NatWest refusing to help on payday loans draining my account

[drizztdourden]

Just thought Id put this post up after an incredibly frustating phone call to NatWest.

 

Background to phone call is

 

 

Last month I went approx £300 overdrawn with natwest due to a short month pay wise and

2 payday loan repayments that I couldnt get out of..

 

 

However I knew the same siutation would occur the follwing month so

 

 

spoke to the bank on 4 different occasions to see if they could help in any way..

 

 

I was told each time that as long as the payday loans were paid off in full then the bank should be able to assist by creating another account

and transferring the costs of the overdraft and payday loans to this account and then i pay it back over say a year..

 

On each occasion I spoke to the bank I made it clear that I had spoken to the payday loan firms

who wernt willing to negotiate apart from just to take interest instead of the whole payment

and that IF the bank couldnt help then please tell me so i can make arrangements to move my pay out of this account the second it went in.

 

 

( I am on nights this week so could sit and monitor the account to move the money the minute it went in ).

 

 

But on every occasion I was told no we will be able to help.

.they even went through a income and expendidture form with me to see what I could afford to pay back on the expected borrowings of around £900..

 

Payday came and as expected all the payments went out and my overdraft was cleared..

my rent went out and I was overdrawn by £90 and as such all my normal DD's bounced

...council tax, gas/electric, mobile phone and the water and tv license due on the 1st will also bounce..

 

I spoke to the bank today to see what help they could provided and have been told in no uncertain terms

that they cannot and will not help at all regardless of what I was told in the past..

 

 

I explained that I have to pay these bills let alone buy food etc and if they cannot now help the only avenue open to me is yet more payday loans

that i really really dont want too do..

 

They refused to let me speak to a manager or the complaits dept and I was told that basically tough..

 

I find it astonishing that they can now say all this regardless of the numerous conversations saying otherwise......

[dx100uk]

phone up the bank and CANCEL the CPA authority on all the PDL stuff.

 

 

you must pay your priority bills

 

 

the PDL stuff can be negotiated down directly with them via WRITTEN medium.

 

 

New june 2013

Regulator orders Banks and mutuals to review complaints about not cancelling recurring payments from November 2009.

Consumers who have set up a regular payment from their account will now be able to successfully cancel that arrangement

by contacting their card provider, the Financial Conduct Authority said.

The FCA has been examining how easy it is for customers to cancel Continuous Payment Authorities (CPAs)

due either to payday lendersicon or for other regular payments such as subscriptions or gymicon memberships.

CPAs, which are also commonly called recurring transactions or recurring payments,

are relatively easy to set up but can be hard to cancel, causing problems for consumers trying to manage their finances,the FCA said.

Now, following the FCA review of how the largest high street banks and mutuals process requests to cancel CPAs, they have agreed that they will ensure that when a customer asks for a recurring payment to end, that will be sufficient to cancel the arrangement. They have also confirmed that should a payment go through by mistake following cancellation by a customer the customer will be refunded immediately.

In addition to securing this commitment, the largest banks and mutuals have agreed to review every individual complaint they have received about the non-cancellation of a CPA and to pay redress where payments have continued to be made despite the customer cancelling the arrangement. This applies to all complaints since November 2009 when the Financial Services Authority, the FCA’s predecessor, began regulating banking conduct.

Clive Adamson, the FCA’s director of supervision, said: “It’s important that consumers are confident that banks are meeting their everyday banking needs. Today customers can be confident that when they ask for a Continuous Payment Authority to be cancelled – it will be cancelled - and that it can be done easily.

“We recognise that historically this is an area where some customers have struggled but the banks and mutuals have responded positively to our work on this issue. From now on we expect them to be getting this right. In addition, they have committed to review past complaints.”

http://www.ftadviser.com/2013/06/28/...J/article.html

http://www.ftadviser.com/2013/06/28/regulation/regulators/fca-banks-have-to-cancel-recurring-payments-if-requested-UxbeHUuYQIy0SEYbGRE4tJ/article.html

[drizztdourden]

Thanks for that

 

 

but just spoke to NatWest's complaints department and was told even after quoting the FCA stuff

that the bank has an obilgation to pay these firms as you ower them money..

 

 

.. And CPA isnt relevant as you gave them your card details and we wont refuse payments ..

 

Ive now made another complaint explaining all the previous conversations Ive had with the bank,

the promises of help made and subsequently revoked and the fact that this has left me unable to pay my priority bills

and that I will be left with no alternative but to yet again go to these horrible payday loan companies just to be able to pay basic bills.

 

I also reiterated that I had repeatedly told them in every conversation that if they were not going to be able to help

then please tell me so i can make arrangements to move my wages out of the account the second they came in

so I would at least be able to pay my bills and would only have been paying back the £300 overdraft..

I now have to wait upto 2 weeks just to get someone allocated to the complaint and in the meantime all my DD's will bounce..

[dx100uk]

sorry but NatWest are WRONG!!

 

 

I'd open an account with the co-op and get your wages paid in there

 

 

you need to complain to the CEO.

 

 

this is about the 4th time we've heard NatWest say this.

 

 

its a CPA it must be cancelled and refunded - end of!!

 

 

its NOT a card payment as you did not give your card number EACH TIME to the PDL people

pers I'd be phoning the FCA and telling them what NatWest have just said to you.

 

 

dx

[fkofilee]

Count me for a 5th on this, its not just Natwest DX

Try the whole of the RBS Group!

 

Drizz, Complain to Natwest then once they confirm there full and final status, go to the Ombudsman...

They will see that Natwest have been playing bad and they will side with you on this.

 

DX is right, COOP is the answer, Cashminder account is great and has helped a few people I know get back on track .

[drizztdourden]

Hi,

 

Just spoke to the FCA and had a long conversation with a very helpful chap

who stated that the bank should be refunding all the payments they made using CPA

and I should speak to them about what regulation they think they are using to refuse the cancellation

as the FCA are not aware of any regulations that prevent the refusal to cancel CPA..

 

They have also suggested making a complaint with the FOS regarding the whole issue...

 

So I have a number of phone calls to make now

[macbeast]

Hi I am currently in this situation so I fully understand.

 

im also with NatWest if you cancel the cpa with your card provider

 

they will cancel all payments to the companies you supply them

although they will take the payment it will be refunded to you when it appears on your statement by 6pm on the day it shows up on your statement hope this it helpfull

[dx100uk]

NO!!

 

they should NOT HONOUR THEM AT ALL.

 

read the FCA stuff

 

dx