Natwest Overdraft/Interest Problem.

BankHelp2013

Hi,
For many years now i have had a Natwest account and i have been in my £1500 overdraft, causing me interest up to £30 a month. I will be honest and say at the time of me having the overdraft i was silly with money and now i suffer with anxiety disorder and depression meaning i find it hard to earn money or working, im not able to claim benefits so i have to work and pay off this £30 a month. this money is essential to help me and my fiancee to live and oay bills but i have no choice but to pay. my question is can i not leave the bank and pay off the overdraft rather than be stuck paying this interest for years to come? i dont think i will be mentally better any time soon and feel this money could be used to help me rather than go to the bank. Inow have a new account for wages and i told my new bank that under no circumstances would i want an overdraft or any credit of any kind. i was silly to have spent the overdraft and i always pay my bills but i need help closing this account.

what can i do and where do i stand?

i have told natwest about this issue and they offered me a loan to pay off the overdraft but i would have to pay interest and all of the interest and repayments totaled much more than £30. this is not an option due to our financial circumstance...

thankyou for your time and help.

grumbler

BankHelp2013 wrote: »

....my question is can i not leave the bank and pay off the overdraft

Do you mean leave and not pay?

rather than be stuck paying this interest for years to come? i dont think i will be mentally better any time soon and feel this money could be used to help me rather than go to the bank.

You are not original in spending money and then looking for excuses for not paying it back.
Yes, you can leave and not pay, but be prepared to have a default recorded to your credit history - that you probably don't care about as you...

....under no circumstances would...want an overdraft or any credit of any kind.

Also, be prepared to debt collectors chasing you, if not even bailiffs.

what can i do and where do i stand?

Nowhere. You options:
- Default (see above);
- Cut spending and pay it back. You are likely to get a good advice if you post on Debt-Free Wannabe board.

If you were offered a loan, you can probably try applying for a credit card with 0% offer. However, this makes sense only if you use this opportunity to pay your debt off:
Spending 0% Cards
BT & Spending cards

stclair

Ring them up on 023 8022 6443 press option 2 then option 3 and request to be put on a payment plan.

BankHelp2013

grumbler wrote: »

Do you mean leave and not pay?
You are not original in spending money and then looking for excuses for not paying it back.

I think maybe my low intelligence or lack of ability to word my questions has prevoked the wrong answer out fo you. i dont want to have credit and not pay it back. i have been paying my bills on time and without fail since i had the over draft. i have no objection for paying for what i have had and if it helps i have worked since i was 16 paying full tax and i have never claimed benefits... im not an idiot who wants to have money and not pay it back at all and as that was my first reply i can assume this website is not for me at all.

I simply wanted to know if i had any grounds to make natwest shut the account and let me pay off the overdraft on a payment plan style scheme in which i am no longer paying interest but just paying off the overdraft.

thanks for the insult and for paying attention tot eh newbie sticker next to my first post.


idiot.

BankHelp2013

stclair wrote: »

Ring them up on 023 8022 6443 press option 2 then option 3 and request to be put on a payment plan.

Thankyou for a more reasonable response to my question. this is more like the advice i was looking for.

innovate

BankHelp2013 wrote: »

.......a payment plan style scheme in which i am no longer paying interest but just paying off the overdraft.

Unless you have a 0% overdraft (which clearly you did not), you have to pay interest on the money you borrowed. Any payment plan will have interest added into the regular payments that you might be able to agree.

BTW, no point in complaining about responses that say things that you don't like to hear. Grumbler may have misunderstood parts of your OP, but he gave you good advice that you seem to have chosen to ignore.

Willing2Learn

Hi,

It could possibly be advantageous to inform Natwest of your mental health condition when trying to negotiate an effective payment plan.

MoneySavingExpert produced a booklet in partnership with a number of mental health agencies explaining this in addition to a number of methods of managing budgets and/or debt whilst having poor mental health.

Its downloadable in a pdf format. Click on the link below:

Mental Health & Debt 2012

stclair

Willing2Learn wrote: »

Hi,

It could possibly be advantageous to inform Natwest of your mental health condition when trying to negotiate an effective payment plan.

MoneySavingExpert produced a booklet in partnership with a number of mental health agencies explaining this in addition to a number of methods of managing budgets and/or debt whilst having poor mental health.

Its downloadable in a pdf format. Click on the link below:

Mental Health & Debt 2012

That is also adviseable under the circumstances.

So your a step ahead get a letter from your GP to confirm the details as you may/will be asked to provide some sort of evidence.

If you get any gip remind them of number 6 of customer charter:

6) We will be proactive in doing what we can to help customers who may be facing financial difficulty.