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I had problems repaying a loan with the RBS. I wrote to them and they agreed that mine was a hardship case and agreed to reduce the payments, initially for 6 months, thereafter to be reviewed. However, the charges on the account are such that I now owe more than I did 4 months ago. Is this normal procedure? Is there any point in me asking them to reduce their charges? What is the point of being recognised as a hardship case if they then proceed to make me more in debt??!!
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Re: Hardship status but charges still the same?
Yes there is. It's worth you writing down what caused the hardship, the effect that the bank charges are having in spite of them reducing your loan payments and that you continue to struggle with that.Originally posted by chrisjones60 View Post
Do you have priority debt arrears, ie rent/mortgage, council tax, utilities etc ,etc, excluding the loan and any credit card debts.
Did the loan include PPI? Have you had loans in the past which included it?"Family means that no one gets forgotten or left behind"
(quote from David Ogden Stiers) -
Re: Hardship status but charges still the same?
If you have it in writing that they agreed you were suffering Financial Hardship write to them reminding them of their duties under Section 9 of the Lending Code.
If you don't, send an IE sheet in, preferably a Common Financial Statement or CASHFlow statement which will hold a lot more weight than your own IE Sheet and ask again for all charges and interest to be frozen due to financial hardship. If they still refuse, they have a duty to give you a reason why. You can then exhaust their complaints procedure before going to the FOS.Comment
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Re: Hardship status but charges still the same?
For reference, their own Income and expenditure form in on this post:
Legal Beagles Consumer Forum - View Single Post - Hardship - Individual Banks Requirements Who to contact"Family means that no one gets forgotten or left behind"
(quote from David Ogden Stiers)Comment
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