Balance plummeting - interest going up?!

jen245

The AER on Natwest overdrafts is 19.89%

jonesMUFCforever

rsjg80 wrote: »

No, don't know APR - but like I said before, it's irrelevant now anyway. Can't get bank to convert it to loan as a) my financial history isn't great and b) it's a joint account and my ex and myself haven't spoken in a long time.

Thanks for all your help.

You can still ask!
They won't be lending you any new money but will have a structured repayment to get complete repayment.

If they agree to this though you need to block the original joint account in case your ex tries to withdraw funds.

opinions4u

Blimey. It makes the £2 a day charge on the Halifax overdrafts appear to be a bargain!

MoneySaverLog

jen245 wrote: »

The AER on Natwest overdrafts is 19.89%

opinions4u wrote: »

Blimey. It makes the £2 a day charge on the Halifax overdrafts appear to be a bargain!

Guess that would depend on the rate and the amount, so Halifax could charge up to £60 a month, but on a £100 OD for the year with NatWest it would work out at £19.89 for the whole year.

jen245

A £100 OD with Natwest would be interest free. If you have an OD of more than £100, but never use more than £100, it will cost you nothing. If you go over £100, you pay interest on the whole amount overdrawn

MoneySaverLog

Did not realise the first £100 was free, but just used the figures as an example. Even better in that case :-)