Advice Needed

hurricanewyn

I have gotten myself into a bit of trouble with my overdraft and I'm not sure what the right way ahead is. My overdraft is with Nationwide, which is also where my mortgage is. It was initially £1060 but I have reduced it by a monthly payment plant - It's now £760 and I pay £60 per month off it. This month I defaulted on the plan by £3 and they told me the last time this happened that they wouldn't reinstate the plan again and that the full amount would become due. I've paid the extra £3 into my account to bring it back to where it should be and I've instructed work to pay my salary into an old Barclays cashcard account that I wasn't using anymore so that Nationwide can't nab it, and I plan on keeping up the £60 per month payments to them to repay the overdraft as well as any extra to cover interest and fees etc. What I'm most frightened of, is that once they realise I've done this they'll want the whole lot back at once and I just can't afford to pay it. We're living hand to mouth and the moment and this overdraft is really worrying me. I'm terrified they'll take me to court over - I'm not sure what else I should be doing, if anything. Have I done the right thing by moving my salary?

mountainofdebt

if only so that you can manage the situation with Nationwide more effectively.It might also be worth checking with your salary dept when the 1st salary would be paid into the barclays account as I guess many firms do have a cut off point.

Xbigman

You have done exactly what I would do in the circumstances. Just double check that any direct debits have been moved over to the new account and cancell them all on the overdrawn account (half the companies involved will probably mess up and try to take them from the wrong account so if you don't cancel you might get charged). As already posted, you need to double check to make sure your wages go to the right place.

Will they jump up and down and demand immediate repayment? Definately. Simply offer them £60 again (or be cheeky and offer £57) and see where it goes. You might end up with some extra interest and unauthorised overdraft charges but thats probably the worst case.
Regards



X

matrix999

If thats all you can afford then just keep making the £60 payment each month.. If they see your making the payment on time each month then its less hassle for them taking you thru courts etc as they know they will get their money back eventually.

Good Luck

jenevieve

If you have agreed £60 with them and can continue to pay that, then that is all that should concern them. Where your monthly salary goes is irrespective.

All the best x