Natwest won't explain why refused an overdraft

kikigirlcat

Thanks everyone for your responses and advice, much appreciated. I know lenders are under no obligation to lend customers anything but I just hoped to have some more info on why I was refused. My Equifax report is excellent so I am assuming they have other reasons which I guess they are also under no obligation to disclose. After reading some articles on MSE since, re. lenders going for profit over risk, perhaps a short term overdraft may not be good business for Natwest but as a long term customer I feel quite poorly treated in my hour of need..I will be moving my account elsewhere.
As for savings, yes I have certainly learned a lesson with only a months worth to tide me over for such a situation but in this day and age I agree its not easy to save up a big rainy day pot of money. I am certainly better off than some of my (ex)colleagues in the same refundancy boat with no job opportunities on the horizon and no savings whatsoever!
K

YorkshireBoy

kikigirlcat wrote: »

I will be moving my account elsewhere.

By all means move your salary/bills etc, but think long and hard about terminating a 25 year relationship with your bank because that could affect your credit rating negatively (unless you've other current accounts held a long time?).

lolavix

It could be down to your income as you have lost the income they were used to, and have no history of seeing regular income from the new job.