 2006 to pay of a debt, the loan amount was 17k. I asked, at the time to the RBS agent, if I saved 1k a month could I have the loans piad off in a year?!! Answer - Yes..... So I save. 1 year on, I ask for a settlement for my loan, WOWA, 17041k 41 pounds more than what I owed on the initial loan deal. Is this right? Can they seriously do this to me. After paying 376 pounds a month for 12 months and saving 1k a month I still cant pay off a loan..... Please if anyone knows whether I have a case with this please let me know! Please bear in mind, apparently the guy I took the loan out with no longer works with ''The Royal Bank Of Scotland'' in LEYLAND!!! As you may have guessed im not happy. Your thoughts please )
Thanks
Dave

CLAPTON

perhaps give us the full details

amount of loan
APR of loan
monthly payment
number of monthly payment required
number of payment made to date
PPI amount
PPI monthly amount
was there any deferred payments or missed etc?

jonesMUFCforever

Could you not have paid an extra £1000 a month to the loan manually as opposed to saving it?
Do RBS allow overpaying?

h34v3ns3nt

You got a loan to pay off a debt but can afford to save £1000/month? :eek:

Why were you not just settling the original debt with the £1000 each month? I assume it had a fixed date to be paid by and you had your lightbulb moment a little to late.

But yes, we need more details

cazcaz_2

What happens is that they front-load the loan. You pay the interest/ part of the interest off first then you begin to repay the capital of the loan. I think that they also put an early settlement penalty on the loan - but that has a question mark over it.

RBS do not allow you to over pay. You have to stick to the regimented amount, fully settle or settle and change the term of the loan - but this proves expensive.

I hope this helps!