Hi

Just wondering if someone can give me some advice. I applied and was successful in getting a loan from RBS. The money was paid into my Royalties account on the 19th July. Due to a change in circumstances I sent the pre-printed cancellation form asking that my loan be cancelled. This form was sent on the 25th July. I was then on holiday out of the country and didn't have the chance to check my account until the 10th August.

I noticed that the loan had not been cancelled and the funds were still in my account. As the first repayment was due on the 16th August I tried to find out why the money was still in my account.

After speaking to 7 different RBS employees I was told to come into my branch. I was told I might incurr charges as the loan wasn't cancelled within 14 days. I told them I sent the cancellation notice and have a copy of this dated the 24th July. However on the 11th August I was charged just under £200 because I cancelled the loan outwith the 14 days!

Can I claim this back afterall RBS has all their money back? I'm really cross that my hard earned money has been taken from my account. Great way to end my holidays!

Please help anyone!

What exactly did they say the 200 quid was for ?

is it set-up fees or what

If it is within 14 days no charge should have been made because under cca rules there is a 14 day cooling off period. I would take it further up the chain to their Customer Relations Unit

in reply to Martin 3030

they didn't say! The first I knew of the charges was when I went to a cash machine last night to withdraw cash before I went out. I checked my account online to double check and yes £195.39 was added to the loan amount they took back. I will contact my branch tomorrow and ask them what exactly the charges are for.

Thanks for your help and will let you know

Yes this was my feeling as effectively if the action was taken following you exercising your rights to cancel within the 14 day rule then there is no agreement so should be no charges.

Looks like it will rely on you being able to prove that you notified them of your non acceptance of the loan within the 14 days.

in reply to Natweststaffmember

When I sent the original cancellation form it was the 25th July and I received my loan on the 19th July. However RBS claim they never received the form. I was outside of the UK from the 28th July to the night of the 9th August so the earliest I could and did contact them was the 10th August to find out why the loan funds were still in my current account.

I have kept a photocopy of my cancellation form but unfortunately have no proof of postage as I just used a normal 1st class stamp.

Do you have an address for their customer relations unit? I have drafted a letter to the manager at their customer lending centre in Glasgow (where I sent, as advised, the cancellation form) and also to the manager at my own branch.

Thanks for th advice.

Sorry, that seems to be fine to start with and I'l come back with the address shortly

The Customer Relations Manager

The Royal Bank Of Scotland

Freepost PO Box 1727

Edinburgh

EH12 9JN

I know my issue perhaps wasn't that relevant to this forum. However, I just wanted to update what has happened. I sent a letter off to my branch manager, the manager of the loans section and the cutomer relations manager. I received a reply on the 19th August from customer relations to advise they were looking into my complaint and would correspond with me again before the 31st August. I've just checked my account online and the whole £195.39 has been paid back into my account.

I know it's only a small amount compared to what others are trying to get back, and of course a different situation, but I am so happy and proud that I challenged this institution. Good luck to everyone else.

Good result for you.

Its only been repaid because you have asked for it back.

I hardly think that they would await a claim for this amount now,in view of the caseload of claims.

As far as yours is concerned to them,it is fairly straightforward to resolve and thats just what they have done.

Not all banks are doing it this way.......one was even known to fight over 20.00 !

:o

Hi.. I am in a similar situation with the HFX however i sent my cancellation recorded delivery and they are denying receiving it so I will need to go into the branch with my recorded delivery note