Nationwide reducing o/draft limit

[daisy72]

Hi all,

I have an over draft with nationwide for 1,800. Yesterday i received a letter from nationwide saying that they are reducing my overdraft to 1,100. At present i am in my overdraft 1,791 and in a panic. I'm not sure what will happen will I be charged the interest of 50p a day or is it worth me asking for a repayment plan and asking for the account to be closed. My tax credit payment get paid into this account and now i'm wondering if i should ask for payments to be paid into another account advice would be very much appreciated.

[Conniff]

I would never ever trust a bank, anything they come up with or change is for their benefit only and always to the detriment of the customer.

 

I can't see how they can move the goal posts and then claim to anything, but it's a bank.

 

Personally I would move my account. If you look through the threads on the Nationwide, they seem to be one of the poorest at customer service and the best at coming up with ideas on how to rip people off.

 

If they should claim £700 is 'unauthorised' overdraft and add extra charges, you can tell them where to get off and refuse to pay the extra charges.

[daisy72]

would it be worth my while contacting nationwide and explaining my situation?

Thanks for the reply.

[Conniff]

Yes do and promptly. They may well have no intention of adding extra charges. If they say no charges will be added, then follow that up with a recorded delivery letter so you have it in black and white or record the phone call. You don't have to tell them you are recording.

[Andyorch]

would it be worth my while contacting nationwide and explaining my situation?

Thanks for the reply.

 

What date would this take effect from daisy...what options have they provided within the letter to enable you to bring the balance in line?

 

Regards

 

Andy

[daisy72]

hi this takes effect from oct 1st 2013 and no options and i will be charged for the 700.00 remaining. I almost want it to go to debt recovery so that i can offer an repayment

[Surfer01]

We had an overdraft and agree to a reducing overdraft with them where the overdraft was reduced by £50 every month. It took 2 years to pay off as we were able to pay a lump sum. Now we are overdraft and CC free!