Natwest lowering overdraft without knowledge!

joe86design

Hi,

I have an overdraft limit of £1,800. Last weekend I paid all my debts off including my Natwest loan £1,500, Natwest Credit Card 2,000,
Other credit cards £1,300.

I have saved up to pay all these off. As I put the savings into my current account I didn't envisage that my overdraft would be Lowered to £300.

I have bad credit (which is why i wanted a fresh start with no debt excluding my overdraft) so I could understand why but I thought they would tell me first so I could of worked about this (e.g. by saving more)

I am now really stuck this month. I doubt they would up my overdraft due to my credit history.


I don't know what to do?


Thanks
Joe

CKhalvashi

joe86design wrote: »

Hi,

I have an overdraft limit of £1,800. Last weekend I paid all my debts off including my Natwest loan £1,500, Natwest Credit Card 2,000,
Other credit cards £1,300.

I have saved up to pay all these off. As I put the savings into my current account I didn't envisage that my overdraft would be Lowered to £300.

I have bad credit (which is why i wanted a fresh start with no debt excluding my overdraft) so I could understand why but I thought they would tell me first so I could of worked about this (e.g. by saving more)

I am now really stuck this month. I doubt they would up my overdraft due to my credit history.


I don't know what to do?


Thanks
Joe

The bank are allowed to do this, as it's their money that you're borrowing. It's exactly the same as a mate down the pub saying that you can't borrow a tenner, to an extent.

Have you had regular money coming into the account? Lack of this would be the only reason I can think of a bank offering a reduced overdraft. I don't think they've broken any rules, as you've paid the debt off; they haven't technically left you in any hardship.

CK

joe86design

This is my main bank account and get paid every month in to it.

Not sure how i'll cope for this month as I got paid on friday and that has now somehow just been wiped off the face of the earth.

Just spoken to an adviser online and has told me to extend my overdraft again (which they won't)

stclair

Have you actually spoken to lending?

bargainbetty

Speak to your bank and explain the situation. Unfortunately, they can refuse to amend it, and you may find it useful to have a fixed sum in mind for your request - cover your rent/mortgage, utilities, council tax, contracts (phone, TV) and food. If you don't ask for the full £1800 to be reinstated, you might have a chance.

Have a month with little or no fun, and you mind find that you can halve the OD, even clear it off completely in a few months.

kaylz39

I'm in the exact same boat as you!

Just posted my thread here > https://forums.moneysavingexpert.com/discussion/4098091

Although you will see, they're taking my OD off me completely and I have a holiday to pay for tomorrow. Luckily the bulk of my bills have been paid this month, but I have other commitments i.e. best friends hen do to pay for, petrol etc.

August is going to be a tough month

Just look at it like I'm trying to, in the long wrong they're doing us a favour! Like you, through my student years I got into stupid debt which I have just paid off. I'm trying to improve my credit score as I'm going for another mortgage soon...