It seems that RBS will do anything to recoup its losses
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I am writing to make readers aware of a disgraceful decision by the Royal Bank of Scotland.
One of my clients recently had the misfortune to suffer from a critical illness and had to submit a claim to his insurer, AXA, which paid out with no fuss.
My client decided he didn’t want to repay the full outstanding balance of his mortgage and opted to leave a balance of £50,000.
So he contacted RBS and was told he would be able to repay part or all of his loan with no early repayment charge, as it was the proceeds of a claim.
But a few days later he was told that the information he had been given was wrong and he would have to pay a penalty after all.
I called our BDM who told me that as far as he was aware RBS would indeed charge a penalty.
My client is making a good recovery but is still unwell and the additional stress this case has caused him is certainly not helping.
I had a similar case a few years back involving Coventry Building Society. What a difference. It agreed to waive the fee and went out of its way to help the client. It seems that RBS will stop at nothing to recoup the losses it has racked up in recent years. Has it no conscience?
HARRY MCGINN
MORTGAGE CONSULTANT
HMG FINANCIAL SERVICES
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