RBS Default

[manup]

Hi, I had a RBS current account with an Authorised £500 overdraft, this account had never had never had nay late payments or anything. Then suddenly in February I received a letter stating that my account will be closed and i had no appeal process. I was given 60 days.
Upon the closing date of the account I still had some money to pay back for the authorised overdraft. I was contacted by Moorcroft group and told that they were acting on RBS's behalf and that i can make a repayment plan to pay the overdraft and my credit file would not be affected if i kept the payments up. Upon agreeing tot his I have now found out that RBS have registered a default on my account. Is this correct as originally it was an authorised overdraft then they close my account suddenly and then pass my details over to Moorcroft who explicitly state that if i keep the repayments up that my credit file will not be effected. What can i do about this?

[nemesis45]

Re: RBS Default

Good evening, welcome to LB.
Did you pay anything off the balance to Moorcroft?
Creditors will often default an account if a payment plan is arranged with a 3rd party collector.
I don't know for sure that Moocroft might not have had authority to make such an arrangement.

Was this payment plan put in writing ?

nem

[Stoc1]

Re: RBS Default

What reason have they given you for the account closure?
Creditors wont normally close an account suddenly like that without any warning unless there is a breach of the terms & conditions.

[nemesis45]

Re: RBS Default

What reason have they given you for the account closure?
Creditors wont normally close an account suddenly like that without any warning unless there is a breach of the terms & conditions.

RBS's like to do this when the consider some transactions are " doubtful" e.g. money laundering. No explanation given. Some have said it's a way of getting rid of " non productive " accounts.

nem

nem

[Stoc1]

Re: RBS Default

What reason have they given you for the account closure?
Creditors wont normally close an account suddenly like that without any warning unless there is a breach of the terms & conditions.

Aside from the reason for the original closure,,, you should make a formal complaint with Moorcroft on the basis that they have provided you with incorrect information at best mislead you at worst. They should listen to the call and respond formally to your complaint in writing.

You should also make a complaint with RBS about Moorcroft (RBS's representative) stating that they have mislead you and had you been aware that a default would have been registered against you if the debt was not been paid off with 6 month you would have made efforts to ensure that it was paid.

Finally,, if it turns out that the call points in your favour go to the FCA to complain.

Hope this helps

[Stoc1]

Re: RBS Default

RBS's like to do this when the consider some transactions are " doubtful" e.g. money laundering. No explanation given. Some have said it's a way of getting rid of " non productive " accounts.

nem

nem

If that is the approach then it good enough,,, debtors have the right to question this,,, "Treating Customers Fairly" is high on the FCA's agenda,,, question what the exact reasons are,,, become familiar with the T's & C's of your account and hold them to account inline with these rules. If there is no clear, transparent reason then go to the FCA. Since they became the FCA from FSA,, they have grown very sharp teeth and their mandate is to not be afraid to use them.

[charitynjw]

Re: RBS Default

[MENTION=93965]Stoc1[/MENTION]

From what I've been led to believe, the FCA don't handle individual complaints.

[Stoc1]

Re: RBS Default

@Stoc1

From what I've been led to believe, the FCA don't handle individual complaints.

If the complaint refers to an organisation wide approach to they way deal with their customers they will take an interest but I take your point,, it may be better to approach the FOS too.

[nemesis45]

Re: RBS Default

@Stoc1

From what I've been led to believe, the FCA don't handle individual complaints.

The FCA takes a similar stance to that of the late OFC one can send details of the actions of a regulated company/individual and the information will be logged and reviewed if the " reports " reach a level that brings concern then the regulator may ( and has ) take action.

nem