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Application of Interest


RGorman
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I have an account that I'm in the process of closing with Natwest. This is an interest free student account which was within its limit when I began repayment almost 18 months ago.

 

Last month, I requested a statement to find that I was now about £400 worse off that I was when I began repaying the money.

 

I asked for this interest to be stopped as it was sending me into a rediculous ammount of debt and that it was extortunate due to the fact that the interest was being applied at twice the ammount of the money that I was paying off per month.

 

There was no mention of any application of interest to this in the repayment agreement letter between myself and Natwest. When I asked them to stop the application of interest, they did.

 

They state that this interest was lawfully applied under all applicable laws and legislation, but when I phoned Natwest the other day and asked to speek to their legal department (which didn't exist) to clarify what this law is that allows Natwest to deduct interest at twice the rate of the ammount that I'm paying into the account without informing me and not sending me any statements.

 

Can anyone help?

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