HELP – Old Nationwide account from 1998 over drawn now £2400 in fees for £200 overdra

mrbogle

Old Nationwide account from 1998 over drawn now £2400 in fees - apparently Overdrawn by £200 for 10+years

If anyone could offer advice that would be great

It has since racked up £2400+ of charges against it

Apparently they stopped sending statements in 2003

The balance is still showing as £198 but charges attached

I have applied for a mortgage with Nationwide that went through fine and has been approved so was quite surprised to hear about this one

Although it was my mistake, obviously for them to expect a return of 12x the amount I was over drawn by is ridiculous

Very concerned this will affect my already approved mortgage

If anyone could advise what I need to do or what I should expect to happen that would be amazing and will hopefully put my GFs mind at rest, are the charges likely to be waved,
I’m happy to pay the £200 tomorrow

Thanks in advance

grumbler

mrbogle wrote: »

... obviously for them to expect a return of 12x the amount I was over drawn by is ridiculous

Obviously? In fact I see 15 years and it's just ~18% APR on £200 borrowed.

I’m happy to pay the £200 tomorrow

Would anyone not be happy to borrow £200 for 15 years for free?
Only because of the inflation what was £200 in 1998 is about £300 now.

*Scarlett

As far as I know old debts can only be pursured for 6 years after that they are statute barred.

http://www.debtwatchdog.com/statute-barred-debt-england-and-wales-Article-215.html

How did you know about the overdraft fees if they are no longer sending statements? If you have answered the q's regarding the mortgage app honestlly then and they have acccepted the you should be ok.

If your mortgage offer is dependent on you paying Nationwide what you owe them then you can probably negotiate a sum.

Hominu

mrbogle wrote: »

Although it was my mistake, obviously for them to expect a return of 12x the amount I was over drawn by is ridiculous

Not if you calculate it including the compounding interest. 19% on £200 for 15 years gives you £2,500 in interest. I wouldn't call that excessive.

jonesMUFCforever

The debt would have been sold on by now if not written off by Nationwide.
If you were approved for a mortgage then it is not on your credit files now therefore I would not pay a bean.
For a start it is statute barred.

mgdavid

we are not seeing all the details, or in all probability the whole story. either..

kirkbyinfurnesslad_2

mgdavid wrote: »

we are not seeing all the details, or in all probability the whole story. either..

U never do........