Natwest overdraft charges

onebitrocket

I have a overdraft in a Natwest account which I'm struggling to pay off, and it currently stands at £500.

Each month NastyWest, charge me a interest fee of between £5 and £9. I've tried to pay in a what I can afford in addition to the interest fee to try and reduce the overdraft.

In august Natwest also started charging another £6 for the privilege of having an overdraft, which has wiped out the additional funds I was able to save.

So it's costing me around £12.00 a month in charge for an overdraft I can't afford to clear, and it's wiped out the small additional savings which I was paying in.

This is one of those outgoings that just haemorrhages money that I can't afford to waste.
I need to get rid of this overdraft, but like most people these days, I don't have the additional income to pay this off.

Is there anyway I can get the overdraft charges refunded?
Or can I claim against the total amount of interest paid over the life time of the account, arguing that that would of paid off the overdraft?


Are there any options I can take to try and clear this?

Thanks

Atidi

onebitrocket wrote: »

I have a overdraft in a Natwest account which I'm struggling to pay off, and it currently stands at £500.

Each month NastyWest, charge me a interest fee of between £5 and £9. I've tried to pay in a what I can afford in addition to the interest fee to try and reduce the overdraft.

In august Natwest also started charging another £6 for the privilege of having an overdraft, which has wiped out the additional funds I was able to save.

So it's costing me around £12.00 a month in charge for an overdraft I can't afford to clear, and it's wiped out the small additional savings which I was paying in.

This is one of those outgoings that just haemorrhages money that I can't afford to waste.
I need to get rid of this overdraft, but like most people these days, I don't have the additional income to pay this off.

Is there anyway I can get the overdraft charges refunded?
Or can I claim against the total amount of interest paid over the life time of the account, arguing that that would of paid off the overdraft?


Are there any options I can take to try and clear this?

Thanks

To even consider a chance of a refund of any bank charges, you need to be in financial hardship.
http://www.moneysavingexpert.com/reclaim/bank-charges

Unfortunately, nothing you have posted here suggests you are in such financial hardship. Even if you are in financial hardship, the bank are not obliged to refund any charges.
As the article says, even for those that qualify, make plans on the basis you will not get any refund.

I suggest you post on the Debt Free Wannabe board with your SoA (all about how to do that in a sticky thread on that board), and I'm sure we can get you back into the black shortly.

See you there

Jordo

Every time you get paid, call the bank and reduce your OD limit by £20/£50/£100 - in a few months you have no OD.

ermine

onebitrocket wrote: »

I have a overdraft in a Natwest account which I'm struggling to pay off, and it currently stands at £500.

[...]
Are there any options I can take to try and clear this?

Thanks

You are effectively eating an interest rate of 12x12/500 = £144/£500 = 29% APR on the loan. You could do worse than talk to them and see if you can covert this into a personal loan. They seem to be offering 6.4% on their website, which is a decent improvement.

However, this is fraught with danger in your case, because if your monthly budget really is so tight that the extra £6 has meant you cannot reduce the overdraft then you are in deep trouble already, and will be tempted to drift into the overdraft as well as the loan.

You are overspending. You need to cut back. You could get a hand with this by posting a SOA on the debt-free wannabe board, but essentially it means either doing more with less or doing less. You cannot afford your lifestyle at the moment and until you accept that and commit yourself to taking steps to live within your means or earn more you would be unwise to expose yourself to the temptation of a loan and an overdraft.

However, you can probably reduce the cost of that £500 and NW may help you with that - avoiding the hazards is then up to you.

SomebodyToldMe

I also have an overdraft with the scumbags- I keep going into it just to make ends meet.
I am going to write a letter stating I'm in hardship and ask them for a refund- expecting the greedy so and so's will say no- and then write to the Financial Ombudsman..you could try the same.
Good luck!

[Deleted User]

SomebodyToldMe wrote: »

I also have an overdraft with the scumbags- I keep going into it just to make ends meet.
I am going to write a letter stating I'm in hardship and ask them for a refund- expecting the greedy so and so's will say no- and then write to the Financial Ombudsman..you could try the same.
Good luck!

I do sometimes think some people have far too much time on their hands.

Reasons:

a) the advice already provided in this thread
b) the time you posted this comment
c) you've only just posted a new thread stating that you intend to apply for bankruptcy soon.
https://forums.moneysavingexpert.com/discussion/4834589

SomebodyToldMe

Starline wrote: »

I do sometimes think some people have far too much time on their hands.

Reasons:

a) the advice already provided in this thread
b) the time you posted this comment
c) you've only just posted a new thread stating that you intend to apply for bankruptcy soon.
https://forums.moneysavingexpert.com/discussion/4834589

Well excuse me for not knowing everything- like you obviously do!
PS you don't work for a bank do you?

ermine

SomebodyToldMe wrote: »

Well excuse me for not knowing everything- like you obviously do!
PS you don't work for a bank do you?

Dude, you are so furked.

The road to freedom starts with knowing how you got into the hole....