Disadvantage Gold cancellation?

blueneleh

Hi,

This probably sounds like a silly question but I am unsure about how to cancel my Natwest Advantage Gold account!

I was conned into it approx 5 years ago when it was still £6 a month - I didn't really understand about it but wanted to increase my overdraft and while trying to do so the staff member did his sales patter and said all this stuff about how it would be more appropriate for me to have an advantage gold account and, eager to get my OD increase, lol, I just agreed to it.
Since then I don't think I've ever used any of the services it offers and am now paying £12 a month for it!:mad:

Needless to say I would like to stop it but don't know if this will affect the amount of interest I am paying on my OD or not?? I have an OD of £2500 at present which I am slowly bringing down.

Does anyone know if the amount of interest I'm paying on this will go up if I am not an advantage gold customer?
If not can I just write to them to cancel it and will they simply just revert my account back to a current account?

Any advice would be greatly appreciateed as I have looked through the guff I got with it and can't find anything about stopping it!

Cheers,

Blueneleh

taless

Yes, the interest will go up. See http://www.natwest.com/personal02.asp?id=PERSONAL/DAY_TO_DAY/CURRENT_ACCOUNTS/RATES_CHARGES#overdraft_rates

jonesMUFCforever

Just write a simple letter stating that you wish to downgrade to a non fee paying account.

blueneleh

Thanks for the advice.

I've looked into this and decided it is worth cancelling the advantage gold subscription as the extra interest I'll be paying on my OD is not equivalent to £12!!
Will write them a letter as advised!:T

Cheers!:beer:

lynxptc

You can also do it at the branch, they will downgrade it there and then, would probably be easier than writing and sending a letter?

regularsaver1

I don't know how people say they were conned years ago if the debt has been made to their account each month and shows on their statements

1 month or 2 ago fine, but 5 years!?

jonesMUFCforever

regularsaver1 wrote: »

I don't know how people say they were conned years ago if the debt has been made to their account each month and shows on their statements

1 month or 2 ago fine, but 5 years!?

I'm saying nowt!
My ears are burning.