Please Help me - Student Credit Card

CLAPTON

firstly
optain copies of your credit files to see what they say : they may already to trashed but if not then that may help you.
You can get copies of all three main agencies by utilising free trials (make sure you cancel them within the month) or by paying £2 for the statutory reports.


secondly
start to work out a proper budget and understand what debts you have and where your money is going; a good format is here
http://www.makesenseofcards.com/soacalc.html

thirdly :

what exsactly are your existing debts?
which ones are chasing you
if Nat West Bank are theeatening default then you need to deal with this NOW.

What arrangement can you offer them : can you make a partial payment immediately and then the rest in a month or so: DO NOT offer anything you can't deliver; think about what is possible before you phone

Cloe_barrett5

Thank you to everyone, I cannot explain how much your help means to me.

In regards to CLAPTON?!

My current situation is as follows;

My current account is with HSBC. I live in my over draft but this is the account that bills are payed from and pay goes into. I opened it going into my 3rd year at Uni 08/09 as I needed to put a deposit down on a flat and had absolutley no other means of doing so (used the overdraft).

So as you can imagine, my Natwest Student account which I opened in my first year at uni 06/07 has not been used really at all, although I've tried and put a little into it from time to time over internet banking. About this time last year I pulled it back from going into default but its happening again, they've mailed me saying that they intend to send a default notice to 3 credit referance agencies. This is the ONLY post I have recieved from them for probably about a year?? This grad account is £1442 over drawn.

The Credit card I have is a NatWest Student credit card (bain of my life!) and is £620, £120 over my £500 limit.

So following your steps, I should obtain my Credit Rating/File from one/all? of these agencies so I can see what they've sent? And then work out a budget sheet for credit card and Natwest grad account?

I've decided I am going to call Natwest Grad Account and say that I am aware of the situation, I would like to work out a payment plan and that I am obtaining some advice and that I will be dealing with them by letter from now on??

Is that a good idea?

What next? What do you think?

Thank you again

Cloe

CLAPTON

yes you should obtain all three crerdit reports


the one point in your favour is that you are now employed and can offer to make payments to avoid the default; they don't have to accept your offer (unless it's for the full amount) but best to talk to them asap but be very very clear in your mind what you can offer.
Maybe best to offer a little less than you can afford so you can up the offer if you are pressured; but it MUST be something you can stick to.
So you say you will get your first commission is 6 weeks;
is it guarenteed? is the date and amount certain?



too late now but you would probably have avoided the OD situation if you had cycled some money through the a/c each month i.e. paid some in and then spent it rather than the a/c being unused.

Cloe_barrett5

Ok but they haven't actually sent a default notice to the 3 agencies they said they would.. They have just threatened.. They have said I have 28 says from the 1st of March.

I'm pretty sure they have sent one for my credit card though..

I went into Nat West and dropped a letter in saying;

'In response to your letter dated the 1st of May, I would like to inform you that I am aware of the situation. Please accept my apologies for this late reply. I would very much like to arrange a payment plan as recently my circumstances have changed. I am now in full time employment so will be in a much better financial position from now on. I am currently obtaining some financial advice and I will be writing to you shortly. If possible, I would like to resolve this matter by letter. I very much look forward to resolving the situation. I thank you for your patience in advance.'

Now I have to handle the Credit card situation.. !