NatWest won't stop interest charges

Sun4

Hi there,

Has anyone had any luck getting NatWest to stop interest charges on an overdraft/loan? Since setting up our DMP we have been charged more in interest by Natwest than we have paid in, so debt just keeps growing. They say they want more but we have no more to give them each month. They have had a copy of our financial statement. Any tips greatly appreciated.

bottleofred

Hi Sun4,

Unfortunately, some lenders will not reduce/freeze interest when people get into financial trouble and indeed punish them further by continuing to add the interest. The best advice I can give you is to write to them and ask them to reduce/freeze the interest. They are under no obligation to do so, but it's worth asking again. When I was on my dmp, one company (Barclaycard) refused to freeze/stop the interest and I ended up paying a small amount, but with more interest each month being added on. Eventually though, they sold the debt on to a debt collector and the interest stopped, so with any luck you'll get a resolution to this, as I know it can be very frustrating and stressful. Sorry I can't offer any solution, but hope you get the matter resolved to your satisfaction soon.

Red

barbiedoll

Sometimes, it's worth writing to their complaints department, rather than the collections people. Send your letters by recorded delivery so that they can't deny receiving them and stress that you do not want the debt to increase each month, that you are willing to pay what you owe but that the debt will never be repaid if it keeps on increasing. Send another copy of your SOA and state that it has been prepared according to the current guidelines as advised by your DMP providers (if you have one).

I know it's frustrating, you have to keep plugging away. Remember, they can't have what you haven't got so don't be pushed into paying anymore than you can afford. If they take you to court, a judge won't make you pay any more than that, and as bottleofred says, hopefully, sooner or later they will sell it on and you will have a bit more leeway.
Good luck!