Nationwide cutting my overdraft limit by 96% please help

SammyLee

Hi

I've had an overdraft limit of £1500 with the Nationwide for the last few years.

I'm struggling financially at the minute and popped into my local branch to ask if they could raise my limit (even temporarily) to £2000.

The branch tried but the system wouldn't let them. They put me on the phone to the Call Centre and the Call Handler told me that not only could he not facilitate, but it was likely my OD would be cut shortly and I'd be advised in writing.

Yesterday I got 14 days notice that this will be reduced to only £500.

Not only does this give me no time to prepare but is there any way i can effectively challenge this?

Any positive experiences with the Nationwide I can avail of.

Many thanks in anticipation.

P.S. Just realised the percentage change is 66% not 96% and I can no longer edit - whoops!

MrSilk

As stated on their website, and numerous times on this forum, Overdrafts are repayable upon request. They should not be used or seen as a way of long term borrowing.

There isn't really anything you can do other than try and pay as much of the overdraft back as possible. However it may be inevitable that they would apply charges onto the account if you are over your overdraft limit by the time the 14 days are up.

colsten

Afraid, overdrafts are repayable on demand. Fill in an SOA and post it on the Debtfree Wannabe board.

NotRichAtAll

so your struggling and the first thing that came to mind was digging a deeper hole and try to increase your od limit...good move...not.

is there nothing at home you could downgrade ie skytv or mobile costs?

agrinnall

SammyLee wrote: »

P.S. Just realised the percentage change is 66% not 96% and I can no longer edit - whoops!

I'm glad you noticed this, because I was just about to post that if 96% is a reflection on your arithmetical ability perhaps that would explain why you're so far into your overdraft.

I doubt whether you'll persuade Nationwide to change their mind, so a combination of colsten's and NotRichAtAll's suggestions seem to be the sensible thing for you to do in order to need less money to live on.