Cancelled DD on a Natwest loan, they re-instated the DD!!

[Tigstheterror]

Hi folks just Tigers hubby here with a quickie question, took out an unsecured Natwest loan in 2007, due to increased financial problems tried to reason with Natwest on several occassions about reducing loan payments all to no avail. Went in last month and cancelled the DD for the loan on Advantage Gold account,also have a cash ISA account with them,a joint First Reserve account which my wife uses only. Now question is i cca'd them and have had no response, instead they have re-instated the DD on the loan and i am left with nothing to live on for 2 weeks until next pay day!! Can they do this? could they also go to my other accounts for the money if i were to close down the Advantage Gold account as i have already said, it's my wife only who uses the First Reserve, none of my money goes into that.

They haven't dealt with the loan account correctly anyway and i have been asking for help with it for over 6 months as i increasingly could not afford the re payments any longer,i am just worried that they will now go to any of the other accounts and empty them even though theres little in them!!!

Any advice would be appreciated as to what to do, many thanks

Mo

[havinastella]

Hi Tigs.

 

The simple answer is YES, it's in their T&C's and is called 'Set off'

 

You need to open another account that has nothing to do with Natwest (It's hard now)

 

They can (and will ) as you have found out, RAPE any account to service another account held by the bank.

 

Jogs

[Tigstheterror]

Right ok cheers for the response!! i think i will have to close all accounts and take my money out, btw, can i remove my name from the joint account and leave the wifes name on ? would they touch her money as it's her incapacity money that goes into this nothing else?

many thanks

Mo

[yourbank]

Hi folks just Tigers hubby here with a quickie question, took out an unsecured Natwest loan in 2007, due to increased financial problems tried to reason with Natwest on several occassions about reducing loan payments all to no avail. Went in last month and cancelled the DD for the loan on Advantage Gold account,also have a cash ISA account with them,a joint First Reserve account which my wife uses only.

If you don't use the benefits of the Advantage Gold account then get rid of it and downgrade the account to a Current Plus(that will save you £12.95 a month).

 

 

Now question is i cca'd them and have had no response, instead they have re-instated the DD on the loan and i am left with nothing to live on for 2 weeks until next pay day!! Can they do this?

Yep

 

 

could they also go to my other accounts for the money if i were to close down the Advantage Gold account as i have already said, it's my wife only who uses the First Reserve, none of my money goes into that.

If the loan is in joint names then only the CASH ISA is not allowed to have money taken from it to off set the loan account.

 

They haven't dealt with the loan account correctly anyway and i have been asking for help with it for over 6 months as i increasingly could not afford the re payments any longer,i am just worried that they will now go to any of the other accounts and empty them even though theres little in them!!!

Technically yes but that would be if the accounts end up with Credit Management Services.

 

Any advice would be appreciated as to what to do, many thanks

Mo

Hope that helps.

[Tigstheterror]

Hi loan isn't in joint names and was taken out before we were married,we married this year! So if i could remove my name from the joint account would that leave her money safe each fortnight?

Also i have rung around a few banks today and because i had my house re-possessed last year they won't even let me have a basic account to have my wages paid into!!!!! is this correct because i was informed by an ex bank employee that even a banckrupt has the right to a basic account!!

Many thanks for any info

Mo.

[WelshMam2009]

Hi loan isn't in joint names and was taken out before we were married,we married this year! So if i could remove my name from the joint account would that leave her money safe each fortnight?

Also i have rung around a few banks today and because i had my house re-possessed last year they won't even let me have a basic account to have my wages paid into!!!!! is this correct because i was informed by an ex bank employee that even a banckrupt has the right to a basic account!!

Many thanks for any info

Mo.

 

I've been looking into this. The only one I can see for an undischarged bankrupt is with the co-op...think it's called a cashminder.

[Tigstheterror]

Thanks for the reply, i only have one CCJ against me so i am unsure as to why i am being refused!!!

However, could i remove my name from the first reserve that the mrs is on,and btw it's her maiden name, this is going to sound confusing, because her married and maiden names are the same, and i swear we weren't related before we married!!!( we both had same surname) so technically the bank doesn't know were married, if you get me? that way her money remains safe, thus could i then get wages paid into that and draw on her card? gawd, i'm confusing meself now!! lol but hope you get my drift? or would the bank catch on and arrest that account too? even though it would be in her name?

Many thanks

Mo

[yourbank]

Thanks for the reply, i only have one CCJ against me so i am unsure as to why i am being refused!!!

However, could i remove my name from the first reserve that the mrs is on,and btw it's her maiden name, this is going to sound confusing, because her married and maiden names are the same, and i swear we weren't related before we married!!!( we both had same surname) so technically the bank doesn't know were married, if you get me?

You need a form which is "Remove a party from a personal account" both of you need to sign it and it should be complete within 5 working days of handing the form in.

 

that way her money remains safe, thus could i then get wages paid into that and draw on her card? gawd, i'm confusing meself now!! lol but hope you get my drift? or would the bank catch on and arrest that account too? even though it would be in her name?

Many thanks

Mo

The answer is yes to your question cos I do get your drift.

[Tigstheterror]

Many, many thanks so much for your help, really appreciate it,

Mo

[Tigstheterror]

Sorry bad day here but i take it you meant that i could put my wages into her account and that would be ok?!!!

Cheers

Mo

[yourbank]

Yep that's what I said or rather meant.

[Tigstheterror]

LLMAO he's had a rough day of it, thankyou for all of your help, much appreciated and at least we can start now on the battle with them as concerns the loan,many thanks for putting his and my mind at rest a little

Tigs x