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interest charges on overdraft
shariatlanta
Posts: 227 Forumite
Not sure if this is in the right place so please move if needed.
In March this year I agreed to pay £50.00 per month to NatWest off my overdraft of £1286.00, they agreed to this but said interest would still be added for the first 6 months to see if I paid regularly which I did, rang them again after 6 months and was told interest would now stop.
Yesterday I received a letter saying they were happy with the payments but interest would still accrue on my account, I then rang to question this and was told that their was nothing on file about stopping the interest ( how convenient ) and then the guy proceeded to ask me if I could pay more, wanted to know how much I was earning and as I've had a wage increase what was I doing with the extra money, I offered to send a statement of earnings but he said he didn't want that but theirs nothing I can do about interest and they may still send it for legal action.
What I want to know is having received a letter stating the are happy with payments can they do this and what about interest. I stupidly didn't get it put in writing. Advice welcome.
In March this year I agreed to pay £50.00 per month to NatWest off my overdraft of £1286.00, they agreed to this but said interest would still be added for the first 6 months to see if I paid regularly which I did, rang them again after 6 months and was told interest would now stop.
Yesterday I received a letter saying they were happy with the payments but interest would still accrue on my account, I then rang to question this and was told that their was nothing on file about stopping the interest ( how convenient ) and then the guy proceeded to ask me if I could pay more, wanted to know how much I was earning and as I've had a wage increase what was I doing with the extra money, I offered to send a statement of earnings but he said he didn't want that but theirs nothing I can do about interest and they may still send it for legal action.
What I want to know is having received a letter stating the are happy with payments can they do this and what about interest. I stupidly didn't get it put in writing. Advice welcome.
Paid off so far Natwest overdraft £1900 Kays catalogue £200 Personal Loan £2500 Tax Credit £1300 J D Williams
Still to go Barclaycard £880 Sainsburys CC £38.80 Littlewoods CC £208 Vanquis CC £390 Littlewoods Cat £821.38 Next £75.26
Still to go Barclaycard £880 Sainsburys CC £38.80 Littlewoods CC £208 Vanquis CC £390 Littlewoods Cat £821.38 Next £75.26
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Comments
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well they are entitled to charge you interest on the overdraft of course.
Are you saying they charged you interest on the 50 you paid off each month?
Or the remaining balance?:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
only on the remaining balance, whats made me angry is being told the interest will stop and then being told it won't, oh well I'll just have to carry on paying what I can afford.Paid off so far Natwest overdraft £1900 Kays catalogue £200 Personal Loan £2500 Tax Credit £1300 J D Williams
Still to go Barclaycard £880 Sainsburys CC £38.80 Littlewoods CC £208 Vanquis CC £390 Littlewoods Cat £821.38 Next £75.260 -
it seem you are in a catch 22 because there is no evidence to say that they will stop the interest. I wonder if you can appeal to a senior staff or the Bank manager to explain the situation.Yung
Early Retiree debt & stress free. and Joined the SKI club:j0
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