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unsecured natwest loan


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Back in January 2005 I stupidly took out a loan of over 20k with Natwest.

 

At the time I was self employed but earning only an average of £300 amonth.

 

I should never have taken the loan and also never given it from the bank.

Needless to say it didnt take me long to get into severe problems in repaying the bank.

 

I ended up contact CCCS to help me with payments to my creditiors as i took out credit cards to help pay the loan fees.

 

I have been on a debt management plan for 5 years now and paid nearly 7k of the loan back.

 

It is starting to really get me down as I am struggling to survive

as the past year my circumstances have drastically changed and have hardly any disposable income.

 

The payment has reduced on my plan and is due to go on until 2042.

I dont have any of the loan information paperwork that was given to me.

 

What is my best plan of action of dealing with this debt?

It is totally unsecured and I have zero assets.

 

I have thought about contacting the bank directly and seeing if they would reduce the outstanding amount.

 

Any advice would be greatly appreciated.

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First of all you need to obtain the paperwork. You will do that by sending a Subject Access Request - you will find a draft letter in the CAG library, linked in green at the top of each page.

 

Whilst in theory you are entitled to receive ALL informaton regarding your financial dealings with the bank they might pick and choose what they send to you.. so along with the items already listed if there is anything specific you think you might need .. include it in the list.

 

I would say you require statements and any information regarding the loan - if you have a current account with them then you want the information in respect of that as well.

 

They have 40 calendar days in which to comply with your request and it will cost you £10.00

 

You should list any account numbers that you know of, but reiterate in the letter that those are the accounts you know of, if there any more, then you want the information regarding those as well.

 

Do you know if you had any Payment protection insurance on the loan ?

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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I have to admit, I am extremely surprised that they gave you such a large loan considering your income! Did they do a full financial history when you took the loan out ?

 

That should definitely be one of the things you would need to see within the SAR.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Yeah I was suprised at the time too as they really didnt check into anything seen as my current account with them it wouldnt have taken them long to realise I couldnt really afford it. Just was at the time where banks were throwing money at people left right and center....

 

I have had a look and the only paperwork I can find is the acceptance in principle letter I recieved this was not signed as I remember having to go into the branch to do the paper work. This loan was as a top up to one of 15k the previous year. They advised me to take on a new loan as it would save me money in the long run as they would do it over a longer term. It all is a bit hazy as I cant really remember the finite details. I know for the loan that it paid off I had to pay PPI on the loan. For the new loan I remember telling them it didnt really apply to me as I was self employed. They agreed and put me on Income protections instead.

 

I will contact them and send them the letter as mentioned on the previous post to see what information they have on the loan. They have been accepting a very reduced amount now for almost 5 years which is £30 compared to the £350 it should be. If none of the original paperwork can be found what are my options.... Will the bank have already given up on this loan? As looking at my dmp statement they have had nearly 7k...

 

This loan was one of my worst decisions I have made and it feels like it has ruined my life as its prevented me from moving on in life and just cant see a way out or any chink of light

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