Really getting into a flap about my overdrafts!!!

TismE_3

Hi guys, ive been reading that a few people have had their overdrafts removed with little or no notice from their banks, now seeing as i owe about £4,500:eek: on two overdrafts with natwest im getting extremely worried.

There is no way i would beable to pay this off in a lump some or anytime soon.
both accounts are used for DD, and one has tax credits and child benefit paid into.

I was worried about this debt before now im getting really scared.

dont know what to do.

tisme x

doodledo_2

I must admit I have a similar fear with my bank accounts too.

Are these your only two debts?

Why don't you look at reducing them each month by £100 to show the bank you are trying to take control of them?

TismE_3

Hi there doodle, i also have a personal loan with Natwest and am very much a newbie to the DFW boards.
My plan was to pay off at least £100 pounds off each overdraft each month, and as much more as i can possible get together.
I really want to get to work on these overdrafts and the the plan was to save for a lump sum to pay the loan off early the loan was for 5,000 but is 7,550 in total over the five years with the interest.

OH says not to worry and that they wont pull my overdraft, as i've never gone over my overdraft limit and have never had any charges other than interest.
Also they make a lot of money out of me being constantly overdrawn, but surely they'd make more with charges ect ........ Am i panicking to early here , i am a natural born worrier!!
Tisme x

doodledo_2

They can withdraw or reduce your overdraft at any time and I have read a couple of posts on here today where people have had it happen to them. So although I can see your OH point of view there is always the chance.

I have had mine years and never been adjusted but thats not to say they won't.

I would try and reduce them each month, ring up and make sure you reduce the limit because if you keep it then it is very easy to use it.

Good luck.

lynzpower

What is the APRs on these overdrafts?

TismE_3

Hi lynz, im sorry but im not sure , i pay roughly 70 quid in interest at the moment per month over the two accounts, dunno if that helps

lynzpower

It definately should say on your online banking pages ( i think it has to by law- not 100%) what the APR is. It mght be worth trying to shuffle the debts somewhere cheaper.

TismE_3

Hi Loaner , think you misunderstood, im planning on pay off overdrafts first and then saving for lump some to pay off loan, but many thanks for your concern :beer: .

Will go and take a look at online banking see if i can find out.

Thanks guys its good to know i've got some support to help me keep my head xx

Tisme x

HOPE1234

Hi TismE,

I hope it's not me that's got you really worried by going on about my o/d !
(you posted in my thread earlier)

I haven't heard too many horror stories about Natwest withdrawing o/d at the moment.
I think RBOS is the banking group to watch .

I must admit that I thought my o/d would be safe as I have never abused it, always remained within my limit and never incurred charges.

I am conducting my account in exactly the same manner I always have which is why it was such a shock to be told it would be withdrawn.
According to the Halifax , all their customers o/d will be reviewed in the near future, and if customers don't reach a certain criteria then the o/d will be pulled.

Why are the banks being allowed to do this to their customers in the current economic climate :mad:

Hopefully you are one of the customers that tick all the boxes and they will want to keep you sweet.

Good luck and fingers crossed x

Lemon_Tree

i've been worrying about my overdraft for about a year, when the stories started about banks withdrawing them. I've always changed mine before the re assessment date as it pushed that date forward a year, but last year i decided enough was enough and i would clear the things. I've now managed to clear 850 off of it and it will be cleared in 6 - 8 months but i still worry in the mean time.
I think the only thing we can all do is try and manage it downwards ourselves to try and give us some feeling of control and then wait and see what happens.

TismE_3

Ended up having a row with OH last night and getting quite upset,
he's not quite on board with the dfw ways.
Basically he agrees that we can cut back on shopping, and that we could save quite a bit by doing this, but he still wants to spend, spend, spend!!
on other things, Surrond sound speakers are his latest fancy......
Ive wanted to buy a wii and wii fit , as you can see in my sig, i do think this would be great for the kids, infact we have been kindly borrowed one at the moment and the girls are never off the thing! but im, in my mind questioning if we can REALLY afford it !?
I guess i'll have to weigh up the pro's and con's on that one!

OH owes about 800 on his overdraft last night i was trying to say that if we cleared his overdraft at least we'd have one secure bank account between us, which to me makes sense, but he couldnt see the logic in paying it off.
Before we meet he got himself into a lot of debt and paid them at £5 per week, 'to keep em happy' and i think he's think we could just do that if the worst was to happen!

Anyways im gonna stick to my guns and pay mine off the best that i can, i've just cleared up a NI bill which was £120 so now i can consentrate on the overdrafts.

Both overdrafts are at same bank and at same interest rates, so my question is shall i focus on clearing one and then the other or both at once!?..............Tisme xx