Nationwide reducing my overdraft limit - short notice?

mrsdarbs

Just a word - I had a letter about 4 months ago telling me that Nationwide wanting to reduce my o/d by £1000 in less than a week. I phoned them telling them it was impossible fo rme to clear that money in that time and they arranged for me to pay off £100 a month and if I can pay more then that is a bonus!

Road_Hog

Ste_C wrote: »

The best thing to do is not get pregnant until you're financially secure enough not to have problems paying for things.

Just a thought.

And a bank can reduce or cancel your overdraft whenever they like, without reason.

Steve, have you always been a !!!!!! or have you had to practice hard to be as good at it as you are?

noh

Kate_ wrote: »

Hmm,
I'm wishing now that I had done things the other way around and got the overdraft sorted first and then the cards. I guess the temptation was that I didn't feel obligated to pay back the overdraft any time soon and the interest was lower so I could afford to leave it until later.

Well, this has certainly been a wake up call - I'll have to start looking at ways of getting this paid off quicker.

I hope after all your hard work at Uni that you get a job soon Vaporate!

Nationwides overdraft rate is 18.9% it may not be lower than the rate on some of your credit cards.

KarenBB

Well done for getting it sorted Kate. I know you can get nationwide to put you on a reducing overdraft that reducies over times as mrsdarbs said the problem with that is they would start at £1200 and reduce it to nothing so you're much better off at with it just going down to £1000 even though I'm sure it didn't feel like it.
Overdrafts are reviewed every 6 months, my statements say how long my overedraft is agreed for, they don't write to you to say it's been extended for another 6 months so we all think it will just roll on and on.

Cancelling the dd's is exectly what I would have suggested after reading the first post.

Kate__5

Noh - you're absolutely right, the overdraft interest rate IS more than my cards!! I know it was lower once upon a time and I guess I'd just not checked again since. Virgin keep sending me letters about 0% balance transfers, so I'll take them up on that and get the thing cleared. I don't know why, but I've always perceived an overdraft to be somehow better than a credit card debt - but at the end of the day a debt is a debt isn't it and the focus should be on which is costing more? Silly me, I never would have checked had you not pointed that out.

Many thanks to all of you, you've been a big help and I've learned quite a bit! :T

vaporate

Kate_ wrote: »

Noh - you're absolutely right, the overdraft interest rate IS more than my cards!! I know it was lower once upon a time and I guess I'd just not checked again since. Virgin keep sending me letters about 0% balance transfers, so I'll take them up on that and get the thing cleared. I don't know why, but I've always perceived an overdraft to be somehow better than a credit card debt - but at the end of the day a debt is a debt isn't it and the focus should be on which is costing more? Silly me, I never would have checked had you not pointed that out.

Many thanks to all of you, you've been a big help and I've learned quite a bit! :T

You're Welcome.