RBS Loan - Advice/ Help Req

[ritchieis]

Hi All, new to all of this so any advice/ opinion would be much appreciated.

 

I have a long standing loan with RBS which was the culmination of 2No. car loans (subsequently written off) as well as numerous consolidations of other debts. I have been paying off the loan for approx 5 years and presently have £17k still to pay (inc interest).

 

Obviously like most people I would love to get rid of this if at all possible, or at least have the interest frozen or reduced.

 

Firstly, should I write to my RBS branch to request sight of my most recent CCA which would have been circa 2004ish?

 

Secondly if I did commence an action by requesting the CCA could i stop paying anymore monthly repayments until such time as the action was agreed as compliant or non compliant. And if I could stop the repayments would this mean that no interest would be payable over this period?

 

Thirdly, If the above was the case, there would be, in theory nothing to stop me saving monies in a third account (such as an ISA i.e. First Direct 7% AER) for the period of inactivity whereby i could then use this saved monies to pay off the loan excluding the interest frozen, plus the interest gained on the 3rd account.

 

Do you think that the above would be possible or would RBS look to hit me with all the retrospective interest payments for the period that the loan was in dispute??

 

Finally, the loan which I hold with RBS has no penalty for early repayment of the full amount so I do not see this as a seperate problem.

 

Thanks very much, would appreciate any comment from, what appears to be, a lot of well informed and intelligent forum users.

 

Regards, Ritchieis.

[cerberusalert]

You could CCA them at branch level, it would be their responsibility to pass it to the relevant department internally.

 

If you CCA'd them they would have 12+2 days to complete your request. If they fail to do so you can send the 'In Dispute' letter #16 from The Consumer Forums - Debt collectors You could then legally withold further payments until they complied with your request. During this period they are not permitted to take any enforcement action nor add interest, in effect the account should be frozen. Obviously if an enforceable agreement was produced you would be expected to continue with the repayments.

 

You should be warned tho', RBS are not a particularly easy nut to crack so you should prepare yourself for a fight with them if in the event they either failed to produce a CCA or if they produce an unenforceable CCA.

[ritchieis]

Hey, thanks very much for your response. I will send off this letter.

 

Would you recommend moving current accounts to another bank before this action in advance of RBS potentially getting shirty?!

 

Ritchieis.

[cerberusalert]

It's always a wise move to open a 'parachute' account unrelated to the bank you're going to cross swords with.