Nationwide Overdraft When do you have topay it back?

jimmyadam1234

If you have a overdraft of £1200 and you use the limit when do you have to pay it back?. Can you pay it after 3 months? How long have you had your overdraft and when did you pay it?

Mags_cat

Overdrafts are repayable on demand. Your bank might say they'll review your o/d limit every year or every six months or any other periodicity, but they can ask you to repay it at any time. If you have an o/d on an account that you don't use I think they are more likely to want it back than if it's an account that gets regular credits (e.g. wages or benefits).

jimmyadam1234

So if i take out the £1200 and then spend it. Will nationwide ask for it back, if they do how would you pay it back?

stephane_2

jimmyadam1234 wrote: »

So if i take out the £1200 and then spend it. Will nationwide ask for it back, if they do how would you pay it back?

If you use your overdraft to the limit of £1200 let say and you get paid at the end of the month with a salary of £1000 that would mean that you'd still be overdrawn by £200

jimmyadam1234

Thanks but if i get unemployed. How will nationwide get the money back.

stephane_2

They will keep harassing you until you pay it & if not paid they may use Debt Collection Agency, close your account, block all your cards & ruin your credit file

jimmyadam1234

Ok thanks sorry to be a pain, but could i tell them if i could pay it all of at once at a certain date like after 1 month. Sorry to be a pain.

stephane_2

You don't have to tell them anything as long as you pay it back within a short term or that they see an income going in.

woody01

jimmyadam1234 wrote: »

Thanks but if i get unemployed. How will nationwide get the money back.

So but are you asking advice on how to do your bank over.

paulmcerlean

Although it may not be the case - it sounds like you are looking to take the money and run.

Bad idea - they will kill your credit file and any further chances to get credit are null. The fact you have been offered a £1200 overdraft means you have a good clean credit report - so it is not advisable to wreck that.

Basically you can use as much of the £1200 as you need to, so long as you service the account with a salary or credit otherwise they will withdraw it. If you use it and do service the account with money, then it could stay for years, possibly be increased / decreased as they see fit.

In order to keep it, you will need to pay in more than you use each month. So using £1200 of your overdraft and only paying in £1000 keeps you overdrawn and in their eyes struggling and thus it may be removed.

Pay in +1200 each month and use it, and they are likely to be very happy with you.