Help! I don't have an Overdraft but gone Overdrawn a lot!! (Gambling)

Anonymous1990 · 9 May 2013 at 12:42AM

Hi,

I've got myself in a huge mess. I don't have an overdraft facility but I have gone severely over and I'm really anxious and worried about what is going to happen to me.

I am registered to a betting site using PayPal, when I deposit it takes 2-3 days to come out of my Bank Account because it takes quite a while but I get the funds credited to my Betting Account instantly. I had £100 in my Bank Account but deposited it to a Betting Account in a desperate attempt to lose money. I lost my £100 and checked my Bank Account and realised it had not came out. I then deposited a further £100 in a desperate attempt to win my £100 back which also lost and I proceeded to do this a few times over until I lost £700!!

I really don't know what came over me, I had a moment of madness and now my Natwest Bank Account is due to go -£600 Overdrawn even though I don't have an Overdraft Facility. What is going to happen to me and my Bank Account? Can I go to Prison for using Bank Funds that don't belong to me? Will my bank send debt collectors? I'm in a major panic and literally shaking and trembling in fear.

I realise I was a complete idiot to do what I did, I have deleted my Betting Account and have learnt my lesson and will never ever return to anything similar as long as I live.

Any advice would be appreciated.

Sensory · 9 May 2013 at 2:35AM

Firstly, calm down; you're not going to prison.

Secondly, I would suggest getting fully acquainted with NatWest's Overdraft Policy.

From what I can gather, you will be charged £6 per day, for each day your account remains overdrawn. Currently, the Unarranged Overdraft Fee is not capped, so you could be charged up to £186 per charging period (I'm assuming 31 days). From 12th July 2013 this fee will be capped at £90 per charging period.

In addition to this, there are returned item fees of £6 per returned item (where the bank decides not to cover a payment). These fees are capped at £60 (ten returned item fees) per charging period.

The bottom line: pay it all back as soon as possible. Make sure you have enough in the account to cover the charges, otherwise those charges could cause you to drop back into an unarranged overdraft.

Do you have a Select Account? You can freely register for Overdraft Control which will prevent this from happening again in the future.

grumbler · 9 May 2013 at 2:40AM

Anonymous1990 wrote: »

...Can I go to Prison for using Bank Funds that don't belong to me?

No

Will my bank send debt collectors?

Possibly. Bailiffs are more serious than just debt collectors, but require a court order and are unlikely for £700.
However, your credit history will be ruined if you don't repay the debt immediately.

JSR · 9 May 2013 at 7:50AM

It can't hurt to apply for an authorised overdraft right now. The credit scoring system may not see the over limit transactions yet. Whatever you get will save you money. You could also apply for a Bank Of America backed credit card (e.g. from Amazon.co.uk) which allow you to do a transfer to your current account for a 4% fee.

Anonymous1990 · 9 May 2013 at 10:50AM

I don't have any money to pay it back and I've just finished college and not in employment yet so I have no way of raising the funds to pay it. I've also rang my bank and they said I can't get any type of overdraft because I'm not in full time employment and not getting regular income. I honestly don't know what to do. My bank is registered at my old house, would it be bad if I just left it and forgot about it and then set up a repayment plan when I'm in full time employment? I really don't know what other options I have here.

jamesbronson · 9 May 2013 at 11:08AM

Go into branch, speak to a manager or advisor. See if they can come to some sort of agreement

DragonQ · 9 May 2013 at 11:11AM

If you leave it, the charges will just mount up. I suggest you either find some form of income immediately or find a family member of friend who is willing to pay it off for you until you do get an income.

Even a loan would be cheaper in the long run, maybe try Zopa. That'd require regular payments though I guess, so you'll still need an income.

Sensory · 9 May 2013 at 12:03PM

Anonymous1990 wrote: »

My bank is registered at my old house, would it be bad if I just left it and forgot about it and then set up a repayment plan when I'm in full time employment? I really don't know what other options I have here.

Forgetting about it is probably the worst thing you can do. If family and friends can't help you, speak to an advisor in branch and explain your difficulty. Banks aren't entirely unreasonable.

Anonymous1990 · 9 May 2013 at 12:12PM

The only family I have is my Mum who I live with and she is maxed out with over-drafts and debt too after a failed business so there is no way of lending money from family. I have no possessions at all, the laptop I'm using is an old one which belongs to my Mum which cannot be sold either.

I think my only option is to ignore my bank account and let it get into more debt. My account is registered at an old address anyway so debt collectors/bailiffs would go to the wrong house anyway?

HappyMJ · 9 May 2013 at 12:15PM

Anonymous1990 wrote: »

The only family I have is my Mum who I live with and she is maxed out with over-drafts and debt too after a failed business so there is no way of lending money from family. I have no possessions at all, the laptop I'm using is an old one which belongs to my Mum which cannot be sold either.

I think my only option is to ignore my bank account and let it get into more debt. My account is registered at an old address anyway so debt collectors/bailiffs would go to the wrong house anyway?

It will eventually be linked with you at your new address.

Personally, I woudn't ignore it. You can come to an arrangement with the bank to pay it back in small amounts each week from whatever income you have coming in even if that only income is JSA if you can show willing by paying something each week that may be enough to prevent more drastic action being taken.

grumbler · 9 May 2013 at 12:16PM

Anonymous1990 wrote: »

I think my only option is to ignore my bank account and let it get into more debt. My account is registered at an old address anyway so debt collectors/bailiffs would go to the wrong house anyway?

Well, what was the point in asking if you keep ignoring all advices and already know your "only option"? Feel free to remain deluded that debt collectors are incapable of tracing you. In fact they are experts in this.

Help! I don't have an Overdraft but gone Overdrawn a lot!! (Gambling)

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