natwest cannot loacte credit agreement

bridget81

if a bank cannot locate your credit agreement for a loan, and i do not have a recalculated copy where do i stand?

i cancelled PPI on a loan and did this over the phone, but my loan term has gone up 2 months and i have been told it is a new loan, therefore i should have a new loan agreement, but dont and cannot recall signing one (and i keep everything). Natwest cannot locate it after 3 months of looking.

i am not disputng i owe the money, and have not missed a payment, but do dispute the total amount i will end up paying.

ANy advice will be greatly appreciated

(sorry it's a short post, this is my 3rd attempt as lap top keeps crashing!! :mad: ):mad:

jonesMUFCforever

Without a signed agreement the debt is unenforceable.

Do you think that Nat West have increased your interest rate on the new loan which might explain the increased term?

bridget81

thank-you for your reply,

apparently not, the original agreement that i have / had is 7.7% and natwest tell me the interest rate remains at that as that was my initial thought to explain the payment increase.

if the debt is unenforceable could natwest not argue with me that i have carried on paying the loan? would it be viable to say that since i became aware of the discrepencies and my concerns i have continued ot pay in order to maintain my credit rating??

thanks again

jonesMUFCforever

They could argue that point -(which IMO is valid) but they could not take you to court in the case of you defaulting, which also means that they could not get a ccj against you.

Rafter

I suggest you write to them requesting the information they do have about your loan and loan history from their systems.

Expressly ask them why the loan term and number of payments have increased and reconcile the total amount you will pay since the loan was rescheduled. Someone on here can then confirm that they have calculated the interest correctly.

In all likelyhood they are correct and you will have paid the right amount. When they recalculated your payment when you cancelled PPI, someone probably input the wrong number of months or something and you ended up paying the correct amount, just over a slightly longer period.

R.

bridget81

thank-you for your replies.

within one of their responses they put that the:
original loan amount £6500
interest 7.9%

outstanding loan at time of cancelling PPI £5347.44
monthly repayments were £164.89.

new loan without PPI was £5475
monthly repayments 47 * £132.63 with a final payment of £132.78.


in my letter to natwest i have asked:
for figures of PPI rebate and how this was calculated.
also for interest figures to be recalculated.

i didnt mind my payments going up as i asked if i could continue to pay £164.89 a month in order to pay loan off quicker and was told no.

so loan difference is £127.56, plus 2 months payments.

i think i have answered some of your questions. but i am still waiting for answers from natwest customer relations.

Thanks for your help.:beer:

bridget81

47 monthly payments of £132.63 plus £132.78 = £6366.39

original loan 14 months payments of £130.55 = £1827.70

total i will have them paid back is £8194.09

£8194.09 - £6500 = £1694.09

APR is 7.7%

god knows if i am working this out right as i was never any good at maths!

homer_j_3

is there not a legal timescale in which this agreement should be produced?

bridget81

i am not sure to be honest, i'll have a look on the internet to see if i can find anything out.

i phoned customer relations earlier to ask for an update, he said the lady who is dealing with my case is off at the minute so i asked him for an update. All he could tell me is that they are waiting for some information from the lending centre, (im guessing the one where the loan was processed) and he said they are usually quick in sending info. I asked why this was not requested when i initially complained and he said when it goes to customer relations they start again from scratch investigating. Naturally im not happy as this will prolong the whole thing even more!

thanks for your advice and responses. :beer:

bridget81

i have had a look at the consumer credit act, and also on a old link from this wonderful site.
the act was a bit difficult to read,but from what i can understand when you request a copy of credit agreement they have 12 working days to produce this. also if one month goes by after the 12 working days then the company are committing an offence. can anyone clarify this for me???

thanks again for your assistance. :beer:

davesdaughter

Hi

yes you're right. They 12 days + 2 days for postage to produce the agreement once you have put in an official request. If they do not produce they are in default. They then have another 30 days and if they still don't produce they have committed an offence.

hope this helps