I am a single mother aged 58. In 1986 with all the hype at the time, I decided to come off the dole and open a shop. I went to NatWest to get a loan for #7,000; we had one meeting during which there were no discussions of the nature of my business, business plans etc. Then they gave me the money, it was so easy! At the time I did not know the implications of the charge they put on my home.(posted 8980 days ago)It turned out that the money I paid had not been to secure a lease on the shop and after hospital treatment and illness the shop closed down in 1989. I am now aware that I had been paying for loan protection up to August 1990, however I never claimed on it. I was so stupid and the bank didnt help.
Towards the end of 1990 after the arrears and threats mounted up, Nat West forced me to take out a consolidated loan of #12,000, which had an interest rate of 18.5%. This replaced my loan, which stood at #9,500 including arrears with an interest rate of 7.5%. And it also paid of my #2,500 overdraft that I had with them. They did this even though I was unemployed and they knew my position was unlikely to change.
They used an incorrect agreement form and they didn't give me the 7-day cooling off period before I signed. In 1995 when the debt was #16,000, friends and family helped me offer them #10,000 they refused to negotiate and discuss the matter and continued to demand full payment to prevent repossession.
Although I do voluntary work I remain partially disabled and I have been unable to stop the annual foreclosure letters the most recent of which again threatens repossession. Even though I have paid off between #5,000 & #6,000 the debt must have escalated with penalties and high interest rates as it now stands at over #25,000.After reading information on your much valued web site I realise I can not force them to respond to my requests for figures before 1992 so I am unable to check. Other than my mortgage I have never had a credit card, used HP or borrowed money, I have always saved up for what I needed, however, I have made this one mistake and it has been a nightmare since. I am at the end of my tether as they wont agree a negotiated full and final settlement and to rub salt in to my wounds they claim to support small businesses with advise which has never been the case with me. If anyone has experienced similar problems and can suggest a plan of action I would be forever in their debt.