Nationwide refused to lower overdraft?

miss_emmajane

I have had a large overdraft with Nationwide for a few years - it used to be £2000 and then they lowered it to £1500 and I did a repayment plan each month until it was at that amount. In the last couple of months they have let me put it up to £1850 with no problem and kept offering me loans or credit cards when I rang up. I opened a CO OP student account and transferred £1400 over to there to be interest free and want to lower it now to what is left and pay that off as I can. However, they refused - said they cannot lower it :mad:

Only last week I rang up when I was in my OD fully and was offered a credit card "to help with the next couple of weeks" as I didn't have any money at the moment, it was a week until my student bursary came in. I said no as I am trying to get out of debt, but thought how awful that was as a sales strategy.

I don't understand how they can sell you loans, credit cards and increase your OD fine but when it comes to lowering it suddenly the option has gone off my internet banking and I have been refused when I rang up. I am sick of them - I am not sure if there is anything I can do, the person on the phone said there wasn't ?!

WestonDave

So just pay it off and close the account? Having an overdraft facility is not an insistence that you use it albeit that it does leave temptation open. You will only pay interest on the amount you actually owe, and often if you keep messing about with the limits its classed as renegotiating the facility for which some banks charge a fee. All you have to do is pay back the last £400? quid and forget it or close the account.

callum9999

I agree it's ridiculous they are doing this (you mean the whole page has vanished from internet banking? I've put mine up and down randomly several times through there) but as above, just pay it off and don't use it.

miss_emmajane

I am going to pay it off whilst not using it - going to now use my CO OP student account as my only account. I just think it is messed up that they will happily allow people to get into more debt but make it harder for people to get out of it - I know it is my responsibility not to spend the money but surely if they agree to up it, they should agree to drop it too.

new2012

Why do you want it lowered?

Just pay into the account so the overdraft is what you want it to be then never withdraw any money over that amount.

Or is that too simple.

Perhaps I don't understand how overdrafts are supposed to work as I have an overdraft of £1000 but my account has never less than £5 in it and that is only when I need cash and I know my pension will be paid in before any more money comes out.

miss_emmajane

new2012 wrote: »

Why do you want it lowered?

Just pay into the account so the overdraft is what you want it to be then never withdraw any money over that amount.

Or is that too simple.

Perhaps I don't understand how overdrafts are supposed to work as I have an overdraft of £1000 but my account has never less than £5 in it and that is only when I need cash and I know my pension will be paid in before any more money comes out.

It is that simple, it is just a matter of self discipline which can be the problem. I won't be using the account, and will use my student one so I am not tempted to use the overdraft anymore - but I just think its unfair to allow someone to get into debt with credit cards/loans/OD every time they contact but when they contact to get out of debt it is declined. Then again, I don't know what I was expecting of their ethics, it is a building society so they will want my monthly interest payments at the end of the day.