Can't close account and accruing fees

mj2013

Please move if this is not the right place to post,

In early January I had a payment leave my account however I didn't notice it until later in the month, by the that time I had received £70 in fees. I payed off the negative balance and put money into the account, however this month the fees have been taken out and again i'm I have a negative balance.

I have been unemployed since late last year and I can't really afford to pay this off, I have told Natwest this and I have asked them to help and or close the account (and send to a debt recovery company) however they have said that my position means they cannot provide any help and they won't send it to a department capable of closing the account until a month has passed - which will mean another £180 in fees.

In order to close the account I have explicitly told them I can't and won't pay anything and I want to close the account, however the people I spoke to said they are unable to do anything about it.

Can anyone offer advice to get them to do anything? would it be best to wait a month then try to close the account and claim back the fees due to circumstances?

thank you

dunstonh

It is not possible for a bank to close an account with a positive or negative balance.

They are not being difficult. That is just the way it is. It will eventually end up with a debt collector if you dont pay it. It will continue to get worse though with each month.

mj2013

Hi, I'm happy for it to go to a debt collector, I suggested this to the bank myself, however I would like to speed this up.

Wywth

mj2013 wrote: »

Hi, I'm happy for it to go to a debt collector, I suggested this to the bank myself, however I would like to speed this up.

A debt collector will probably charge you a lot more fees. How is that going to help you?

The bank will probably also trash your credit file if they feel forced to go to a debt collector to recover the money you owe them.
You may not think presently that will be an issue, but it will be.

Post your SoA over on the DFW board if you have debts you are struggling to repay.

mj2013

this is like asking my mum a question.

I know the implications - debt collectors don't usually add fees until a visit or court action and my credit rating can only improve at the moment.

My question was technical.

[Deleted User]

mj2013 wrote: »

this is like asking my mum a question.

I know the implications

Regardless, you have already been told by the Bank that they will not default the account until at least another month has passed.

So you'll have to accept at least another £180 in fees will be added to the debt.

Love,
Mum x;)

Stupid_Question

mj2013 wrote: »

this is like asking my mum a question.

I know the implications - debt collectors don't usually add fees until a visit or court action and my credit rating can only improve at the moment.

My question was technical.

If you've asked them to waive the fees and they won't there's not much you can do.

For the life of me I cannot understand why you would want it to go to a DCA, the bank may not even do that after a month anyway due to the amount.

They will add fees everytime they contact you, the bank will add fees for passing it on to them, this is literally the worst idea I've seen on here.

Little_Mo_70

mj2013 wrote: »

this is like asking my mum a question.

I know the implications - debt collectors don't usually add fees until a visit or court action and my credit rating can only improve at the moment.

My question was technical.

You sound just like my DS!!:rotfl:

Why on earth do you want to be involved with DCA's. Isn't being un-employed complicated enough? I wouldn't recommend going
down that road.

Nip this lot in the bud before it gets out of hand. I know you have had negative responses from the bank so far, not sure who you have spoken to but the bank is obliged to treat their customers' fairly and if you are in financial difficulties then it should give some serious thought to assisting you.

Sit down (me speaking!:D) and work out what you can comfortably afford to pay off on a monthly basis then make an appointment to see the bank manager (not counter clerk) and ask him/her to help you to sort out this mess. Explain your financial circumstances and try to persuade them to agree to your realistic monthly payment to clear the debt. Ask them to re-consider all further charges to be waived, under the circumstances, while you attempt to move on and explain that if they don't the debt can not be cleared.
You have to be humble and polite (me again!:D). Don't just dig your heels in and say you won't pay.:eek:

With luck you can resolve this, obviously at a cost but then, that's not the bank's fault, they don't add charges for nothing, (I won't ask what the charges were for but, judging by your comment about your credit rating I guess things have been a bit low for you and I am curious as to what they meant by 'your position means they cannot ) provide any help' but I will not pry.) and put it all behind you.

If you resort to plan b. In a months time you will be in a worse position debt wise and you still will not be able to close the account. As previously advised, the account will remain open until the balance is cleared. Why wait?

Only you can make something positive happen.:)

Good luck on the job front

Mo x

sarahsarah2007

My friend was in your position and took drastic action.

She went to the CAB and they helped her get an IVA which then stopped everything as she had Santander after her with £600 charges and no chance of paying it off. It also got rid of a few other small debts she couldnt pay BUT the downside is she can only get a basic post office account now which is a pain but it was the price she paid (she wasnt fully aware of all this, im sure the CAB explained it and gave leaflets but she didnt listen) was just pleased it was being dealt with and would be over.

I wouldnt go down this road but its an option you could explore if you want a quicker way out of your situation (possibly) but please be fully aware of what an IVA is.

Sarah x

Wywth

sarahsarah2007 wrote: »

My friend was in your position and took drastic action.

She went to the CAB and they helped her get an IVA which then stopped everything as she had Santander after her with £600 charges and no chance of paying it off. It also got rid of a few other small debts she couldnt pay BUT the downside is she can only get a basic post office account now which is a pain but it was the price she paid (she wasnt fully aware of all this, im sure the CAB explained it and gave leaflets but she didnt listen) was just pleased it was being dealt with and would be over.

I wouldnt go down this road but its an option you could explore if you want a quicker way out of your situation (possibly) but please be fully aware of what an IVA is.

Sarah x

That's certainly an alternative way to trash a persons credit file

sarahsarah2007

Wywth wrote: »

That's certainly an alternative way to trash a persons credit file

Well as the gent asking doesnt seem bothered and wants a speedy resolution its not ideal but if someone cant see a way out its an option

Sarah x