Help with a Natwest Loan Please..........

KATIE239

Hi

I have recently applied to re-finance my loan with Natwest after difficulty in meeting the monthly payments, I originally contacted them in January and it is still going on!!

It took me about 4 phone calls to them for someone to actually help, I did also speak to a debt management company who advised me to do what i could to sort it out with the bank first and if that failed then to go back to them, being just 22 I did not want to go down the debt management route as i have heard this can have an adverse effect on my credit score.

It now seems that this may be my only option, I have had 2 different sets of paperwork from Natwest, the 1st i agreed with signed and returned, when i didnt hear anything after 1 week i had to continously chase them to be told they had done it wrong and i would have to go through the application again, they sent me out another set of paperwork of which i did not agree with the figures so called and asked for a breakdown of the loan to see how they got those figures and was spoken to like i was stupid.

All the time this has been going on I have continued to pay the original monthly repayment that was agreed in January, as they have not updated there system it is showing that my payment is £80 short per month, so i am being charged, as you know with charges it is never ending and i now have £1,000 worth of charges sitting on the account that have built up over the last few months. They have now also threatened to default the debt as i have been on there system for 190 days but my arguement is if the first set of paperwork was correct (not my fault it wasnt) then i wouldnt be on thier systems and everything would be sorted by now

Someone told me about a debt management plan and if i went through a company my credit may as well be written off for 6 years but after that everything would return to normal.

Can someone please give me some advise as to what route i now need to go down? I am still waiting for Natwest to call me back, a promise that was made on Saturday but do not know who i need to speak to or what other options there are available to me.

What would happen if the debt was to default? I have had contact with a collection company before and it wasnt a very nice experience, and also if it true that the majority wont accept part/monthly payments and it must be in 1 hit, and pass the debt around and then sooner or later it will disappear??

RAS

Welcome

You need to get some independant advice from one of the debt charities, before you go any further, see here http://www.moneysavingexpert.com/loans/debt-help-plan#help for contact numbers.

if you are stuggling to pay the loan already, then playing with it is going to cost you more in the long run, so get advice first.

KATIE239

thank you, i have tried to call the national debt helpline already today but am at work so it was abit difficult, i will be calling them this evening.

Thank you