Bank given me 2 weeks to pay off my overdraft - don't have the casj

black_taxi_2

banks have short memories---especialy there bail-outs

JuicyJesus

black_taxi wrote: »

banks have short memories---especialy there bail-outs

So because a few banks received bailouts they should turn a blind eye to people who are unable to pay back what they owe?

black_taxi_2

not turn a blind eye--but give them a chance to repay extension not hold gun to there head

JuicyJesus

black_taxi wrote: »

not turn a blind eye--but give them a chance to repay extension not hold gun to there head

Most banks will if asked to and offered a sensible repayment. The OP doesn't appear to have contacted them.

TheSpade

Some posters are coming across as condescending and judgemental. No need for the superiority act.

Where did this idea I haven't contacted them come from? I received the letter on Thursday, on Friday I was in the bank trying to arrange an appointment to talk about it and was told they don't discuss overdrafts in branch (!). The people I had to call only work Monday to Friday 9 - 5, I work 8 - 6. Anyway managed to call them today during my lunch break.

My options are:
Pay it down to £250 over 6 months at £210 a month.
Pay it off completely (whole £1.5k) over 12 months at £130 a month.

Apparently it will show on my credit file but not affect my rating. I was told there's no real point in appealing and they wouldn't tell me why they wanted to reduce it. There appears to be no option of negotiating on keeping an overdraft over £250.

YorkshireBoy

TheSpade wrote: »

Apparently it will show on my credit file but not affect my rating.

Ask them exactly what they mean by this...and then come back and tell us what they say.

I'm wondering if they're placing some kind of AP marker (arrangement to pay) on your file, or whether they're going to report a 'managed loan' on your CRA file instead of the overdraft facility.

The former most definitely will affect your credit rating...the latter won't, because it's just representing the £1.5K debt in a different way.

TheSpade

They said it will show that we've come to an arrangement where I for example pay £130 for 12 months but would only affect my credit rating if I defaulted on the payments.

If I am able to pay off the overdraft earlier or decide I want to pay more than the agreed payment one month do you think can I do this?

I didn't think to clarify this with them at the time. Is my overdraft essentially becoming a loan?

YorkshireBoy

TheSpade wrote: »

They said it will show that we've come to an arrangement where I for example pay £130 for 12 months but would only affect my credit rating if I defaulted on the payments.

And you believe them?

If I am able to pay off the overdraft earlier or decide I want to pay more than the agreed payment one month do you think can I do this?

Type out the conditions of the agreement you've been offered and I'll pass an opinion based on what they say. Anything else would be speculation, and that won't do you any good at all.

I didn't think to clarify this with them at the time. Is my overdraft essentially becoming a loan?

No idea, but it certainly sounds like it. Like I said earlier, you need to take on board what's been said on this thread and then get your answers from Nationwide directly...or come back and let us know what they've said.

How did you get on with the "you've only given me 2 weeks notice, and your T&Cs say 3 weeks will be given" line?

TheSpade

And you believe them?

Well I'd like to think this isn't something they'd lie about but I can't be sure.

Type out the conditions of the agreement you've been offered and I'll pass an opinion based on what they say. Anything else would be speculation, and that won't do you any good at all.

I don't have anything in writing, I just discussed it with someone over the phone and didn't come to a concrete decision as I wanted to mull it over. I'm calling them back tomorrow.

How did you get on with the "you've only given me 2 weeks notice, and your T&Cs say 3 weeks will be given" line?

The letter is dated the 11th yet it only arrived with me Friday past.