www.iva.co.uk

just need to ask a quick question on behlaf of our friends as they are getting quite worried about this.

About 3 years they remortgaged and changed lenders. As it turned out they had overpaid their previous lender by about £1200 so RBS paid them £700 and then £500. Trouble is RBS paid the £500 twice and because our friends accounts were in such a state that they did not notice. it was only several months after that RBS noticed and contacted them. Our frineds double checked and indeed it was the case however, having just had their 2nd child they were in no position to pay it off or make any repayments to RBS. they stated this. All this was done via phone. the other night they got a phone call from a debt collection agency saying they had 72 hours in which to pay the money. the only problem is they don't have it. They will have it when they move in August (fingers crossed) but what can they do?

Many thanks,
Lou

They need to attempt to come to an agreement with RBS to pay some instalments towards this debt until they move. Even if it is only £10 per month, the collector will probably accept this and they really need to make sure that this is eventually paid off as it was never their money to spend.

Hi
definately ned to pay the money back, however as the initial problem was caused by the bank I think it is fair to come to a payment agreement ( one you can afford) AND AT A 0% INTEREST rate.

I wonder how they would feel about your friends taking 3 years to pay it back ( same time frame as the bank in the first place.

Thanks for your replies - it was kinda of what i thought.

needless to say my friend isn't particularly happy with RBs at the moment and will try and negogiate a repayment schedule with them.

Thanks again!