Main site > MoneySavingExpert.com Forums > Essential Money > Budgeting & Bank Accounts > Help! I don't have an Overdraft but gone Overdraw... (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Help! I don't have an Overdraft but gone Overdrawn a lot!! (Gambling)
Reply
Views: 1,881
Thread Tools Search this Thread Display Modes
# 1
Anonymous1990
Old 09-05-2013, 1:42 AM
MoneySaving Convert
 
Join Date: May 2013
Posts: 17
Exclamation Help! I don't have an Overdraft but gone Overdrawn a lot!! (Gambling)

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.
Anonymous1990 is offline
Reply With Quote Report Post
# 2
Sensory
Old 09-05-2013, 3:35 AM
MoneySaving Convert
 
Join Date: Jan 2011
Posts: 98
Default

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.
Sensory is offline
Reply With Quote Report Post
The Following User Says Thank You to Sensory For This Useful Post: Show me >>
# 3
grumbler
Old 09-05-2013, 3:40 AM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Feb 2005
Posts: 41,690
Default

Quote:
Originally Posted by Anonymous1990 View Post
...Can I go to Prison for using Bank Funds that don't belong to me?
No
Quote:
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.
We are born naked, wet and hungry...Then things get worse.

.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of
.....guaranteed, NOT guarenteed
grumbler is offline
Reply With Quote Report Post
# 4
JSR
Old 09-05-2013, 8:50 AM
MoneySaving Convert
 
Join Date: Feb 2011
Posts: 180
Default

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.
JSR is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to JSR For This Useful Post: Show me >>
# 5
Anonymous1990
Old 09-05-2013, 11:50 AM
MoneySaving Convert
 
Join Date: May 2013
Posts: 17
Default

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.
Anonymous1990 is offline
Reply With Quote Report Post
The Following User Says Thank You to Anonymous1990 For This Useful Post: Show me >>
# 6
jamesbronson
Old 09-05-2013, 12:08 PM
MoneySaving Newbie
 
Join Date: May 2013
Posts: 3
Default

Go into branch, speak to a manager or advisor. See if they can come to some sort of agreement
jamesbronson is offline
Reply With Quote Report Post
The Following User Says Thank You to jamesbronson For This Useful Post: Show me >>
# 7
DragonQ
Old 09-05-2013, 12:11 PM
Serious MoneySaving Fan
 
Join Date: Mar 2010
Posts: 1,702
Default

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.

Last edited by DragonQ; 09-05-2013 at 12:13 PM.
DragonQ is offline
Reply With Quote Report Post
The Following User Says Thank You to DragonQ For This Useful Post: Show me >>
# 8
Sensory
Old 09-05-2013, 1:03 PM
MoneySaving Convert
 
Join Date: Jan 2011
Posts: 98
Default

Quote:
Originally Posted by Anonymous1990 View Post
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.
Sensory is offline
Reply With Quote Report Post
The Following User Says Thank You to Sensory For This Useful Post: Show me >>
# 9
Anonymous1990
Old 09-05-2013, 1:12 PM
MoneySaving Convert
 
Join Date: May 2013
Posts: 17
Default

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?
Anonymous1990 is offline
Reply With Quote Report Post
# 10
HappyMJ
Old 09-05-2013, 1:15 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Oct 2007
Location: East Midlands
Posts: 13,689
Default

Quote:
Originally Posted by Anonymous1990 View Post
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.
HappyMJ is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to HappyMJ For This Useful Post: Show me >>
# 11
grumbler
Old 09-05-2013, 1:16 PM
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Feb 2005
Posts: 41,690
Default

Quote:
Originally Posted by Anonymous1990 View Post
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.
We are born naked, wet and hungry...Then things get worse.

.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of
.....guaranteed, NOT guarenteed
grumbler is offline
Reply With Quote Report Post
The Following 3 Users Say Thank You to grumbler For This Useful Post: Show me >>
# 12
Anonymous1990
Old 09-05-2013, 1:21 PM
MoneySaving Convert
 
Join Date: May 2013
Posts: 17
Default

I have read the advice and appreciate it, but I don't know what use it would do if I go into my bank, I have no income so I don't know how I would be able to arrange repayments? I'm unemployed but been constantly applying for jobs since I left college but everything has been unsuccessful?
Anonymous1990 is offline
Reply With Quote Report Post
The Following User Says Thank You to Anonymous1990 For This Useful Post: Show me >>
# 13
MissAT
Old 09-05-2013, 1:33 PM
MoneySaving Convert
 
Join Date: Mar 2013
Posts: 56
Default

Firstly, you don't have a job and you are spending £600 gambling - this seems incredibly irresponsible even if you did have a job.

Secondly, go into the bank the worst thing you can do is ignore an unauthorised overdraft. Also, speak to family members and see if you can borrow the money and pay them back in instalments.
MissAT is offline
Reply With Quote Report Post
# 14
Sensory
Old 09-05-2013, 2:00 PM
MoneySaving Convert
 
Join Date: Jan 2011
Posts: 98
Default

Quote:
Originally Posted by Anonymous1990 View Post
I have read the advice and appreciate it, but I don't know what use it would do if I go into my bank, I have no income so I don't know how I would be able to arrange repayments?
You won't know unless you try. They could agree to freeze the charges.
Sensory is offline
Reply With Quote Report Post
# 15
AlwaysLearnin
Old 09-05-2013, 2:06 PM
MoneySaving Stalwart
 
Join Date: Feb 2013
Posts: 467
Default

Quote:
Originally Posted by Anonymous1990 View Post
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?
What possibly makes you think people on a budgeting board (or anywhere...) would endorse that?!

You've spent money you haven't got and you don't seem to be able to pay it back at the moment. The only way forward that I can see is that it's time to grow up and face the music. Yes you've got yourself in a bit of a pickle, but burying your head in the sand is only going to make things worse. There's also the longer term impact on your credit rating to consider too.

Speak to your bank. The money has gone and so it's got to be in their best interests to work with you to get it back as best as possible.
AlwaysLearnin is offline
Reply With Quote Report Post
The Following User Says Thank You to AlwaysLearnin For This Useful Post: Show me >>
# 16
fevlo
Old 09-05-2013, 2:17 PM
MoneySaving Convert
 
Join Date: Mar 2013
Posts: 177
Default

Sounds to me like you were funding the betting account using paypal and they were taking the funds as a direct debit hence why it doesnt come out your bank for a few days.
If the direct debit hasnt already been taken then it is likely that Natwest will bounce them back and your paypal account will go into a negative. You will simply owe Natwest a few unpaid item fees and the bulk of the money will be owed to paypal

Make sure you cancel the direct debit for paypal from your bank account otherwise they will try to debit again and you will get unpaid item fees on top of the previous fees and then unautorised overdraft fees.

Its so easy to spiral out of controll, (I have first hand experance of bad bank account management)

This is not an impossiable situaion to sort but do something now, dont just burry you head in the sand (Again, I used to be a first class head in sand burrier and it doesnt solve anything)

BTW, if the debt gets passed for collection, debt collectors will find you, gaurenteed.
Talk to those people you owe money too, its in their intrest to help you, just remember they cant have what you havnt got so they will do their best to help you just as long as you help them

Last edited by fevlo; 09-05-2013 at 2:20 PM.
fevlo is offline
Reply With Quote Report Post
The Following User Says Thank You to fevlo For This Useful Post: Show me >>
# 17
innovate
Old 09-05-2013, 2:45 PM
PPR
Deliciously Dedicated Diehard MoneySaving Devotee
 
Join Date: Jun 2005
Location: On this planet
Posts: 15,707
Default

Quote:
Originally Posted by Anonymous1990 View Post
....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?
It would be the worst option you could possibly choose. Firstly, your debt will rocket because of the charges that pile on every day.

Secondly, your credit record will be shot to pieces for possibly decades to come.

You must get an arrangement with the bank, and you must find a job to pay the money back.

Check out the debt-free wannabe board for some more help - there are organisations that you can contact, contact information is over there.
innovate is offline
Reply With Quote Report Post
# 18
pqrdef
Old 09-05-2013, 3:07 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Oct 2010
Posts: 4,497
Default

First thing to do is get a current account with another bank before anything hits the fan. Like immediately. Then you'll still be able to bank and you'll have somewhere to get benefits etc paid into without them disappearing straight into a black hole.
pqrdef is offline
Reply With Quote Report Post
The Following User Says Thank You to pqrdef For This Useful Post: Show me >>
# 19
Moneysaverchris
Old 09-05-2013, 3:40 PM
MoneySaving Convert
 
Join Date: May 2013
Posts: 84
Default

Wow What a stupid situation to get yourself in.
Moneysaverchris is offline
Reply With Quote Report Post
# 20
Anonymous1990
Old 09-05-2013, 3:54 PM
MoneySaving Convert
 
Join Date: May 2013
Posts: 17
Default

Quote:
Originally Posted by pqrdef View Post
First thing to do is get a current account with another bank before anything hits the fan. Like immediately. Then you'll still be able to bank and you'll have somewhere to get benefits etc paid into without them disappearing straight into a black hole.
Thanks that sounds like a good idea.
Anonymous1990 is offline
Reply With Quote Report Post
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 2:04 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 22 October 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • ED SHEERANX (DELUXE EDITION)
  • SAM SMITHIN THE LONELY HOUR (DELUXE EDITION)
  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 88

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.