Repaying overdrafts

cabsy83

Hi!
Total newbie here, just had a large dose of reality and I've realised I need to get sorted financially.

I am currently unemployed and a single parent of three kids. I have two overdrafts from my student days £1000 with Natwest and £1990 with Bank of Scotland. I do my day to day banking with a basic account from the Clydesdale bank. I've decided to tackle the Natwest overdraft first and on top of just paying £30 a month to cover interest and arranged overdraft fee which I'm doing now, I'm also going to pay £25 a week and get rid of it!

What I'm wondering is, would Natwest freeze interest on the account for me or is there any way of negotiating the interest if I'm going to be repaying a set amount weekly? Any tips or advice would be gratefully received! Thanks in advance

sourcrates

Hi,
Best advice is to write and tell Natwest about your current circumstances, explain you'd like to pay off the OD, but your circumstances won't permit you to pay a Hugh amount, ask for interest and any recent charges to be refunded, say for the last 6 months, also ask for interest to be frozen going forward.

Natwest are not mind readers, if you don't tell them about your situation, they won't be able to do anything, basically if you don't ask, you don't get, if you head your letter "complaint", it will be dealt with more effectively.

Remember, banks are still oblighed to treat customers in financial difficulty fairly, so you stand a good chance of success.

cabsy83

Thanks so much for taking the time to reply!
Where should I write to, head office or my branch? I tried to talk to them about 4 years ago in branch and they totally palmed me off but not this time!!!

sourcrates

cabsy83 wrote: »

Thanks so much for taking the time to reply!
Where should I write to, head office or my branch? I tried to talk to them about 4 years ago in branch and they totally palmed me off but not this time!!!

You can do it here online, however a good old fashioned letter to customer relations, works best in my opinion !!

https://www.natwest.com/global/contact-us/complain-js.ashx

Customer Relations Manager
NatWest
Freepost
PO Box 594
Chatham
ME4 9DP