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  • #1

    RBS royalties overdraft

    Can I close the account and ask for intrest to be frozen to try and pay it off like i have with our cedit cards
    have an overdraft with RBS,Royalties account,we did not want this account but were pressured into it years ago by some ejit of a financial consultant at the branch , when we were starting to struggle with payments
    He also tried to get us to remortgage the house, I said no, but he convinced hubby it was the right thing to do
    The mortgage app was turned down but he gave hubby a creditcard? and got us to start up the royalties account
    we got deeper into debt and hubbys wages were just covering the overdraft so we changed banks
    we are trying to pay off the overdraft as RBS said we couldn't close the account till it was paid off but we pay 30quid a month and only 3 or 4 come off as the interest is always changing and there is a £6 account fee.

    thks NW
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: account, accounts, apr, bank, banking, banks, branch, card, cards, ccj, charges, claim, court, credit, credit card, credit cards, debt, dmp, employee, fee, financial, free, friday, help, increase, interest, lending, letter, mortgage, o/d, overdraft, overdrafts, payments, phone, ppi, rate, rbs, refuse, repayment, rules, sales, scoring, stop, unenforceable, unsecured, wages
  • #2
    Re: RBS royalties overdraft

    Hiya,

    Don't klnow if this is any help but I've got experience of both sides of the coin withRBS.... I used to be a customer adviser, sames as the guy that 'helped' you with the mortgage. We were very heavily targetted on any product sales, not just ppi, so credit cards, royalties etc all gained us sales points which went towards our bonus. When Royalties launched, we were simply told to sell it to everyone regardless, despite it carrying a monthly cost. When I was in that role, had you been my customer and your mortgage had declined, I would have done exaclty the same as your guy did and push for every other sales I could get, because thats what we were told to do.

    Fast forward ten years and I'm in a DMP with a 3k Royalties account overdraft in it. It has taken two years to get the interest frozen - RBS basically continued charging interest, taking the balance up to nearly 5k before taking it to court and getting me a decree (Scottish CCJ) and its literally just this month that they've stopped charging interest, but the account is still technically open.

    The DMP for me has been a bit of a comfort blanket and I probably could have fought harder to get the interest sorted out - anyway, you can get the interest frozen but RBS will make it as difficult as possible. Idon't think overdsrafts fall into the unenforceable category, whihc is a shame because I know for a fact there is no paperwork at all for mine...

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    • #3
      Re: RBS royalties overdraft

      many thanks for your comment dwight-v-m,
      I shall try to 'communicate' with RBS
      and ask them to suspend the account to try and get it paid off
      they wil prob ignore but they cannot say i diddn't try
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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      • #4
        Re: RBS royalties overdraft

        Good luck with it!!

        Comment

        • #5
          Re: RBS royalties overdraft

          Can you not downgrade it to a normal Current account to help eat at this debt by not incurring the £6 monthly fee?

          That in my opinion is the first port of call. Especially as you have moved banking to a different bank. Which is whom?
          I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

          Life is full of Ups and Downs. Shame it just aint simple.

          Comment

          • #6
            Re: RBS royalties overdraft

            kilasuit
            thank you for your comment
            I asked them this a couple of years ago and they said we would have to apply for the new account and have hubbys wages paid into the account
            this would put us back where we started,
            with all the wages covering the overdraft
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: RBS royalties overdraft

              Originally posted by nightwatch View Post
              kilasuit
              thank you for your comment
              I asked them this a couple of years ago and they said we would have to apply for the new account and have hubbys wages paid into the account
              this would put us back where we started,
              with all the wages covering the overdraft
              You would have to reapply for a new separate account but thats not what you want to do.
              You need to specifically request to downgrade the account to a bog standard Fee-Free Current Account Which with RBS is the Select account.

              You should be able to do this over the phone or in branch.
              I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

              Life is full of Ups and Downs. Shame it just aint simple.

              Comment

              • #8
                Re: RBS royalties overdraft

                As per what Kilasuit says - when I worked there you could upgrade and downgrade your existing account very simply but retaining the same account number, so no need for applications or credit checks etc Their reluctance to offer this option may come down to the sales point issue I mentioned - there were no points for an account downgrade but there would be a small amount available for opening a new account, even a basic one which of course had to be applied for...

                Comment

                • #9
                  Re: RBS royalties overdraft

                  Were any points deducted if a customer reverted to a normal current account because they did not like having been "upgraded" without either permission or even any notice?

                  Comment

                  • #10
                    Re: RBS royalties overdraft

                    No - of course branches that were short of target on a friday NEVER accidentally upgraded accounts....

                    Comment

                    • #11
                      Re: RBS royalties overdraft

                      Originally posted by dwight-van-man View Post
                      No - of course branches that were short of target on a friday NEVER accidentally upgraded accounts....
                      It was not believed to have been an accident, partly because the staff member concerned then tried to dissuade the customer from reverting to an interest-paying current account.

                      Comment

                      • #12
                        Re: RBS royalties overdraft

                        Sorry - I was digressing! Its entirely possible that the adviser would have been expected to justify to his line manager why he'd processed the downgrade or - since there was still admin involved in this but no sales credit, he just couldn't be bothered...

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                        • #13
                          Re: RBS royalties overdraft

                          Could you not complain about this as misselling, we fell for it for a couple of months and then upped and left RBS, they were hopeless and just trying desparately to sell everything barring the kitchen sink. I think they have lied a couple of times to you, got to be worth a complaint and if they don't come round, then the ombusman. I think the trick here is to be calm and assertive, you want it downgraded and you want it backdated to when you first asked and you want the charges and interest refunded, and you want it NOW!!!

                          Comment

                          • #14
                            Re: RBS royalties overdraft

                            Originally posted by evenlessdopey View Post
                            Could you not complain about this as misselling, we fell for it for a couple of months and then upped and left RBS, they were hopeless and just trying desparately to sell everything barring the kitchen sink. I think they have lied a couple of times to you, got to be worth a complaint and if they don't come round, then the ombusman. I think the trick here is to be calm and assertive, you want it downgraded and you want it backdated to when you first asked and you want the charges and interest refunded, and you want it NOW!!!
                            Now now thats not very calm. But very assertive.
                            I am an IT Professional with a Background in most Microsoft Based Technologies. Currently Proud to Work at one of the Leading UK Universities. I have that Mentality of "If I can provide Useful Input - then I will Try my best to do so"

                            Life is full of Ups and Downs. Shame it just aint simple.

                            Comment

                            • #15
                              Re: RBS royalties overdraft

                              No, I was calm and trust me that was only mildly assertive!!!

                              Comment

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