NatWest - 87p overdrawn, but didn't realise (now charging £400)

funkedupcat

I have a NatWest current account that was passed to me by my late mother in 2001. A benefit payment (child benefit for my brother) went into the account each month, so I kept it open. I used it occasionally for small purchases. My wage has never gone into this account...I am with Barclays.

The benefit ceased in late 2003 and this is when I stopped using the account. At the same time, I moved house....and forgot all about the NatWest account. I forgot to tell them I had moved house...simply because there was so much going on.

A few weeks ago, I received a letter from a credit recovery company seeking just over £400 from me...from the NatWest. I was shocked to receive this and looked into it.

I now have statements going back to 2002 from the NatWest and I have realised that I had accidentally left the account 87p overdrawn.

Since then, they have been adding a £20 overdrawn charge to the account and interest. This has built up since 2003 to just over £400 now.

They instructed a credit recovery company and they tracked me down to my new address.

I do feel very silly for not telling them about my change of address...if only I had done this, as soon as I received a statement from them saying I was overdrawn, I would have cleared the debt straight away.

However...are they allowed to charge me so much? I haven't used the account since 2003...so it took them 3 years to try to find me.

It's not just the £400 that is hurting...I now have a 'default' rating on my credit report - I signed up to Experian (I know, something I should have done a little earlier perhaps!) and my credit rating is now dreadful because of this.

Is there anything I can do?

Thank you in advance to anyone that can provide some help.

Best wishes,

Ally

tom188

Post here
http://forums.moneysavingexpert.com/forumdisplay.html?f=102

And loads of people will advise you how to reclaim your charges back no doubt.

Robert_Sterling

Incredible.
Newspapers love this sort of story.
Good luck.

funkedupcat

Thank you, I appreciate the reply.

To anyone else that would like to reply...I have posted this again in the bank charges forum:

http://forums.moneysavingexpert.com/showthread.html?p=3514467#post3514467

Edinburghlass_2

Thread has now been moved and duplicate thread removed.

funkedupcat

So, does everyone think I should go through the process of trying to reclaim my bank charges from them in the way described on this website? Maybe I should tag on that I'd like them to amend my credit file also?

Best wishes,

Ally

tom188

I dont really want to get involved in the "should I claim my bank charges back" and related arguments.

However...

I think by posting on this forum you demonstrate that you are aggrieved with natwest and want your money back. If thats how you feel, thats what you should do.

Read the other threads for the processes involved.

HSBCrusher

funkedupcat wrote:

So, does everyone think I should go through the process of trying to reclaim my bank charges from them in the way described on this website? Maybe I should tag on that I'd like them to amend my credit file also?

Best wishes,

Ally

Yes you should.
being a few pence overdrawn has not cost the bank anything, it is just pure profit for them.
You can insist the default is withdrawn as part of your settlement, and you will get it withdrawn.
It most certainally worth doing!