unwanted overdraft.. easy to remove?? natwest

want2bmortgage3

my natwest current account has a 2500 overdraft which i'd like to get rid of or at least reduce to no more than 1000.

is this an easy process, do i need to go to a branch or can i do it on the phone? cant see any way of doing it with online banking.

stclair

Yeah ring up actionline and ask to be put through to lending and they will remove it for you.

You may get credit searched again to reduce the overdraft just to warn you in advance.

DizzleUK

stclair wrote: »

Yeah ring up actionline and ask to be put through to lending and they will remove it for you.

You may get credit searched again to reduce the overdraft just to warn you in advance.

Ok, I'll be the thick one and ask the question.....

Why would you get credit searched if you wanted a bank to reduce your credit limit?

stclair

Im sure your not thick at all by reading your posts you sound like you have your head screwed on DizzleUK.

For some reason if an overdraft is being reduced the bank totally take away the facility.

Then the account holder is theoretically applying for a new facility by having a smaller overdraft.

Its totally daft I know.......

DizzleUK

stclair wrote: »

Im sure your not thick at all by reading your posts you sound like you have your head screwed on DizzleUK.

For some reason if an overdraft is being reduced the bank totally take away the facility.

Then the account holder is theoretically applying for a new facility by having a smaller overdraft.

Its totally daft I know.......

Thanks, that was the only logical thing I could come up with myself. Banks have never been straight forward though have they? Lol.

And thanks for the compliment too

System

Hi

You can reduce it online, just click the 'apply for an overdraft' link in your online banking and enter the lower figure on the application.

I have done it several times whilst gradually reducing my overdraft and have never incurred a credit search.

Regards
UNDERGROUND

P.S. As an aside, you can also see what NatWest think your good for in the 'amount requested' screen where they'll give you a suggested maximum

want2bmortgage3

thanks underground, suggested maximum was £7,500 that surprised me...

stclair

UNDERGROUND wrote: »

Hi

You can reduce it online, just click the 'apply for an overdraft' link in your online banking and enter the lower figure on the application.

I have done it several times whilst gradually reducing my overdraft and have never incurred a credit search.

Regards
UNDERGROUND

P.S. As an aside, you can also see what NatWest think your good for in the 'amount requested' screen where they'll give you a suggested maximum

I forgot about being able to do it online my internet banking dont give me the option.

I wonder why some people do get credit scored for a reduction and some people dont? I think itll be one of lifes mysteries.

fozmcfc

UNDERGROUND wrote: »

Hi

P.S. As an aside, you can also see what NatWest think your good for in the 'amount requested' screen where they'll give you a suggested maximum

Will take a look at that myself, my overdraft with Natwest is currently £5000, completely ridiculous figure IMO, since I haven't been more than £7 o/d for about the past 5 years.

I have asked the question before about getting rid of it, but I seem to remember most people say it does no harm. Be interesting to see what maximum amount they suggest.

want2bmortgage3

it doesnt do any harm, but it can be tempting to use it if something comes up and you need some money. however i'd rather just be spending what is mine.

little_miss_muppet_face

want2bmortgage3 wrote: »

it doesnt do any harm, but it can be tempting to use it if something comes up and you need some money. however i'd rather just be spending what is mine.

My overdraft is currently £3000 and i never use it, i rang the bank recently asking them to reduce and was advised that if i can trust myself not to use it i should keep it as once its gone i may not be given approval to have it again what with the current climate.. just a thought !!