What do i do when my bank won't give me an overdraft?

parpo

Hello,

I am 26 years old, self employed and have a current account with natwest. At the moment I am experiencing money problems, basically I don't have any. I work on a cash only basis in an indoor market selling vintage clothing and have been doing so for 3 years. The past few months have been increasingly difficult, footfall has dropped and I have more going out than I have coming in. Around 12 months ago I applied for a vanquis credit card and was accepted. My credit limit is £2, 250, and due to my financial situation I have had no choice but to use it to basically eat, pay rent and get by. The monthly payments have now rocketed to a whopping £120 p/m and there is no way that I can afford this. So, I am currently in the process of trying to get vanquis to activate my repayment option plan, which is proving rather difficult.

So, as I now have absolutely no saftey net, I have applied for a natwest overdraft online, and I have been rejected. Please can you help me, I need advice as I am extremely worried about what I am going to do.

Thankyou

imoneyop

parpo wrote: »

Hello,

I am 26 years old, self employed and have a current account with natwest. At the moment I am experiencing money problems, basically I don't have any. I work on a cash only basis in an indoor market selling vintage clothing and have been doing so for 3 years. The past few months have been increasingly difficult, footfall has dropped and I have more going out than I have coming in. Around 12 months ago I applied for a vanquis credit card and was accepted. My credit limit is £2, 250, and due to my financial situation I have had no choice but to use it to basically eat, pay rent and get by. The monthly payments have now rocketed to a whopping £120 p/m and there is no way that I can afford this. So, I am currently in the process of trying to get vanquis to activate my repayment option plan, which is proving rather difficult.

So, as I now have absolutely no saftey net, I have applied for a natwest overdraft online, and I have been rejected. Please can you help me, I need advice as I am extremely worried about what I am going to do.

Thankyou

Short of trying another bank (who will likely reject you as well), there is nothing you can do I'm afraid - overdrafts are a benefit not a right and NatWest have obviously decided that you are too much of a risk financially to be offered one.

nonnatus

And the trouble is, they are likely to want some sort of idea of when / how you are likely to repay the Overdraft. If you can't currently meet repayments for your credit card, should you really be taking on more credit?

Maybe look instead at whether your business can carry on making a loss? Maybe even think about earning some money OUTSIDE your business hours (evening waitressing or something) until trade picks up. Xmas should be a good time for your kind of Stall surely?

Good Luck in whatever

opinions4u

Find a new place to do business.

I don't mean change banks. I mean somewhere there are customers.

Sharon87

I agree. Have you looked at other avenues for selling the vintage clothes like internet sites as well like ebay, facebook group? I would look for a new spot to sell if I were you. Also as has been suggested maybe try and find a part time job to help support yourself.

matttye

Cant you see you're going to be in an even worse position once you've used up the overdraft? You'll have to pay back the overdraft + interest as well as your current debts too.

You need to do a Statement of Affairs and work out some cutbacks.

The answer is not more credit - unless you can move your existing credit card debt onto a 0% credit card.