Hooray LOC not called in after all!

sparky23

sparky23

Well I posted a few weeks ago that the NAB had sent out a letter with no pre-warning that they had decided in an annual review not to renew our LOC.

In short we had to make other arrangements for the $175,000 we had borrowed. I sent in an assets and liabilities statement and since then had heard nothing at all so assumed another nasty letter would arrive or a summons was on its way.

However when I checked the account today the annual package fee has been deducted so I have concluded that this means I won another little battle. Would be nice to have the courtesy of my hundredth 'personal banker' giving me a call and letting me know I could stop worrying though!

I think perhaps the fact that I had previously used the banking ombudsman for a previous win may have helped them change their minds!
 
sparky23 said:
Well I posted a few weeks ago that the NAB had sent out a letter with no pre-warning that they had decided in an annual review not to renew our LOC.

In short we had to make other arrangements for the $175,000 we had borrowed. I sent in an assets and liabilities statement and since then had heard nothing at all so assumed another nasty letter would arrive or a summons was on its way.

However when I checked the account today the annual package fee has been deducted so I have concluded that this means I won another little battle. Would be nice to have the courtesy of my hundredth 'personal banker' giving me a call and letting me know I could stop worrying though!

I think perhaps the fact that I had previously used the banking ombudsman for a previous win may have helped them change their minds!
Click to expand...

I'd wait a wee while longer before getting too excited sparky. Bank systems are remarkably mechanical and unless they'd actually put a stop on your account or closed the loan, the Big 'Ol Machine will happily go on and do it's thing and apply the scheduled fee at the scheduled time.
 
Anyway it won't hurt to be positive for a bit, the personal banker I last spoke to did say he would try to retain it for us anyway so perhaps we now have one that is effective.
 
Even this eternal optimist wouldn't read anything into the package fee being charged, sparky! I agree with TF; this happens automatically and would probably continue to happen even after all your accounts are closed. :D You're way overestimating the efficiency of intra-bank communication.

But heck, I'll have a drink tonight anyway, if not to celebrate, to send out good vibes in the hope that you're right... ;)
 
Thanks guys!

Well the account still appears on-line at this stage and still no word though I heed what you are saying about the fee so I am only celebrating quietly.
 
Update

Ok so yesterday I received a phone call from the collections department, these are the lovely people that sent out the letter. It appears they had not had any communication at all with the personal banker that was sorting things out for me and suggested I should get back on to him quick smart which they would also do.

I emailed him last night and today received a call to say my annual renewal of the loan has now been APPROVED! Wow I really did win after all so tonight the booze is definetly coming back out!!!!
 
sparky23 said:
I emailed him last night and today received a call to say my annual renewal of the loan has now been APPROVED! Wow I really did win after all so tonight the booze is definetly coming back out!!!!
Click to expand...
Great news, sparky, congratulations! :D
 
WOOHOO! What a massive relief it must be for you Sparky.

I just knew it was going to work out for you.

CONGRATULATIONS and enjoy the celebration.

Sunshine
 
ozperp said:
Great news, sparky, congratulations! :D
Click to expand...

The amazing thing is I didn't even have to pull out the Banking Ombudsman card again!

I think the fact that I was able to produce a good assets and liabilities statement for this year showed them that our position is much better than last year. We have shed 2 properties, I am in work (last year I was 6 months without a job but still held it together) more properties producing rent, rental increases, hubby pay rise and of course bloody good interest rates meaning much lower repayments. Just waiting for a settlement on the townhouse to come through over the next few weeks and that will be another loan paid out and profit left over to get rid of more debt!

Us women are a force to be reckoned with when we put our minds to it eh? ;)
 
Woohoo! I have had CRAP news today & was probably going to hit the wine for the wrong reasons. Now you have given me the right reason! :D
 
sparky - that's fantastic news. i was very worried about that putting you against the wall there. there's your personal financial floor forming.

must be a very welcome relief. onwards and upwards. :)
 
Hey Sparkey.
Congratulations on getting so much sorted out. You really do deserve kudos.
You have been so honest posting very personal stuff here. Bits that most people would just shy away from. Go hide in a hole of depression:(
Any one that has been through a couple of cycles will have risked going bad . Many including myself have tramped that road. And at times the well thought out plans just do NOT go to plan! But we certainly learn from the experience :eek:
All the best from today onward!

Gee Cee

P.S. Now that you are doing OK you could shout a poor unemployed father lunch at Shellharbour Pub :p
 
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