Natwest sold me a dodgy loan

[stumpydave]

Not sure if this is the correct place for this post but here goes:

 

Back in about 2000 / 2001 NatWest called me in to the bank.I thought it was for a ticking off as my account was in a right mess. However, the woman told me she was off at the end of the week and needed to get her accounts in order! She then "sold" me a £15,000 loan (at the second attempt). The first time she tried based on my income it rejected, so she tried again including expenses as well, even though I pointed out that wasn't actually income. The loan was to pay off Natwest Visa (10k & overdraft about 3.6k, but she topped it up to give me a little extra).

 

Anyway, the loan went through and sure enough I defaulted quite quickly (along with about 6 other creditors).

 

I signed up with Payplan and have been happily (or unhappily) paying back ever since.

 

All creditors have been reasonable except NatWest. They pretty much immediately pursued the CCJ route, and I have now missed 2 payments because I lost my job and they are threatening a charging order.

 

Now I am working again and can resume payments but their solicitor is not really listening.

 

So I have decided to complain (via the financial Ombudsman) about mis selling. My points are:

1. Didn't ask for it

2. Bank employee falsified the figures to push it through

3. Bank new I was a problem gambler at the time

 

I have 2 qustions really:

1. How long will it take for them to get a charging order, and are there any delaying tactics I can use?

2. Any ideas whether I will "win" my mis selling complaint, or whether I have left it too late to complain? I've agonised over it for years, but always felt I needed to take responsibility for my actions, but now I have such a hatred for the bank...

 

House is currently on the market anyway, so would like to sell before they get a chance to take a chunk. Otherwise I'll just sell it for just enough to cover morgage & fees and leave them with nothing just to spite them!

[WendyB]

Was the loan secured against your house? If not, then how could they get a charging order? Have they actually filed court papers against you and if so have you acknowledged/put in a defence?

 

Do you have charges on your bank account and/or credit card accounts that you could reclaim?

 

The FOS are snowed under at the moment and couod take ages to deal with your claim, you might be better trying to make a case for hardship.

Edited September 10, 2008 by jonni2bad
Do not ask members to PM you for the purposes of advice. Please refer to site rules.

[stumpydave]

Hi Thanks for the reply. The loan was originally un secured, which they sold me to pay off OD & CC with them.

 

However after defaulting I contacted Payplan, set up reduced payments etc with all creditors who have been very good about it, except Natwest. They immediately pursused the CCJ route, even though they still only get what I was offering a month. Now with 2 missed payments, spoke to the dreaded Shoosmiths, very inflexible and they say they'll speak to Natwest but likely to pursue a charging order.

[paulwlton]

How much do you owe?

 

I have recently entered a defence against an RBS charging order application - they withdrew their application.

[ukaviator]

Looks like a good case for Irresponsible lending, commission driven loan approval by the bank's financial advisor..

 

As Paul has asked, how much do you have outstanding?

[stumpydave]

I think the overall outstanding balance is around 23k (that is Loan & overdraft & fees etc). Missed payments total £209.

 

Got a copy of the FSO complaint they have sent to Natwest today, but it is pretty basic. I'm thinking of writing my own letter setting out the key points etc. Would that be a more sensible way to go?

[paulwlton]

I think the overall outstanding balance is around 23k (that is Loan & overdraft & fees etc). Missed payments total £209.

 

Got a copy of the FSO complaint they have sent to NatWest today, but it is pretty basic. I'm thinking of writing my own letter setting out the key points etc. Would that be a more sensible way to go?

 

Have you forwarded a S.A.R - (Subject Access Request) for these accounts.

[stumpydave]

No. Not entirely sure:

a. What one is

b. What I do with it

c. What use it might be.

 

A bit of a novice at this I'm afraid.

[paulwlton]

No. Not entirely sure:

a. What one is

b. What I do with it

c. What use it might be.

 

A bit of a novice at this I'm afraid.

 

 

 

Just ask for ALL data from ALL relevant filing systems that in any way relates to you! You can specify by including in your list something like:

 

Include your account numbers.

 

any loan accounts that may exist between the organisation and yourself

 

any credit agreements that may exist........ etc

 

e.g. like this:

 

SUBJECT ACCESS REQUEST – DATA PROTECTION ACT 1998

 

 

As per my rights under the above Act, please send me details (in a legible format) of ALL data from ALL relevant filing systems held by yourselves that in any way relates to me as the data subject.

 

 

I expect that this information will include (but is not limited to) the following:

 

 

Copies of any regulated consumer credit agreement between us

Copies of all statements of any account held by me

Copies of any computer or manual notes in relation to any account held by me

Copies of any and all letters sent by you to me

Copies of any and all letters sent by me to you

Copies of any and all written communications to and from any 3rd parties that relate to me

Copies of all telephone call transcripts made in relation to any account held by me

Copies of any record of times/dates of any telephone calls made in respect of any account held by me

 

 

(etc, etc)

 

 

I enclose the statutory maximum fee for this information of £10 and understand that you must comply with this request within 40 days of receipt of this letter.

 

 

I look forward to your prompt response.

[WendyB]

Last edited by jonni2bad; 10th September 2008 at 20:09. Reason: Do not ask members to PM you for the purposes of advice. Please refer to site rule

 

I don't recall asking him to pm me, just said he could if he wanted, or feel free to pm me, or words to that effect. Soooooo sorry to have broken the rules. And glad that Stumpydave seems to be getting some help now.

 

But there is no need to worry about me asking anyone to pm me from now on, because I seem to be under moderation and my pm facility has been removed.

Edited September 16, 2008 by WendyB

[bubbleburster]

Oh my, Natwest did exactly the same thing to me in 2004. I had a premier account with a 10,000 loan roughly 2,000 had been repaid and a 3,000 overdraft which was maxed but rarely exceeded and a gold mastercard.

 

I was called in for a meeting and brow beaten into an 11,000 loan on the spot over a repayment period of 7 years, it works out i will have repaid roughly 17,000.

 

I was told that the income criteria had changed for this account and i no longer qualified for it so take this loan TODAY or we'll close your account and take you to court, up until this point i had not missed any payments so i was bewildered but scared witless and signed up. They then bumped me back down to a step account with a solo card.