Unemployed and Nationwide have requested I pay back my £2000 overdraft

Samuel_

Delete this thread, plz

rising_from_the_ashes

Well done for opening a new account as this is really important.

Best thing to do would be to complete a SOA http://www.makesenseofcards.com/soacalc.html and you'll get advice if there's any areas that cuts may be possible.

However, if you're on JSA it's going to be very difficult to pay back the OD if the bank's going to start adding charges etc - sadly, one of the huge disadvantages of ODs is that they can be withdrawn with little notice.

If you've been living at the top of the limit for a while and there is no evidence of a salary being paid in, then this is probably why the bank's done this. Best of luck

Pie

Hi Samuel,
I was in a very similar situation with the same building society, a little while after leaving university. I phoned them up and explained that I was unemployed, we then came to an agreement on a reasonable monthly payment (£40 if I remmeber) and they froze the interest while I paid it back. Took me ages and impacted on my credit score but sounds like it might be your only option.
Good luck!

Samuel_

Pie wrote: »

Hi Samuel,
I was in a very similar situation with the same building society, a little while after leaving university. I phoned them up and explained that I was unemployed, we then came to an agreement on a reasonable monthly payment (£40 if I remmeber) and they froze the interest while I paid it back. Took me ages and impacted on my credit score but sounds like it might be your only option.
Good luck!

Hi there, I called Nationwide and arranged that I pay back £40/month plus the interest still, which is about £25 for this coming month. They said this would be reviewed in 3 months time, again. I can just about afford to pay this amount back seeing as I live at home still. Samuel.