Dec '25 • General discussion
20k dept
Hello everyone,
I need some advice and guidance on what steps I should take to avoid getting myself into further trouble.
Two years ago, I started my courier business and took out a £20,000 loan from NatWest Bank to buy my own van, insure it, tax it, and cover initial running costs such as fuel and basic living expenses. My monthly repayments were £437, which I paid without any issues.
However, as the economic situation worsened, I began struggling to cover my essential expenses, although I continued making loan payments. I contacted the bank to explain my financial difficulties and requested a temporary reduction in repayments. I offered to pay £150 per month.
The bank refused my offer and informed me that my account would be transferred to their recovery team (I am not entirely sure what this means). After that, I started receiving intimidating letters stating that debt collectors may contact me in the near future. As a result, I reported NatWest to the Financial Ombudsman Service.
My main questions are:
- What did I do wrong, if anything?
- What should I expect if the Financial Ombudsman does not support my case?
Thank you for your time and advice.
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20k dept
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