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tanya101

mis-sold graduate loan? pleeeeease help. it's a long one!!

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I had a student bank account wIth natwest which has an over draft and a credit card. The overdraft is owing and the credit card is within its limit but natwest wanted to whole payment. A lot of the balance is charges!

 

My graduate account was automatically changed into a graduate account even though I hadn't graduated (my studies took longer as I was ill)

 

At the start of 2011 I went to natwest inquiring about a graduate loan. I wanted 10k to pay for rent, buy furniture and a car. I'd been living in Kent with my partner and we were relocating to my home town.

 

The guy at the bank said this doesn't sound like enough and I should consider 15k. He also told me that paying back a larger amount looks better if apply for a mortgage. I stupidly was excited by this prospect and took the 15k loan. I had a conditional offer of employment that they took as evidence of income to pay it back.

 

I eventually got this good job and was paying back the full amount every month. Until I fell really ill with a long term condition and heart condition etc.

 

I entered into a payment plan which I was paying. Then for NO reason at all my account was mistakenly sent their collections department. Natwest admitted it was mistakenly sent there but while it was there I couldn't make a payment. It took them months to get it back from collections. During which they counted the late payments and my payment plan ticked away.

 

They wouldn't let me enter another plan as I'd had one for 12 months.

They harassed me, sent me 4 or 5 letters a day and called me all the time. I eventually had a seizure the day they sent me letters about lawyers etc.

 

I have entered a debt management plan with step change and the most of my £150 payment goes to the loan

 

They send me letters regarding my secured mortgage. Which is loan obviously isn't. I had nothing to secure it against!

 

I have loads of defaults on my credit file because of this, which was immaculate before this loan.

 

What can I do?! I really feel like they messed up but don't know where to start.

Any help would be GREATLY appreciated.

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not sure about the defaults

you can only have one per debt...

in the debt summary that is..

 

 

I wonder how a BCOBS complaint might help too

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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What exactly would my complaint relate to?

 

I think I wouldn't have had through defaults and late payments if it wasn't for their messing up!

 

 

Thanks for all your help, you're a star!

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have a read of the rbs blue link after clicking bcobs


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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do you guys think the loan was sold to me properly in the first place?

 

or that they've followed proper procedure?

 

this has absolutely ruined my credit rating a

 

nd it doesnt look like i'll ever get credit again!

 

ta

 

T

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Hey guys. I have a graduate loan with natwest and fell into financial difficulty. (Details on a different thread).

 

But I now pay a reduced amount via a debt management plan with stepchange debt charity.

 

I'd heard nothing from natwest then suddenly had 4 calls today and a letter and text from Westcott debt collection agency asking me to contact them urgently to pay the money back.

 

Is there anything I can do?

 

Thanks

T

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Firstly contact your dmp manager they should go through them and not be contacting you. Its just a fishing trip to see if they can squeeze more money out of you. Don't speak to them on the phone just insist on everything in writing.Don't panic.

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Hiya

 

I lost my job in 2009 and had to contact what is now known as step change, previously to that zebra money management was dealing with my accounts, step change have a template letter and there are some template letters here, I am sure one of the others will tell you, as I am out of work wescot get £1 a month one each barclaycard I had which was 2 altogether, its paid by a monthly S/O and they have never bothered me about it since, but don't ring them send them an e-mail with your offer

 

I hope this Helps

 

KeithCP2

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still confused about this one. I'll be paying it off for years and years and don't think it was right in the first place.

 

any ideas?

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I took out a student bank account with natwest when i went to uni. I took longer to complete my degree as i was ill however, after 3 years my bank upgraded my account to a graduate account even though i hadnt asked and hadnt graduated. They offered me a graduate loan which i wanted to take.

 

The guy at the bank told me that if i took out a higher loan it would help me get a mortgage in the future and would improve my credit rating. I stupidly believed you and took out the higher loan which they accepted with a job offer letter which was conditional of me passing the probation period. the payments were set up for £270 a month.

 

I kept some of the loan to pay the first repayments back and then carried on paying for about a year. then i fell ill and into financial problems. I told the bank straight away and filled out an income and expenditure form. They agreed to let me enter into a 12 month agreement to pay less.

 

I was paying perfectly when i got a letter saying it had been passed to a debt collector. I called and they said it had accidentally been passed and they were trying to get it back and i couldnt pay anything as they no longer held the account. It took them 6 months to get it back.

 

12 month of the agreement plan was spent waiting for them to get my account back from the debt collector and so i couldnt pay. but they said my 12 months was up even though i couldnt pay for 6 months because of their mistake.

 

They literally harassed me with phonecalls and letters everyday and calling my parents house even though id told them i didnt live there any more.

 

I have a massive default of my credit rating for a huge loan i never would have taken if it wasnt for there misrepresentations.

 

Is there anything i can do?! Im now paying it through a stepchange plan but it wont be paid for ages.

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thanks for your help guys

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Any help anyone still struggling?

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Im not sure a miselling complaint here is the right way to go.

 

The argument you have suggested is that you fell behind in payments on the payment plan due to them making a mistake and sending it to the debt collectors. Admissions in wrting would be a good support tool.

 

A BCOBS complaint would be that they failed to manage your account correctly to your detriment.

 

However

 

the "many defaults" IS prob as suggested above, a status update if you will. If you are on a payment plan then this may be accurate.


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Ah ok thank you!

 

The reason I thought it might have been mis sold was that I hadn't graduated at the time due to illness. I didn't graduate until the following year but he changed my account to a graduate account so that he could give me the loan. He also accepted a conditional job offer as proof I'd be able to pay despite me having no money and being in my over draft with my account with them.

 

He said he couldn't accept a conditional offer then called me and said he could.

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Hi all

 

I am have a large natwest graduate loan that I took in 2011. I wasn't actually a graduate at the time but the guy in the bank said they'd just changed my student account to graduate so I could get one. Also wasn't working at the time but had conditional job offer. Was given the loan but later didn't get that job and so couldn't pay. Used loan to pay loan.

Now paying through DMP.

 

I've just seen some letters they'd sent as I'm sending a cca request and theyvelines described my loan throughout as a secured loan and a mortgage which is definitely wasn't. Was just a simple graduate loan.

 

What can I do about this? Is there a complaint I can be making?

 

Thanks all

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numerous threads over numerous years asking the same questions merged


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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numerous threads over numerous years asking the same questions merged

 

Sorry I think what I'm asking this time is a different question. It's nothing about he actual loan itself or repayment of it or anything I've asked before.

 

It's simply whether they fact they've described it as secured when it isn't is a problem or not? Not everyone is an expert in this bit i think hats a completely different question

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opps wrong thread


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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if the loan is secured then it will show on the land registry site


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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