Okay, firstly thanks in advance for any help with this, I'm in a pickle and it's much appreciated.
So, basically I have UK graduate account overdrafts with HSBC and Natwest, I left the UK a year ago and have no plans to return for the foreseeable future, I am currently living in China.
Natwest is £900 overdrawn
HSBC is £1500 overdrawn
HSBC is fine, its reduced by £500 a year, I can manage that (just about)
However, Natwest are now saying that they have changed policies and will now be charging me £90 in INTEREST alone until its the overdraft is repaid.
Firstly, £90 a month is sheer madness. I only earn around £3-400 a month out here, so the interest alone is impossible as its almost a third of my entire monthly income, let alone repaying the actual amount owed from the overdraft.
The Natwest account is registered at my elderly parents house from 5 years ago before I went to University, I haven't lived there for 5 years now. I'm worried they are going to start having bailiffs turning up and debt collectors calling them day and night.
So, what do I do?
I am willing to try and pay this amount back but cannot do so if I am being charged ludicrous interest rates like this. I need maybe another 12 months to pay it all back. So far Natwest are refusing to budge and saying it is what it is.
Do I run from the debt and just try and forget about it as they cant do anything to me whilst in Asia, or do I try and kill myself by paying these insane interest rates. If I do I literally cannot afford to live anymore as I am only just scraping by each month at the moment. Having a third less money each month is pretty much the decision between eating or paying rent.
So stressed about all this at the moment, its mainly my parents I am worried about as I dont want them to have to pay for my mistakes.
Thanks
