natwest cannot loacte credit agreement

bridget81

ok, i've received a letter today from a customer relations manager today.. in a nutshell i will try to explain (sorry if i waffle!)

"in spite of extensive searches being undertaken, we have so far failed to locate loan agreement forms for either of the loans in question and i'm sure you can agree this has hampered our investigation somewhat"

they then go on.....

LOAN 1 (original loan) £6500 with PPI £1709.50 = £8209.50 over 60 months, monthly repayments £164.89, 1st payment Nov 04, over 60 months quarterly interest. rebate of insurance premium amounting to £1335.96, sum required to close the loan £5347.44

LOAN 2 (recalculated loan) £5475 "(unsure as to why it was for £127.56 more than the amount required to redeem first loan)" repayable over 48 months at £132.63 first payment 1st dec 05

LOAN 1 payments for loan were £130.55 hence an increase of £2.08 per month.

interest rate confirmd at 7.65% fixed.

they have offered
" a payment of £132.63 to offset the additional months payment
a payment of £99.84 (48 x £2.08) to make up for the additional in monthly repayments (although i believe this is due to the bank)
compensation of £100 in recognition of the poor service you have received"

where the hell has this £127.56 gone?!! as i have never received it, i received £6500 not a penny more so why have they added it?!

also we cannot get any figures to add up

any advice or comments or maths experts to explain would be greatly appreciated as i obviously have to provide them with a response.

also i will not be signing the enclosed form stating 'full and final settlement' as i feel they are taking the mick somewhat.

bridget81

just re-read my post and i sound like i'm moaning... sorry!!!

and i didnt want to come across as ungrateful by this offer.. but why the hell have they added the £127 odd for!!

and his comment about this money being due to the bank for the £2.08 x 48 was a dig to me and i disagree, as if they did not recalculate loan and just took PPI off as i asked then all would be fine and dandy!

they are giving me £132.63 to reduce loan term from 61 to 60 months, £99 odd which is what is over and above monthly payments from my original loan agreement and £100 compensation, but what about the £127? so in effect i am getting nothing if you see what i mean also i will have paid interest on all of this.
what gets me is if they did not add the £127, that would have meant my payments would have been what they were before if not a few pence less..

feeling very angry! :mad:

thanks for listening :beer:

jonesMUFCforever

Write back and say without an agreement the loans are unenforceable.
Tell them what you are willing to pay to close this matter and wait for a reply.

bridget81

i phoned him to tell him i was not happy with response, explained why and also that i would put everything into writing.

he asked me if i had referred onto financial onbudsman and i said yes, he then said with a bit of an attitude well we havent heard anything from them - which i know is untrue as they sent them a letter 6th june requesting the file.

i told him about consumer credit act and i got the impression he tried to scare me by saying well what they rule is final as if i would lose out, but to be honest how can i as far as i am concerned i lost out the day this all came to light! its not like they can say right we rule to increase your loan by another £1000!!! i will lose £330 odd if they rule natwest to be right in everything they did / have done.

anyway, i told him i would put everything into writing and he just said he hoped we could come to some agreement between us.

oh and apparently i did received the £127, they kindly increased the amount of my loan and just put it into my account without telling me, at that time i was doing a lot of bank shifts being paid weekly and the figures we about the same so i didnt notice, but i need to get hold of a copy statement to double and triple check as i dont really trust what they tell me anymore.

thanks again :beer:

bridget81

i am planning on asking:

for the £350 offered plus the £127 odd that they decided to increase the loan total by.

does this seem fair? too much, too little?

£477 will help reduce my loan term by a good few months!

i appreciate your responses
thanks :beer:

bridget81

anyone???

need to send natwest a response to their letter, do you think £350 they offered plus the £127 is fair to request? or is it too little or i am asking too much?

to date they have still not located agreement, but i had the money and that they can prove. i have continued to pay my loan to date and no missed payments. i want it sorting really as been dragging on since january and got lot of other stuff going on at the moment..

thanks

rbscoundrels

bridget81 wrote: »

anyone???

need to send natwest a response to their letter, do you think £350 they offered plus the £127 is fair to request? or is it too little or i am asking too much?

to date they have still not located agreement, but i had the money and that they can prove. i have continued to pay my loan to date and no missed payments. i want it sorting really as been dragging on since january and got lot of other stuff going on at the moment..

thanks

You must write to Natwest and remind them they are in default of your legally binding CCA request and by continuing to collect your monthly payment they are in breach of sec 77. You must also make them aware that you intend to report them to your local trading standards and the OFT if they continue to enforce the agreement whilst they remain in criminal default.

MRS_TO_BE_2

Hi just reading this thread with interest. Any update yet?