Nationwide Reducing overdraft!

lauren123

Hi..I'll try make it quick and please be nice:)

I have an overdraft with nationwide of £1300. Only after going over this due to them taking interest charges, they wrote to me saying they were demanding every penny back. I called the help line and explained I couldnt pay them and agreed to reduce by £60pm and more if I could. So at the end of April..they reduced it by the 60..which was fine..but being the idiot Iam didnt leave enough in there for any interest, so went over the limit straight away! Got another letter today, demanding it all etc. Have to ring them tomorrow and try explain and sort it out again...will be back in this limit at the end of the week and really think I can keep on top of this now,have finally paid off my nationwide loan! So am saving a lot a month now.

Iam just worrying about what they are going to say when speak to them tomorrw, whats the worst they can do? If I havent got the money, they cant have it right?

Iam in about 5500 debt and have alot going out each month, my credit is real bad.

Any advice on reducing overdrafts would be great.

Thank you xx

pixiechick_2

I'm sorry I can't help you but I'm bumping this back to the top in the hope that there might be someone who can help you.

DarkConvict

Overdrafts are repayable in full given 30 days notice, this applies to all overdrafts which is why it is a terrible form of credit, never live in an OD.

As to your situation, your right if you don't have the money they cant have it. But they can get a CCJ for it to secure the debt.
If NW get in touch i would say that they agreed to me paying £60 a month and this is what i did, however you reduced the OD by £60 and then applied interest putting me over the limit. I request that you do not reduce the overdraft otherwise each month this is going to happen. As a responsible lender you should allow me to pay off my debts and this is what i am trying to do.

gazelle8760

This is a topic right up my street, good old Nationwide (NOT)

I am on a reducing overdraft with them, I decided that if they were insulting enough to reduce my overdraft by £1700, having only given me £2300 six months before, but then this is Nationwides speciality, then they could wait for me to pay it back.

I pay them £200 per month, but also include the interest on top of this, that way I don't make the mistake of them hitting me with interest the next month, and taking me over, they only did this once, and I phoned them straight up and hit the roof with them, they demanded the money straight away, and I told them that they need to make their instructions clearer, and any person would assume that the amount you request to repay each month, would include the interest.

They set up the plan again, and I am sure they will set up another plan for you, I don't trust them whatsoever, they are the worst organization for getting you the credit you want, then taking it all away again when it suites them, needless to say I don't utilize that account anymore for salary etc, they have done me no favors, and I am certainly not going to do them any.

lauren123

Thank you, both posts were helpful. I rang them this morning at 9am and got straight through! Luckily I spoke to a very helpful lady unlike the idiot I got last time, anyway as I had over £100 paid into my bank today which put me back into my limit she agreed to let me continue the agreement and ruduce by £60 a month, she gave me the next 2 dates and amounts of interest which is helpful as I shouldnt go back over this limit.

Although she did say if I exceed this limit my debt will be passed to some kinda credit company and I'll start getting letters etc from them!

Guess just have try my hardest to put any spare money into the OD!