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Sinking with Natwest loan and overdraft

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Trajan
Trajan Posts: 32 Forumite
Hi to all,

I am currently having problems with my Natwest loan and overdraft.

I borrowed £17,300 from NatWest in April 08; APR is 10.1 % over 28 months.

I also used my overdraft limit up to £7400 (max limit is £7500) few days ago. The APR is 17.73 %. I will be paying big interest every month I know.

I have to make a loan repayment by the end of this month and I only have £100 overdraft limit left.

I went to the bank to top up my loan to pay the overdraft back, but I was declined because I made 5-6 applications previously to top up my loan within 4 months. The bank manager said I made too many applications and should wait 6 months before I can try again.

My credit score is not good either. It might be “fair”.

Note: I only have a bank account with NatWest, and about to have a Natwest credit card within a week. I don't have any other bank account or credit card.

Last week, before I used my overdraft, I applied for the NatWest credit card.

They gave a limit of £1550. As a back up I applied for the credit card because I knew I was going to use the overdraft limit. I am thinking of using my Credit Card when it arrives to make my monthly loan repayment. Hopefully, I will receive the credit card before the end of this month.


Can someone please offer advice about what I can do to reduce my payments?

What credit cards I can apply for? Which companies would accept me with my fair credit score?

To make my loan repayment what can I do with the Natwest credit card? Can I do balance transfer to my current account?

Plus I need a loan of £6500 urgently on top of all this.


Help

Comments

  • Wheres the troll icon?!
  • tictax
    tictax Posts: 157 Forumite
    NO NO NO NO NO NO NO NO NO

    The last thing you need is more credit.

    Why do you need another £6500? You took out a loan 5 months ago - what have you spent it on?

    You need to look at reducing your monthly spending and earning more money. Post on the debt free wannabe board and post a statement of affairs asap to get some practical help over there as very few of us on these boards believe in borrowing your way out of debt.

    You are also in serious jeopardy of Natwest taking away your overdraft. Remember that overdrafts are repayable on demand and can be revoked with very little notice.
  • You haven’t mention one of the main keywords: INCOME – Have you got one at all? Apart from; loans, credit cards, overdrafts, top-ups, etc?
  • Any
    Any Posts: 7,959 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You haven’t mention one of the main keywords: INCOME – Have you got one at all? Apart from; loans, credit cards, overdrafts, top-ups, etc?

    Good point.
    What on earth have you spent nearly £25k in 5 months?
  • ~Beanie~
    ~Beanie~ Posts: 3,043 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Any wrote: »
    Good point.
    What on earth have you spent nearly £25k in 5 months?

    If you read the other threads by the OP, you will see that he has 'invested it' in a friend who is in the music business. He is convinced he will see his money again but has no idea when :confused:

    http://forums.moneysavingexpert.com/showthread.html?t=1160911
    :p
  • Any
    Any Posts: 7,959 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ~Beanie~ wrote: »
    If you read the other threads by the OP, you will see that he has 'invested it' in a friend who is in the music business. He is convinced he will see his money again but has no idea when :confused:

    http://forums.moneysavingexpert.com/showthread.html?t=1160911

    Sorry, haven't put them together.
    Why would you invest money you don't have???????
  • Any
    Any Posts: 7,959 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Just read the whole thread, thanks for the link Beanie.
    And I am asking again "WHY WOULD YOU INVEST MONEY YOU DON'T HAVE?"
  • WOW! I also, just read the other thread!
    Unfortunately “Bad things happen to good peoples”; while I sympathize with the philosophy of helping each other, I still believe that that should be done with means available to us. Giving away what you don’t have doesn’t really makes you a Good Samaritan.
    Can you talk to your parents openly and sincerely, so they could bail you out at this time? But you really have some hard thinking to do then…
  • I think you need to look at what you are spending your money on rather than trying to get more credit.
    Quidco Earnings (since Dec 06): £467.75
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