NatWest current account charges reclaiming

InDeepDebt

Originally posted this in Debt Free Wannabe

Hi all

A little background first.

I have a second current account (with the Nat West) - this was my usual account but then I got a job with a bank and I had to open a current account with them.

Right, my NatWest account has a £900 overdraft and the balance has always been around about that limit (usually £800 - £900 od). I hardly use the account and generally pay about a tenner a month into it otherwise the bank gets a bit annoyed with me.

Over the years I have gone overdrawn by a few pounds every few months and have ended up paying bank charges. I always bring my account back into order.

About six months (maybe more) ago, the balance was at about £890 od. I've sort of buried my head in the sand and not opened any statements for a while. The last one that I opened a couple of months ago had the balance at £1400 od - with this being difference between the initial balance of £890 od being made of charges and interest. At no time over the last six months have I had a letter advising me of the situation.

I'm currently sorting out stuff on a self administered DMP. Most creditors have accepted my offers, but I haven't got around to NatWest yet.

Anyhow, NatWest is next on my list. I was going to simply write to them advising that I am in financial hardship and please stop any further bank charges and reduce/stop interest. I then noticed that certain people can (maybe) claim back bank charges.

My wife and I are in Dire Straits with our finances. £69k of unsecured debt and, after cutting back on everything, we have £280 a month to pay this off - this amount will gradually go up over the next four years though to almost £800 spare. The NatWest overdraft of £1400 of £69k is about 2% though so if I can write off as much as possible, that would be a good thing.

If you haven't fallen asleep - what's the best way of tackling NatWest to a) Stop further charges; and b) claim back existing charges.

I've had the account about 15 years - the last 12 years of which it's been fairly dormant - just overdrawn.

Cheers

Jim

EDIT

I did read the claiming back bank charges step by step link http://www.moneysavingexpert.com/rec...harges#reclaim

but I haven't advised the bank of my hardship yet.

confused90

if you are going to claim hardship then there is a familar pattern you will have to endure,

first write and request your charges be repaid explaining you are in financial hardship.

Natwest will reply asking you to fill out a SOA form and return.

After you return the form natwest will dismiss your hardship and tell you your charges are not being repaid,

you will need to write back demanding they reconsider your case or you will go to the ombudsman.

Natwest will either back down and make some sort of offer or hold their ground in which case you will have to follow through with the ombudsman route.

all in all it won't be easy and you should expect several months of battling before you get anything back, and of course there is no certainty that you will get any of the charges back.


if you want some specific advise on wording your letter then there is someone on here that can help you more with that called NatwestStaffMember hopefully she will be along soon with some advice.

good luck

InDeepDebt

Thanks for the answer.

Is it possible (I can't see why not) to get a SAR from NatWest of all the correspondence, charges and what not on my account.

I may start that way, asking for the charges to be repaid (Yeah, likely) and in addition, ask for an SAR on the account. That way, when I do write to the FO, I can say that they never wrote to me advising that my account was over its limit for six months (or whatever).

Cheers

Jim

natweststaffmember

InDeepDebt wrote: »

Thanks for the answer.

Is it possible (I can't see why not) to get a SAR from NatWest of all the correspondence, charges and what not on my account.

I may start that way, asking for the charges to be repaid (Yeah, likely) and in addition, ask for an SAR on the account. That way, when I do write to the FO, I can say that they never wrote to me advising that my account was over its limit for six months (or whatever).

Cheers

Jim

No problems on the SAR which will cost you £10. This is going to sound like a strange question but if you work with a bank, do you have to inform your employer if you get into any financial difficulties? There is in the RBS Group code of conduct which is about financial responsibility, albeit bankruptcy is dismissable.
http://www.legalbeagles.info/forums/showthread.php?t=18427
The above thread has a blank income and expenditure form that NatWest send out(you need to be registered to download it).
Furthermore, read my signature page 20 which goes through the criteria on financial hardship. If any of the unsecured debt is credit cards then you might want to look at reclaiming charges on the card(every single one of them with no time limit).

InDeepDebt

Working for a bank, I am on dodgy ground if I get into trouble.

An IVA is OK as is bankruptcy now though - so long as I keep to the terms. The bank that I am with I have debts with. Although we can not meet the payments on the cards, we have an arrangement whereby we pay 1% of the balance and we won't get a default.

Quite worrying which is why we're trying to sort it out as best as we can. They are more lenient now though than a few years back.

Jim

InDeepDebt

Just about to ask for an SAR from NatWest. I have a current account with an overdraft that is extremely over its limit. I also have a credit card but this is actually overpaid (by accident) to the tune of £35.

As mentioned above, I'm looking at getting the charges back.

Now with me having a current account, they are bound to have a copy of my signature. Is there any reason for me NOT to sign the subject access request?

Thanks in advance

Jim

natweststaffmember

InDeepDebt wrote: »

Just about to ask for an SAR from NatWest. I have a current account with an overdraft that is extremely over its limit. I also have a credit card but this is actually overpaid (by accident) to the tune of £35.

As mentioned above, I'm looking at getting the charges back.

Now with me having a current account, they are bound to have a copy of my signature. Is there any reason for me NOT to sign the subject access request?

Thanks in advance

Jim

If you are paranoid and delusional that the bank will use your signature to commit fraud. If you are not paranoid and delusional then you can even add kisses to the letter(please don't though ).

confused90

the practise of scanning sinatures by banks and DCA's onto documents does go on, but usually in cases where cca requests are made, i generally don't sign any letter i just print my name.

I don't really see the need to sign letters, what difference does it make it its signed or not?

Premier_2

confused90 wrote: »

...
I don't really see the need to sign letters, what difference does it make it its signed or not?

When requesting an SAR, the data controller has a duty to take reasonable care to only release information to the person to who it pertains.

Checking the signature of the requester against an already held signature is one check they could reasonably be expected to make.

natweststaffmember

Premier wrote: »

When requesting an SAR, the data controller has a duty to take reasonable care to only release information to the person to who it pertains.

Checking the signature of the requester against an already held signature is one check they could reasonably be expected to make.

.....unless they regularly send that information ie statements and post to that address(which they do not require a receipt for sending that data). If the account was closed then yep 100% they need a signature but if not then there is no specific reason to sign or not sign the letter.

InDeepDebt

natweststaffmember wrote: »

If you are paranoid and delusional that the bank will use your signature to commit fraud. If you are not paranoid and delusional then you can even add kisses to the letter(please don't though ).

:rotfl::rotfl:

Made me laugh.

Thanks to all for their advice. The request will be winging its way tomorrow - signed.

Jim