Overdraft with Nationwide

Elloyd

I recently had my overdraft reduced from £750 to £450, which was nationwide's decision.
I now want to start reducing it bit by bit so called them today to ask if they would reduce it to £300, and I have been told no. They will increase it, but they wont reduce it. I have to wait 3 months and call them back to see if they can change their mind.
This doesn't sound right to me... Has anyone else had this trouble.

Any

No idea, maybe they are worried that you will just then go into unauthorised overdraft and get charged?

Or maybe they do any changes only in 3 months intervals? Or did they misunderstood what are you trying to do?

If there is no actual need to reduce it by £150, just don't spend it..

Olipro

Elloyd wrote: »

I recently had my overdraft reduced from £750 to £450, which was nationwide's decision.
I now want to start reducing it bit by bit so called them today to ask if they would reduce it to £300, and I have been told no. They will increase it, but they wont reduce it. I have to wait 3 months and call them back to see if they can change their mind.
This doesn't sound right to me... Has anyone else had this trouble.

rather than phoning them up, just do it online, there's a menu item in their online banking for changing your overdraft.

LeeSouthEast

Or reduce the balance yourself . Do you really need the 'limit' to reduce with the balance?

Elloyd

It wont let me do it online anymore, I am not the best where money is concerned and have little will power, so thought if its not there to spend, I cant spend it.

7sefton

Be warned: Nationwide do a credit search EVERY TIME you change your overdraft amount (regardless of whether it is increasing or decreasing). So if you reduce your overdraft bit by bit each month you will end up with a lot of searches on your credit file which will damage your credit score. In other words, it would be much better for you either to just stick with the £450 limit and be a bit disciplined, or else reduce your overdraft completely on just one occasion. This is another stupid rule from Nationwide, and one which has the potential to cause customers like yourself great damage.

Elloyd

Oh really 7sefton, I didn't realise that.. Maybe I will reduce it to zero and get it cancelled completely when I can. I just have to leave my debit card at home from now on... Thanks guys..