Advice needed please

katesmommy

Hi everyone

I have a huge amount of debt which we got into whilst I was out of work after having my daughter. I managed to find a job where she could come along with me, thus free childcare, but it is low paid (about £210 a week after tax)

As a result, as my overdrafts were maxed out, Natwest started throwing charges at me every month. At the moment I am 'over' my overdrafts with all these charges

I wrote to Natwest asking them to refund the charges and they refused. I wrote again explaining I am in financial hardship and they have sent me a letter which says they feel their charges are fair and I should take it to the ombudsman.

Should I take it to the ombudsman, is there any chance of me winning? I had asked Natwest to freeze charges, refund those that had been made, and freeze interest so that I could start repaying the overdrafts. They have refused.

Don't know what to do!

Overdraft 1 is maxed out at £2,000 plus charges of £238.89

Overdraft 2 is maxed out at £1,000 plus charges of £96.86

Overdraft 3 is maxed out at £1,400 plus charges of £103

Not including any charges I've already paid (about £160)

I am stuck in a cycle of interest and charges and will never break out of it!

Atidi

katesmommy wrote: »

Hi everyone

I have a huge amount of debt which we got into whilst I was out of work after having my daughter. I managed to find a job where she could come along with me, thus free childcare, but it is low paid (about £210 a week after tax)

As a result, as my overdrafts were maxed out, Natwest started throwing charges at me every month. At the moment I am 'over' my overdrafts with all these charges

I wrote to Natwest asking them to refund the charges and they refused. I wrote again explaining I am in financial hardship and they have sent me a letter which says they feel their charges are fair and I should take it to the ombudsman.

Should I take it to the ombudsman, is there any chance of me winning? I had asked Natwest to freeze charges, refund those that had been made, and freeze interest so that I could start repaying the overdrafts. They have refused.

Don't know what to do!

Overdraft 1 is maxed out at £2,000 plus charges of £238.89

Overdraft 2 is maxed out at £1,000 plus charges of £96.86

Overdraft 3 is maxed out at £1,400 plus charges of £103

Not including any charges I've already paid (about £160)

I am stuck in a cycle of interest and charges and will never break out of it!

The ombudsman will not ask a bank to repay bank charges appropriately applied, especially since the OFT failed in their court action attempting to claim bank fees are unfair (and the OFT have given up trying).

Banks do sometimes refund charges appropriately applied, but only where the customer is in genuine financial hardship and the refund is deemed to help the customer (there is no obligation for the bank to refund even then). From what you have posted, it does not seem you are in genuine financial hardship, and presumably that is what the bank think too. This sticky thread explains more about what financial hardship means in regards to asking a bank to refund charges:
https://forums.moneysavingexpert.com/discussion/2428497

I suggest you pop yourself over to the Debt Free Wannabe board and post your SoA there - I'm sure people will help you get your finances better sorted