How do I reduce my overdraft limit?

neopagan

How do I reduce my overdraft limit on my Natwest current account? It's currently set to £1000 but I would prefer it to be £800

AnonymousForObviousReason

phone up and ask them, else look on internet bank to see if you can apply for new limit and just put the lower one in.

Out of interest why do you want to reduce it as it's a fairly small amount? Also you may not get it again in future as you'd have to be assessed again if you want it to go up.

stclair

You can ring up by pressing Option 2 or you could do it online and input a lower limit.

neopagan

AnonymousForObviousReason wrote: »

Out of interest why do you want to reduce it as it's a fairly small amount? Also you may not get it again in future as you'd have to be assessed again if you want it to go up.

because it's a joint account and the other person keeps using it up and not paying it back! If it's not there, they can't take it!

neopagan

stclair wrote: »

You can ring up by pressing Option 2 or you could do it online and input a lower limit.

That's great, thanks

jd87

If it's a joint account then you probably won't be able to do it by yourself. The other account holder may need to agree to it. Why didn't you include this vital piece of information in the original question?

pcyam

jd87 wrote: »

If it's a joint account then you probably won't be able to do it by yourself. The other account holder may need to agree to it. Why didn't you include this vital piece of information in the original question?

if its setup as single signature then you can.

AnonymousForObviousReason

neopagan wrote: »

because it's a joint account and the other person keeps using it up and not paying it back! If it's not there, they can't take it!

Ouch, tricky situation for you. Good luck.

Just a thought, if you can lower it on your own, maybe they can increase it. You may want to speak to an adviser (after it's lowered) and ask that they contact you if a request is made to increase it. I guess you don't want to go with separate accounts for similar non-payment reasons.

CLAPTON

neopagan wrote: »

because it's a joint account and the other person keeps using it up and not paying it back! If it's not there, they can't take it!

as said this is a recipe for financial problems

if your joint a/c holder doesn't agree with you about how to manage the a/c you need to get separate a/cs and close this one down
asap.

jonesMUFCforever

I would agree with previous poster as you can reduce the limit he/she can increase it again and withdraw the funds - then you find yourself jointly liable for the whole debt.