natwest consolidation loan help!!

ryuken21

Hi

I am a student and I have been very very stupid by gambling away my student loan. I have gone over my overdraft limit by £2000 due to gambling transactions (which should have declined anyway but they didn't) and I was wondering if it was possible that natwest would allow me to take out a consolidation loan to help me. I literally have no money and have rent due soon which I can not pay and I certainly can not pay the bank back these gambling transactions money because now I have none. I know i was stupid and I don't need to hear this from anyone, however any advice on further action to take in order to help me out would be very helpful.

Many thanks

fozmcfc

The first thing you should obviously do is stop gambling immediately. As an ex big gambler myself I know how it can take over your life.

I do have to say absolutely no chance whatsoever of Natwest giving you anything but grief. Why would they give you more money at the very high risk you will gamble that away too.

I can't see you being able to get the money you owe Natwest from any other lenders either.

If Natwest look how the money has been spent, then you could find yourself in the situation my mate did. when he went well over his overdraft limit. Natwest asked for cards and cheque books etc to be cut up and returned to them and his account was frozen and closed down and they informed him they expect all monies owed back, plus any fees that he would occur.

My mate already had a debt management plan and so he dumped the debt onto his debt management company, but then he has been a complete fool where money is concerned.

I'm afraid I don't think you are going to hear the answer you really want to hear and I think you are going to get some who will tell you, you've been stupid, but there are people around here with much better knowledge who hopefully can give you some advice as to where to go from here.

BLT_2

They are certainly not going to give you a consolidation loan and will no doubt pursue you for the full amount. Your only defense really is why on earth were the transactions allowed to continue 2000 pounds over your overdraft limit. A limit is exactly that, anything above that level should be declined.

Time to re-evaluate your life and consider whether you can continue to afford being a student. With no money to pay rent or buy food perhaps the best option is to move back in with your parents.

Good Luck in any case.

ryuken21

This is not what I wanted to hear arrggghhh but I guess I have to fave the reality. Moving home is not an option. My parents are going to kill me when they find out about this and I cant handle the shame and embarressnment to tell them.

So other than moving home, where can I go from here? I'm properly screwed!!!:mad:

CLAPTON

you need to confront the problem and discuss this with your parents.
they may or may not be able / willing to help

or of course get a job that pays sufficiently to pay your own way

AMILLIONDOLLARS

The only people to turn to right now will be your parents! They may have guaranteed your rent, so the Landlords will contact them if you have not paid this bill. Come clean, they are going to find out anyway. Yes, they will be very very angry with you, but once they have calmed down they will be able to give you some advice and possibly help you out. Have a word with the Student Union, they are there for advice, use them. If you have any further transactions pending, contact your bank immediately and try to cancel them, chance are that they will be rejected due to lack of funds.

AMD

catflea

Agreed - you need to speak to your parents. I'm currently nearly 8k in hock to mine as a result of my stupidity when I was a student - but better to be owing them than an organisation that will be demanding money every 5 minutes. We all have stupid moments and periods in our lives and your folks will still love you even if they do make a big deal of it. TELL THEM whatever happens it will be a big weight off.

In terms of what you can do for the short term? Speak to your university - do they have a hardship advisor?

If you ask NW for a consolidation loan they will offer you a loan based on what you owe THEM, not any other creditors. The way it used to work when I was there was Largest Balance owed in last 30 Days + All pending charges + £100 so you dont go straight OD + whatevers needed to round up to the next £50. You would pay an increased rate of interest and probabally wouldn't be able to afford the repayments.

If your parents wont help you you will need to speak to CCCS to discuss how to get yourself out of this hole.

And speak to someone about your gambling problem!

I know its a cliche, but its darkest before the dawn. Face up to the mess you are in and start to deal with it - the sooner you do this the less stress and emotional turmoil you will be placing yourself under - and things may well work out cheaper in the long run too....

BadgerFace_2

I really sympathise, I have watched people go through enormous amounts of money gambling...far more than you have if it's any consolation.

It's not what you want to hear, but your telling your parents may bring you a huge amount of shame and embarrassment, but it may help you face up to the problem; this is for the best in the long run.

G'Luck anyway!

fozmcfc

I know when I basically spent my months money in 2 weeks by gambling, I had to turn to my mum for the money to pay the next couple of weeks bills. I was very embarrassed but so glad I did.

It was a turning point for me, I got myself straight with the bank and also paid off my credit card over the following 6 months, to leave me with no debts.

You must though stop the gambling and get help for it if you need too and also learn your lesson.

I myself started to get back into trouble money wise, but whilst I haven't had to turn to my mum again, I did built up debt over the next few years, but finally in January 2009 I made a promise to clear my debts which I am well on my way to doing.

ryuken21

ok thanks for all your comments, I am going to tell her tonight. I feel so guilty right now as I am at home and she has no clue what bad news is about to come her way, she looks happy and wants to buy a new carpet for the house and me and my !!!!ing stupidity is about to ruin all that. This will NEVER EVER happen again.

In reference to my overdraft limit and the bank allowing me to go over that limit, do I have a leg to stand on there? Can I appeal against it, even though i was still accepting the transactions and take full responsibility, surely the bank are also at fault for allowing these transactions to carry on further? what can i do about this? or am i literally just screwed altogether?

p.s I just found out it's 2700 over my limit not the 2000 i initially thought, this is how bad its got i cant even remember taking out these transactions. Is there any companies out there that can help me sort this? Yes i will tell me parents but there is no way of them being able to pay the full amount hense i need full external help!

catflea

Work out what money you DO have, ie. incomes and outgoings. (called a statement of affairs) and then approach Natwest and ask to make an arrangement to pay back what you owe - even if its token amounts - £1 a week or whatnot. As long as you approach them in the first instance you are more likely to get a sympathetic ear.

I would suggest posting in the Debt Free Wannabe section. Thats a goldmine of info!