Natwest OD - 1800

[reecoo]

Hi all!

 

I'm new to this site and have no experience with approaching lenders or crediters.

 

I have an arranged OD with Natwest which started off small a few years ago

(I'm 21 and I think I made my first OD request at 18) and

since I have built it up to 1800.

 

This is irresponsible of me but I was young needed some extra cash and didn't think much of it.

 

Knowing what I know now and having matured I'd day ODs should be limited to 21 and over.

 

I can not afford to pay the interest charges on this account as I have other debts I need to pay.

 

I took out a 2k loan with amigo loans in December because I wanted to rid myself of the demoralizing overdraft

and another bad decision was that I didn't then cancel my overdraft

and what with getting a new flat and christmas where my partners pay was screwed up

I've spent the overdraft again on deposit money and christmas, etc.

 

I haven't yet contacted the bank and

I would like some guidance as to where I should start

and any templates to send the bank would be much appreciated.

 

I have 900 left to pay off of my Amigo Loan which is no hassle, I haven't missed a payment of 206 a month.

 

I have opened a new account with barclays and re arranged direct debits with my virgin media

and o2 and amigo loans etc as well my salary.

 

My natwest account now has nothing in it and all direct debits have been cancelled.

 

Again thanks for any help in advance!

[stenson19]

I would suggest you speak to Natwest quickly as when they apply the interest or any charges if that takes you over your overdraft this will encourage more charges.

 

You will probably need to set up some sort of standing order to clear your overdraft slowly until it hits 0 then go to your local branch and get the a/c closed.

 

Barclays is a better bank also.

[reecoo]

Surely the amount I could just about afford to pay would only cover the interest and I would forever be paying off a whole load of nothing. Many thanks for your reply.

[tedney]

Surely the amount I could just about afford to pay would only cover the interest and I would forever be paying off a whole load of nothing. Many thanks for your reply.

Are you able to pay interest plus nominal amount per month, thus preventing interest from escalating too much? If all DD's are stopped and you do not use account at all, regular monthly payments to clear interest when it is added, or, ideally just before, may be OK. Can you check your account on line? The bank should advise you, perhaps on the back of printed statements, when they will add interest to the account each month, so you can pay in before they add. JMHO.

[reecoo]

Are you able to pay interest plus nominal amount per month, thus preventing interest from escalating too much? If all DD's are stopped and you do not use account at all, regular monthly payments to clear interest when it is added, or, ideally just before, may be OK. Can you check your account on line? The bank should advise you, perhaps on the back of printed statements, when they will add interest to the account each month, so you can pay in before they add. JMHO.

 

Thanks for your reply. I think I'm just going to call the bank and arrange a meeting with the manager and speak face to face to a human, explain my current situation and that I WANT to pay what I owe but I can not afford to pay too much every month. Hopefully we can come to an agreement. I expect they will advise me to take a loan which is ludicrous advise to someone in financial hardship which I will knock back of course. Does this sound feesible?

 

Edit: I have also in the past walked into a branch and asked the manager when my interest fees and charges would be coming out of my account. He said he couldn't even tell me! Just said 'About the 15th' they came out kn the 13th and I incurred charges because I hadn't yet got hold of the funds to cover the amount. I was furious!

[tedney]

Does this sound feesible?

 

Edit: I have also in the past walked into a branch and asked the manager when my interest fees and charges would be coming out of my account. He said he couldn't even tell me! Just said 'About the 15th' they came out kn the 13th and I incurred charges because I hadn't yet got hold of the funds to cover the amount. I was furious!

 

Certainly feasible, but don't forget banks are not what they used to be! They are in business to make a profit, and, regretably, often at the expense of those that can ill afford excessive charges etc.

Certainly my bank, and I think all have to now, advise their customers of any charges and when that charge will be levied. Don't take any nonsense from them, and never trust them. I have found that monitoring my bank account on line helps immensely, and very often proves that the bank's own personnel are unaware of how the accounts actually operate. JMHO. Good Luck

[reecoo]

Certainly feasible, but don't forget banks are not what they used to be! They are in business to make a profit, and, regretably, often at the expense of those that can ill afford excessive charges etc.

Certainly my bank, and I think all have to now, advise their customers of any charges and when that charge will be levied. Don't take any nonsense from them, and never trust them. I have found that monitoring my bank account on line helps immensely, and very often proves that the bank's own personnel are unaware of how the accounts actually operate. JMHO. Good Luck

 

I went onto the Natwest Website over a week ago now and used one of their contact forms to explain I did not have enough money at the moment to pay off my overdraft, left my account number and sort code as adised on the form and left my contact details, etc. They still have not gotten back to me. Any thoughts?

[citizenB]

Perhaps it would be an idea to produce a budget sheet - I have posted one below for you, or you can ask National Debtline to help you produce one.

 

Then enclose that along with a copy of the letter linked below.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387346-Ask-Creditor-to-Accept-Pro-Rata-Payments

 

 

The letter above requests that they freeze interest and charges so that the money you pay them reduces the debt.

 

Or perhaps if you believe your situation will change for the better say within 6 months, you could ask for a payment holiday.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?387353-Request-Payment-Holiday

 

Either hand in your chosen letter at the Branch - ask for a receipt - or send it directly to the Bank's head office.

 

If you post it - then at the very least obtain a free proof of posting, if you can afford it then send the letter by a tracked mail service.

[tedney]

I went onto the Natwest Website over a week ago now and used one of their contact forms to explain I did not have enough money at the moment to pay off my overdraft, left my account number and sort code as advised on the form and left my contact details, etc. They still have not gotten back to me. Any thoughts?

Hope you were able to keep a record of that message.

 

I agree with citizenB, very good advice. Not suprised you did not get response from the bank, unfortunately it seems that is fairly typical from nastywest, at least in my experience. As citizenB said, it is VERY important that you keep track of/record of correspondence, with proof of posting or, as stated signed for delivery. Don't be surprised if Nastywest still deny receipt though.

[SabreSheep]

This is where you need to look up BCOBS and force them to play fair.

Everythign in writing and recorded delivery

[Klandestine]

How did you even navigate to their contact forms?

 

I can only see an online complaints form and a form to comment about great service. They don't seem to make reference to a general contact form - although it is possible to find it by searching Google.