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Giving away loans like sweets.


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In 2004, In order to clear credit card debts my wife saw ad ad from Direct Line (Royal Bank of Scotland) asking if she wanted to “clear her debts for good” plus “have some cash spare”. This was too tempting for her to resist and within an hour they had managed to arrange for an unsecured loan of £16,500 without checking whether she could afford to pay it back, only a credit check was required - which of course was accepted.


Now that – through debt management company “Spectrum Financial Solutions” (who curiously, also had also claimed to “clear her debts for good”) had forwarded us a court order claiming repayment of £19,500 immediately and in the interim had applied to secure this on the equity of my house (which also happens to have the wife’s name as co-owner).


So we sent a written request for a copy of the loan agreement via recorded delivery. My wife phoned the RBS to ask whether they had received our request for the loan agreement and she was told (whilst they still did not admit or deny receiving it) “ it is now in the hands of our solicitors, Spratt Endicott”,

RBS did not make it clear whether they actually had a copy of it and sent it to their solicitors, or they were passing the buck onto them, or it could have even be bundled with the case notes – either way they are being shady about it, especially as we are still making repayments for this loan.


Are we the only ones in this situation?



Thought for the day: If it was open to a shareholder vote, we would win!

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