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Bank overdraft sold on

Hi guys,

I know this is silly and my fault but essentially what's happened to me is that I didn't notice that one of my accounts since xmas went over my overdraft (£100) and has since become over £500. I may have gotten a letter from the bank but honestly I am unsure, I didn't see it.

I agree this is some debt and it's my fault but I don't think I can get the amount lowered via my bank Natwest anymore as it has been sold onto Moorcroft Debt Recovery, I asked if I could speak to them about it and they said no, there's no point speaking to Natwest now, it's been sold to them.

I get around £55 a week and on the phione they basically wanted £22.50, I could maybe do it but that's pretty much it with my bills and it's a lot for something I feel is unjust but also my fault it got to this point. The lady didn't seem to like the idea of £10, just to show I am making a payment until I start making some cash and get back into work.

I am guessing I'll have to pay this. I was wondering if anyone had any ideas on how I could maybe minimise the cost? Can I contact Natwest about it?

Just looking for advice, thoughts... thanks.

I am also interested in any ideas you might have to postpone my responsibility a bit until I am working. They don't want to put a hold on it.

edit: Also been doing some research... my first point of order should be to ring them and say I want written communication in future?

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    I wouldn't call them again.

    I would write to them and offer an amount you can afford. If its only £5 a month or £10 a month then offer that.
    I would also add in to that letter the text regarding all future communication being in writing and not to telephone you again (from this link - Harassment by telephone - possible letter and citations)

    Have they provided you with a breakdown of the balance outstanding showing any fees/interest added etc?

    Regarding natwest- - it may have been sold on to the debt collector, or it may still be owned by natwest but they have appointed the debt collector to collect on their behalf.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • alux
    alux Posts: 4 Newbie
    Thanks for your post. I don't really have a breakdown or anything yet, I was called today and it was a bit of a one sided conversation. The lady was quite pushy and I had a pretty bad connection, basically the only way to proceed was just to let her talk.

    I was basically told at the end 'ring this number, give this reference - I'd say by 9 tonight if you want to avoid interest'. You'd still advise no further calls and just to write? I'm fine with that, to be honest as much as it's killing me having this over my head I have a feeling that £500 isn't going to accrue much interest before they get my letter by the end of this week/early next.

    So I should write to them, tell them I want all communication in writing in future and that I am willing to come to a repayment plan once I get a breakdown of the exact charges and debts?

    Guessing you don't feel like I can get the debt minimized - that's okay I guess as long as it's £5 or £10 a month. I'd hate it but I think I might be able to live with making absolute minimum payments and paying off the whole thing when I'm working and in a position to.

    I am pretty sure it was sold on as they told me there was no use in talking to Natwest further, could just be to get them off my case though I guess. I'll ask about that in the initial letter.
  • fevlo
    fevlo Posts: 203 Forumite
    Debt-free and Proud!
    I think you could do with finding out 100% if it has been sold to Moorcroft or if it is just being collected by them.

    If the debt is still with the bank, you have a slim chance of being able to get some of the charges that will be making up the £500 debt refunded as you are in financail hardship.

    If Moorcroft do now own the debt then simply offer what you can afford to pay.
    They will try and get you to pay what they want but if its not affordable then simply stick to your guns with your offer.

    [STRIKE]DFD - 24th October 2015[/STRIKE] [STRIKE]DFD - 24th March 2015 [/STRIKE]
    DEBT FREE 24.03.15
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
    Write to them asking who owns the debt.

    Ask whether or not interest will be charged.

    Request a statement of account showing the breakdown of the balance.

    State you will not pay anything until they have complied with the above request.

    See what they respond with.

    Don't speak to them on the phone. In writing only. They will say stuff that they would not dare put in writing.
    :beer:
  • Lensman_2
    Lensman_2 Posts: 1,506 Forumite
    Part of the Furniture Combo Breaker
    They will say stuff that they would not dare put in writing.
    Including what they said earlier.

    Any sense of urgency on this is Moorcroft's alone, completely random and singularly intended to stress you out so that you agree to something you wouldn't normally.

    You have some good advice so far.

    1. Stay off the phone
    2. Send them a letter requiring them to prove they have legal title to claim the money and that the sums are correct.
    3. Consider investigating a claim for unfair penalty fees to Natwest regardless of what Moorcroft are up to. £400 worth of fees sounds off to me.
  • alux
    alux Posts: 4 Newbie
    So.. something like this with all the Tos, Froms and addresses?
    I am writing to you to request:

    That future communication is done in writing so that both I and you have a record of all our correspondence.
    A written confirmation on who owns the debt, you or Natwest.
    A statement of account showing the breakdown of the balance.

    I am not unwilling to pay back this debt but before I can make any repayment plans I would like paper copies of all documentation for my own records and so I can start managing it properly. I will be unable to make any payments until I receive this documentation at which point I will be willing to discuss repayment options.

    Does that cover all bases? And I'm not saying anything they may be able to twist if I am able to talk to Natwest or anything like that?

    Thanks for all the help so far, guys.
  • harveybobbles
    harveybobbles Posts: 8,973 Forumite
    Offer Moorcrap £1.00 per month. And stay off the phone.
  • alux
    alux Posts: 4 Newbie
    Offer Moorcrap £1.00 per month. And stay off the phone.

    Maybe I can send my offers in £1 increments to keep them back a bit ;)

    Not a fan of theirs then? Or just collectors in general?
  • happy_bunny_2
    happy_bunny_2 Posts: 4,488 Forumite
    alux wrote: »
    So.. something like this with all the Tos, Froms and addresses?



    Does that cover all bases? And I'm not saying anything they may be able to twist if I am able to talk to Natwest or anything like that?

    Thanks for all the help so far, guys.

    That sounds good to me.
    :beer:
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