Un-used bank account still charging interest

ConfusedCustomer_2

Would appreciate some advice please.

xyz123

sorry to hear abt ur problems, but they are right to not to close the account. no bank would close the account with customer still owing bank significant amount of money.

try to contact a debt charity who may be help you to get a freeze on account.

ask bank in writing to freeze charges and keep record of this.

finally sorry if its harsh but dont complain about bank being harsh / unfair to a retired person. if person is retired you should have thought before using overdraft as to how would you pay it back, at the end of the day everyone who uses money which is not theirs has to suffer the consequences if they cant pay back.....simple..

Paul_Herring

From what I have found out so far I think the bank can refuse to shut down an account when we owe them money but can they still charge us interest when we don't even use the account or can we get it frozen? I just feel like Nationwide have dealt with things extremely badly and yet they can still fleece us for interest each month and it feels very unfair.

You appear to come across as expecting an interest free £1,500 loan - have you paid off the overdraft, yet are still being charged interest?

p00hsticks

If you are making use of an overdraft facility then you ARE actually using the account, so you're not going to be allowed to close it nad you;re going to get charged interest.

KimYeovil

A monthly income of £880 or more plus housing costs (hardly a 'limited' income) and you want to pay £40 per month? £18 charges so paying off £22 per month? Very magnanimous of you to give away so much money to your bank for so long but why are you doing this? Just clear it as quickly as you can.

rb10

p00hsticks wrote: »

If you are making use of an overdraft facility then you ARE actually using the account, so you're not going to be allowed to close it nad you;re going to get charged interest.

This is the key point - regardless of whether there are any transactions in the account, it has a balance, and so is being used.

If you had £1500 in a savings account, then you'd expect to receive interest on that, wouldn't you? Even if the account didn't have many transactions going through it. It's exactly the same.

ConfusedCustomer_2

I hoped to get some professional advice regarding the interest we are paying on our account which I already clarified is un-used hence the title, so for those who didn't get it the first time WE NO LONGER USE THE ACCOUNT. The main reason we changed bank accounts is because of all the hastle which came from them and reducing the overdraft out of the blue in the first place, otherwise we would have stayed with Nationwide. I just wanted to know if we were in the right to freeze the interest or not, all I wanted was some helpful advice not personal critisicm, but it seems that you all probably work for banks so I wont be using this sight anymore. I will ask the ombidsman which I should have done in the first place.

Yes we are still paying back the overdraft and I never had any quibbles with that, it is going down which is good, I just thought that compared to our income £60 per month is alot to pay back, although that was not the issue.

And as for our income Kim, we do not get as much as you have stated although that is none of your business and we don't get all of our housing costs payed as you seem to think we do. I don't know where you plucked £22 from either. We know we have to pay the money back, after all we did use it and if we were that well off we wouldn't have done would we. I would have replied earlier but I have a life.

AnonymousForObviousReason

You cannot get the interest payments frozen or close the account, this is like any other type of debt apart from the fact that the bank can demand you pay it back in full at any time without notice. If you want to close the account, pay the overdraft off by using the one on your new account, I assume you have one because the Nationwide was so unreasonable with you and made a bad decision.

The fact you have an overdraft means the account is active, regardless of if you withdraw or pay money into it.

BTW Your attitude stinks and you missed the obvious points that advised you that you are paying a large amount of interest for this debt and the quicker you pay it off the better. Perhaps you should spend a little more time on finances rather than neglecting them, whilst claiming to have a life which you can't afford but expect others to finance, you selfish ignoramus.

ConfusedCustomer_2

I don't deal with the finances and I have very little say over them. I am very upset and frustrated over the whole matter and I am just trying to do what I can. I just don't like being judged harshly when my circumstances are as individual as we all are. I am sorry you feel that way but I thought some of the comments were unhelpful and I felt annoyed.

At least I am not rude and I know you are wrong, I obviously hit a nerve.

Paul_Herring

ConfusedCustomer wrote: »

I hoped to get some professional advice regarding the interest we are paying on our account which I already clarified is un-used hence the title, so for those who didn't get it the first time WE NO LONGER USE THE ACCOUNT.

But you are using the account simply by using the overdraft - you simply aren't using it for your day to day banking activities. Your apparent understanding of 'unused' is not the same as either the banks, nor of most of the posters to this thread.

ConfusedCustomer wrote: »

I obviously hit a nerve.

Perhaps the other way round?

Could you explain why you think you shouldn't be paying any interest on your £1,500 loan, since the question has been asked a few times, and the answer was conspicuously absent from your post?

AnonymousForObviousReason

ConfusedCustomer wrote: »

I hoped to get some professional advice regarding the interest we are paying on our account which I already clarified is un-used hence the title, so for those who didn't get it the first time WE NO LONGER USE THE ACCOUNT.
...
but it seems that you all probably work for banks so I wont be using this sight anymore.
...
although that is none of your business and we don't get all of our housing costs payed as you seem to think we do.
...
I would have replied earlier but I have a life.

No not rude, my apologies.

I don't deal with the finances and I have very little say over them.

Sorry to tell you but you are equally responsible for your finances, if you have little say over finances then it's not the forum you need to discuss this with but your partner.