Overdraft withdrawn

denk15

Hello

I have a problem and would just like some advice if people have any.

Basically I have had an overdraft with Nationwide for about 5 years which last stood at £1,950. But I have been out of work since January so have been struggling with money for a while, and I have been out of my overdraft limit a number of times (I always brought it back into the limit within a few days).

Anyway I got a letter a few months back saying they will be getting rid of my whole overdraft limit unless I contacted them, which I did and the lady was sympathetic to my situation and said I could start paying it back at a rate of £10 a month until I get a Job.

This was fine and my overdraft limit has been going down by £10 for the last few months which I have been managing to pay off, but today I logged on to check if some money went in and decided to check what the limit was down to now, but to my horror it now says that I have no agreed overdraft limit.

I haven't had any further letters or calls since the original one, so can they do this? I am going to call them today (phone is charging) but have no idea if I have an argument

If they get rid of my overdraft and start with the charges there is no way I will ever be able to pay them back so that way the will never get their money? they can send debt collectors but I don't have anything of value

Also without the overdraft my car insurance premiums will be declined which means I will no longer have a car and will get rid of any chance of getting a job (live in a village with no buses)

So I was wondering if they are in the right/wrong? and if i have any case in getting them to go back to the agreed deal of reducing by £10 until I find work?

[Deleted User]

Overdrafts can be recalled immediately. But if they are going to do this, then obviously they should give you notice.

However, if you are not having charges applied, then it sounds like it's just an admin issue. They have probably removed the official overdraft but are not charging you while you are repaying in terms with the agreement.

~Beanie~

They are in the right, unfortunately. It is very unusual for a bank to remove an overdraft with no warning whatsoever, but it is allowed and will state as much somewhere in the terms and conditions.

denk15

Deleted_User wrote: »

They have probably removed the official overdraft but are not charging you while you are repaying in terms with the agreement.

well until today it has always stated my overdraft but has just been going down by £10, today when I checked it was completely gone. A direct debit at the start of the month went through so I'm assuming its a recent thing?

This is what I feared, I was hoping they would have to give me at least a warning of when they are going to do it. It's just annoying that I agreed to this plan and then they just pull the whole thing

Thank you for the replies, fingers crossed they will agree to go back to the original agreement

Tim_Bisley

I had NatWest call up at the weekend and withdraw my overdraft with no notice. I'd just moved from Wales to London and didn't have a job for two months, but was just about to start one. Fortunately we had the money to pay it off, but they were unfriendly and brusque on the phone.

In short, they can withdraw at any time.

denk15

I called them and I must say the woman was very polite and sympathetic and agreed to go back to the original deal of £10 a month, so my panic is (slightly) over.

Now just need to get a job

Thank you all for your messages, very much appreciated

Clive_Woody

denk15 wrote: »

I called them and I must say the woman was very polite and sympathetic and agreed to go back to the original deal of £10 a month, so my panic is (slightly) over.

Now just need to get a job

Thank you all for your messages, very much appreciated

I banked with Natwest during my student days and ran up a similar size overdraft. I found they were normally pretty sensible about it so long as you communicated with them and once I got a job we reached an agreement on a staged reduction of the overdraft over a number of months so I wasn't suddenly hit with charges.

....this was almost 20 years ago when I could go in and chat with my branch manager, he was a really nice chap and actually offered very useful tips for money management. He even used to say hello when I bumped into him out and about in pubs around town.

thegfb

It's not that surprising considering that in general overdrafts aren't that profitable to banks (as long as they aren't incurring hefty charges) because the interest rates seem to be lower than credit cards and loans.

I hope you sort it out soon

happy_bunny_2

Write to them, asking them to confirm what they said to you on the phone.

So when they do exactly the same again, you have a letter as evidence in case required in a complaint.

Presume you have another account to use? If not, I would get one ASAP.

Thrugelmir

denk15 wrote: »

I called them and I must say the woman was very polite and sympathetic and agreed to go back to the original deal of £10 a month, so my panic is (slightly) over.

Appears that they are monitoring the situation closely. Withdrawing the facility is one way of ensuring the customer calls them!

katedhaka

Thank you for I'm wondering if a Blu-Ray can be used as a huge DVD