In a pickle with NatWest

[thelongjourney]

Hi, i had posted on MSE but they weren't exactly the most helpful bunch...

I had loans extended years ago (original loan around 2005) when i was with my now ex partner, and every year they would be extended, last loan and current loan was in 2008 it started and was for 15,000 (i was young and an idiot, and i was even more stupid not to make it a joint loan) and approx 6 months ago i paid off around 5,000 of it as i received some cash from a family member to help as i was paying something stupid like 320 a month, now im paying 148 but i simply cannot keep up repayments, i also have an overdraft of 1200 which has £13 to go until it goes over :S (the current account with overdraft is the account the loan gets paid out of)

payment for the loan is due on the 5th (2 days from now) and i did go into the bank to explain about my financial situation but they basically said tough and that i could consolidate my loan and overdraft into one big loan but i don't want to do that, because i will be even worse off

I know the account hasn't gone into arrears and defaulted yet but the stress is driving me nuts, its affecting my work and home life.

I need advice and help and i have sent a cca request off today but it will probably end up being enforcable, i just don't know where to turn, because i tried to get help on mse but all they wanted to know was an I&E and even then they were questioning me and making me feel like a criminal

Please help (sorry for the long post)

[ScabHunter]

Re: In a pickle with NatWest

Welcome to the forum. You will find a completely different attitude on here from that of Martin's Spongiform Encephalopathy.

First step, calm down. It will take time to find the solution to this, but time is what you have. Don't allow deadlines which can't be met to pressurise you into making more mistakes.

Second step – have you made sure that your wages or other income are paid into an account which is entirely separate from the GnatPest or anyone in the same group? If not, look to do that as quickly as possible.

You've sent the request off, so just wait for something to come back. You've made a good start.

SH

PS If you think that is a long post, have a look at some of mine.

[SA Gold]

Re: In a pickle with NatWest

hi there,
Welcome aboard AAD!

I would do your own I&E and see where your money is going mate.

As for the agreement being enforceable: wait and see what comes back, although if it was taken out in 2005, they may not have anything

You will read about lots of members on AAD (including me) who struggled for so long and then, like me you turn to the bank and they tell you to bugger off.

Is your credit file currently in good stance? Can you afford to pay them on 5th?

[PlanB]

Re: In a pickle with NatWest

payment for the loan is due on the 5th (2 days from now) and i did go into the bank to explain about my financial situation but they basically said tough and that i could consolidate my loan and overdraft into one big loan but i don't want to do that, because i will be even worse off

I know the account hasn't gone into arrears and defaulted yet but the stress is driving me nuts, its affecting my work and home life.

Hello and welcome from me

You seem to be stressing over something which hasn't happened yet. You're not in arrears and you've not defaulted on the loan. And the bank have offered you a solution (consolidation loan) even if you don't want it so you've got a way out of this situation which you can rely on I've read your bio so I know why you're worrying so much but you're a long way off getting a CCJ.

You say you've been "extending" the loans you took out in 2005 as recently as 2008. Do you mean the original loan was flexible or did you redeem that loan and replace it with a new one each time with a new credit agreement etc as the years went by?

From what you say you have a clean credit record at the moment which matters to your job, is that right?

[SXGuy]

Re: In a pickle with NatWest

Nevermind about the 5th, I think you techically have until the end of the month before you have "missed a payment" and even then, you will need to miss 2 or 3 before any default would be registered.

You can in theory telephone natwest and ask to defer payment to a later date in the month, they will do this, providing you notify them first.

You have plenty of time to work out your options so firstly, stop stressing and chill for a moment.

My opinion is, DONT consolidate.

Bank staff are rubbish, dont talk to them, infact dont speak to anyone, in person or on phone.

If you really wish to repay this back, write to natwest and ask to reduce your payments for a period of 6 months.

If they ask for an I & E, we can advise, but for now, that should be your next step.

If you want to judge whether the CCA is enforceable then you can decide what to do if or when anything comes back.

Bare in mind, so long as you repay any arrears within 2 to 3 months, you wont tarnish your credit file too much.

But if your credit file is shot anyway, then cease payments until your in a position to argue UE or make them accept an affordable repayment.

[thelongjourney]

Re: In a pickle with NatWest

@scab - yes, ive opened another account with a different bank not in the rbs group

@PlanB - the loan in 2008 was to pay off the previous loan which was to pay off the loan before that etc.. etc..

@SXGuy - i told them i wasn't willing to consolidate my loan and OD because i know i wouldn't be able to pay it back and i would be acting fraudulently if i did sign an agreement

My credit rating is a bit pants at the moment and i don't see it getting better in the future but i don#t really intend on getting a mortgage anytime soon

and i can't afford to pay on the 5th
but SXGuy got it one, the bank staff were terrible, they had me waiting for about 45 minutes to speak to an "advisor" about my situation but they weren't keen to listen, they just wanted to sell my another loan

[SXGuy]

Re: In a pickle with NatWest

In that case, dont pay them anything, wait for the CCA request to come back.

Send it to Niddy, he will advise, then you will be in a better position to either stop paying or negociate a repayment at an amount you CAN afford.

[Never-In-Doubt]

Re: In a pickle with NatWest

Yea lets check their CCA - see how much weight they really hold.

Try and not let it get to you, if you can't pay you can't pay - end of. Regards MSE, well you got that in one - their normal tact is to make you feel as shitty as you can and guilty as sin, then laugh and be rude at posts.

Yep, that's about the size of it.....

[PlanB]

Re: In a pickle with NatWest

@PlanB - the loan in 2008 was to pay off the previous loan which was to pay off the loan before that etc.. etc..

If the CCA is from 2008 it's less likely to be UE but did you have any PPI added to those previous loans which was rolled up and carried forward on to this current loan?

[thelongjourney]

Re: In a pickle with NatWest

If the CCA is from 2008 it's less likely to be UE but did you have any PPI added to those previous loans which was rolled up and carried forward on to this current loan?

i had PPI with the previous loans but did not take out PPI with the 15k loan in 2008

[Never-In-Doubt]

Re: In a pickle with NatWest

i had PPI with the previous loans but did not take out PPI with the 15k loan in 2008

Right so why don't we get the PPI back on the older two loans that are settled then use that money to pay off a settlement against this new likely enforceable £15k loan?

That's what I would do....

To do this, start a new thread here --> Reclaim Loan PPI - allaboutFORUMS

Di30 is our reclaim expert (when you start a thread I'll alert her to it and she'll guide you along), she will help you reclaim the old loans PPI and then come back to me (PM me) and we can look at getting this current one written off based on a F&F if that appeals?

[Never-In-Doubt]

Re: In a pickle with NatWest

In the meantime you need to get a new back account set up quick smart otherwise your salary etc will be swallowed by charges when you exceed your overdraft with barclays.

Yea your credit file will get a bit messy but only for a few years (upto 6) so it's not the end of the world... but you need to stop banking with them and literally let them take the loan from the current account and then we'll argue the charges later (cos they shouldn't make you go overdrawn to repay other debts to the same group) but you will likely get two defaults before we sort it all out, however it's not the end of the world.

As I say above, first move is to start a reclaim thread regards the older paid off loans and get Di helping then we can look at settling the loan/OD with any funds you get from the reclaims.

But you must get a new bank account sorted, you need to do this asap.

[MrsD]

Re: In a pickle with NatWest

and did you sign anything solid in 2008?

I am so sorry about the treatment on MSE, they are the pits and are relentless in the pay it back pay it back chorus.

Try to calm down, don't stress and don't worry about a CCJ

If you don't have the money you don't have the money, we've all been there and come out the other end so try to relax(money problems are not worth the anguish) and if they reply to your CCA come back here and we'll help

no judgemental shyte here (we don't allow that)
just solid help and support, you'll be fine

Oh and welcome to AAD

[thelongjourney]

Re: In a pickle with NatWest

Thread for PPI Claim: PPI claim for Settled Loans - allaboutFORUMS

[thelongjourney]

Re: In a pickle with NatWest

@Niddy i have already set up another current account with the CO-OP so thats a start and i have changed all my bank details with my DD's and work so all is well their

@MrsD i think i might of yes as i went into the bank to apply for the loan extension so they must of got me to sign an agreement, and thankyou for the welcome

Its put my mind at ease because if i were to get a ccj my life would be screwed but i know its a long way off now and even may not happen at this rate