Nationwide Overdraft Scam

ffacoffipawb

jonwest wrote: »

Absolutely dreadful bank in my opinion.

Dreadful? Maybe.


However they are not a bank, though they sometimes behave like one.

pmduk

iAMaLONDONER wrote: »

I'm rather disappointed, there's no scam to be warned of here!

You should know by now, there's rarely a scam involved when a post is described as such.

iAMaLONDONER

pmduk wrote: »

You should know by now, there's rarely a scam involved when a post is described as such.

Very true, I remember Opinion4U's comment which JuicyJesus used as his signature!

CreditCrunchie

I'm glad you had some sort of communication from them finally Jon. I've had my overdraft for a year or so now, admittedly it's only £500, and they have annoyed me over some things, but they've never tried to recall my overdraft. I hope you get some sort of solution over this.

lippy1923

I still don't get why you accepted a repayment plan in the first place??? Were you able to repay what you maxed when they confronted you or not? Or was a repayment option your only choice?

Maxing your OD on the first month of being approved looks desperate from a lenders pov. I'm not suprised it was flagged up and they asked you to repay while refusing to offer you more credit.
If you couldn't afford to repay your OD straight away then it would be pretty irresponsible to lend you more on a CC.

If they really did not tell you a repayment plan would affect you negatively then stick with your complaint. That's the only thing they did wrong IMO.

jonwest

lippy1923 wrote: »

I still don't get why you accepted a repayment plan in the first place??? Were you able to repay what you maxed when they confronted you or not? Or was a repayment option your only choice?

Maxing your OD on the first month of being approved looks desperate from a lenders pov. I'm not suprised it was flagged up and they asked you to repay while refusing to offer you more credit.
If you couldn't afford to repay your OD straight away then it would be pretty irresponsible to lend you more on a CC.

If they really did not tell you a repayment plan would affect you negatively then stick with your complaint. That's the only thing they did wrong IMO.

I didn't seem to have a choice. I either paid back in full or went on a payment scheme. Why the hell should I pay back in full? I signed up for a 12 mth o/d .The crazy thing is that I had already started paying in more than they wanted me to pay in on the payment scheme.

redcard

jonwest wrote: »

I didn't seem to have a choice. I either paid back in full or went on a payment scheme. Why the hell should I pay back in full? I signed up for a 12 mth o/d .The crazy thing is that I had already started paying in more than they wanted me to pay in on the payment scheme.

You signed up for a 12 month overdraft with terms and conditions attached. Your bank haven't broken any terms and conditions. They see you as a high risk.

It's quite simple, really. Read post 6 again if you didn't understand it first time round.

Complain to the ombudsman or something. They'll laugh at you.

zerog

jonwest wrote: »

Zero debt obviously refers to my financial situation outside this issue.

I don't think that's obvious at all.

jonwest wrote: »

I didn't seem to have a choice. I either paid back in full or went on a payment scheme. Why the hell should I pay back in full? I signed up for a 12 mth o/d .The crazy thing is that I had already started paying in more than they wanted me to pay in on the payment scheme.

You don't have a choice. You should have paid back in full because all overdrafts, with every bank, must be repaid in full on demand at any time.

You signed up for 12 months of 0% interest on an arranged overdraft, subject to an overdraft being offered. They decided to stop offering you an overdraft.



They were incorrect to tell you that a repayment plan would not damage your credit rating, however, now you know.

I wouldn't offer you a credit card.

PeacefulWaters

jonwest wrote: »

I didn't seem to have a choice. I either paid back in full or went on a payment scheme. Why the hell should I pay back in full? I signed up for a 12 mth o/d .The crazy thing is that I had already started paying in more than they wanted me to pay in on the payment scheme.

Did your salary go into the account each week/month?

le_loup wrote: »

I wonder if this indicates that "salary" was not being paid into the account and was ONLY being used as a free overdraft. If so, would that be against the T&Cs?

While the T&Cs only demand regular credits for a higher rate of in-credit interest, the lack of a regular credit to an account in overdraft makes it high risk.

My theory is that they've called the debt in because the OP racked up a debt in no time and there's little evidence in the account behaviour of having the income to repay it.

They are quite within their rights to do this.

GingerFurball_2

jonwest wrote: »

I didn't seem to have a choice. I either paid back in full or went on a payment scheme. Why the hell should I pay back in full?

Because Nationwide asked you to.

I signed up for a 12 mth o/d .The crazy thing is that I had already started paying in more than they wanted me to pay in on the payment scheme.

No you didn't. You were offered an overdraft facility that would have a 0% rate of interest for up to 12 months. In the terms and conditions, it will state that the overdraft can be called in at anytime subject to notice. At no point have Nationwide given you a guaranteed 12 month overdraft.