I am new here and need some advice regarding an existing delinquent loan from Natwest.
Hi Guy, sorry for the short message above but i was tying to post since yesterday night and was facing problem in posting. Now i will come to the main issue. I took a loan from Natwest bank in oct 2005 and was making regular payment through instalments. I was paying them £253.38 for 28 months when i got into severe debt problems and couldn't afford to pay anymore instalments. i approached the debt advisor and she start communicating with the bank and they didn't listen but finally the bank agreed and asked me to pay them £16 a month for a short time, but that payment wasn't accepted for my loan account but for the overdraft on my current account with them. They passed the account to Robinson way for collection and put the account on delinquent status on my credit report and there is no default date, this means that i will suffering for more years then expected. In 2011, i logged a complaint to the bank for my PPI and the claim were accepted and the bank paid me £3217 and told me that they will adjust this in my loan. the loan amount was £10000 and to be repaid in 5 years time (60 months) along with PPI. my monthly instalment was 253.38. Later on i went to check the total amount of my loan left on me was again the same like the total amount wasn't decreased but still the same.
i contacted the bank and they told me that they adjusted the PPI money into my current account Overdraft which is another issue and the remaining surplus money is in the closed account for the last 2 and half years without telling me that i have got surplus money in that closed account and i am suffering financially. this means they did it intentionally to keep me deprived of my money. Long story short, in my opinion that the loan i took at the time was £10,000 and i should repay back to the bank £15280.80. But after reclaiming the PPI and they paid it back to my account, so the amount of £15280.80 should be decreased to £12,000 something, because the interest was £2680 and the principal amount was £10,000. The bank refused that they paid the money back to me and i need to make the full payment of £15,280.80. I told them that this means that what you paid me, so i am going to pay it back to you - so what's the point then. Please help me correct me if i am wrong here to get to the bottom of this dilemma. Even i spoke to the Ombudsman and he told me the same thing that the money they paid me like i am paying it back to them and asked me that when i receive the letter from the bank, then i should forward it to the Ombudsman. Please help me because there is so much experienced people here. Thanks and this site is really helpful for a people like us who had been conned by the bank.