GetRichOrDieTrying
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Natwest Commercial Loan, They want it back!!!
GetRichOrDieTrying replied to GetRichOrDieTrying's topic in NatWest Bank
That is good advice. I think you were right earlier when you said alternative funding should be considered but I just don't have the appetite or money to pay for the valuations/ arrangement fees etc and then on top the interest rateover base on the loan will no doubt be 3% higher than I am paying now. Better to sit tight, ensure the payments are made in a timely fashion and hope they don't call it in. Thanks for your advice - much appreciated. -
Natwest Commercial Loan, They want it back!!!
GetRichOrDieTrying replied to GetRichOrDieTrying's topic in NatWest Bank
I hear what your saying but most lenders aren't lending and the interest rates are prohibitive. i'm just planning not to make another late payment. Talk about living life on the edge!! The good thing is with the low interest rates I'm making a serious dent in the loan each month. It's a living nightmare though - never again. -
Natwest Commercial Loan, They want it back!!! - NatWest Bank - Consumer Action Group Hi i'm sorry to hear about your woes with Nat West - but I can assure you you're not alone. I had an equally tough time last year (during the biggest financial crisis ever which nearly toppled Natwest) and fell 6 weeks into arrears with my commercial loan. As a result they passed my account to the SRM Specialised Relationship Management. They immediately pulled my Overdraft and wanted to more than double my interest rate. Luckily my fortunes have improved and I have repaid all my loan/OD 4 months ahhead of the agreed schedule but the SRM manager is still on my case - constantly wanting "more information" and even rung me today for more income/outgoing forms to be completed. Going back to your case as a lay person I would say as you (and I) have defaulted on the loan agreement by missing payments they could demand a return of the money!! I would be interested to know how you get on because I fear they may call my loan in too and I owe £200k. Good luck.
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