Natwest Default on my Credit Report

BathandBodyworks2010

Hello,

This is my first time on here and it has been bugging me for a while now and would like to ask for help...

Back in 2004 I was at uni and had a Natwest Student Account with an overdraft.

In 2008 I finished uni and was starting to pay my £3,000 overdraft back.

I didn't have a lot of money but I did make payments when I could.

I even tried to make a lump sum of £300 via the cash machine and as I put my card into the machine and put in my pin, I went to put the money in and it spat the money back out and ate my card!

I was quite annoyed as from my view, I was making a payment.

I went into the branch the following week (as this happened on the weekend) and was told that my account had been passed to a debt collection company and there was nothing they could do unless I paid all the money upfront (which I didn't have). They would not even accept a payment plan either.:mad::mad:

I then get the collections department calling for the full amount and I refused to be bullied so I said they would get a set amount from me every month and that they were to take that or nothing at all.

I finally paid off the £2169 on the account in Feb 2010 but have been left with a dent in my credit file which is going to take another few years to get rid.

I didn't know what to do and still don't concerning the above. Would anyone be kind enough to give me some advice?

Look forward to hearing from you

BBW2010

happy_bunny_2

What were the terms and conditions on the overdraft?

Were you supposed to pay in a certain amount or pay it back when you graduated?

Presumably you have a default on your file? If so, dated when?

HB

Thrugelmir

BathandBodyworks2010 wrote: »

I didn't know what to do and still don't concerning the above. Would anyone be kind enough to give me some advice?

Overdrafts are repayable on demand. That's a standard clause within the terms and conditions of the contract you signed.

Learn from the experience and move on.

Dovah_diva

BathandBodyworks2010 wrote: »

Hello,

This is my first time on here and it has been bugging me for a while now and would like to ask for help...

Back in 2004 I was at uni and had a Natwest Student Account with an overdraft.

In 2008 I finished uni and was starting to pay my £3,000 overdraft back.

I didn't have a lot of money but I did make payments when I could.

I even tried to make a lump sum of £300 via the cash machine and as I put my card into the machine and put in my pin, I went to put the money in and it spat the money back out and ate my card!

I was quite annoyed as from my view, I was making a payment.

I went into the branch the following week (as this happened on the weekend) and was told that my account had been passed to a debt collection company and there was nothing they could do unless I paid all the money upfront (which I didn't have). They would not even accept a payment plan either.:mad::mad:

I then get the collections department calling for the full amount and I refused to be bullied so I said they would get a set amount from me every month and that they were to take that or nothing at all.

I finally paid off the £2169 on the account in Feb 2010 but have been left with a dent in my credit file which is going to take another few years to get rid.

I didn't know what to do and still don't concerning the above. Would anyone be kind enough to give me some advice?

Look forward to hearing from you

BBW2010

You need to learn how defaults affect your credit file. You also need to understand that a lender does not have to accept a payment plan, especially if a borrower has been ignoring them for a while or is only making ad hoc payments.

Effectively you defaulted on the agreement and there this has been registered on your credit file. There it will remain for six years from the date of default. This will have an impact on your ability to borrow money and get credit.

In future, if you make a credit agreement you must stick to it. If you get into difficulties, you must contact your lender immediately, but they are not obliged to accept any repayment plan. Defaults, CCJ's etc remain on your file for six years from the date of default.