Overdraft Problem...

mac28

I currently bank with NatWest and I have an overdraft of £500 which I'm in every month without fail and I can't see a way out.

I've looked at switching bank accounts and every bank says that the NatWest will be closed in the switching process and as a result the overdraft will need to be paid in full.

Unfortunately I don't have the funds to pay it off. Do you have any ideas how I can get out of this never-ending spiral! :mad:

Pixie5740

Earn more and/or spend less. There's no magic formula.

funkypriest

Natwest can help you bring your overdraft down gradually month by month.

They can also refund some charges if this has kept you in your overdraft.

Give them a call, they were really helpful with me. They increased my overdraft interest free by £240 and reduced monthly by £40 for 6 months to get it back to being manageable.

Their financial difficulties team number: 0345 301 5449

sourcrates

Hi,
Simply open a new basic bank account and don't use the switching service.

Then transfer whatever you can afford to the account with the overdraught every month until it's paid off.

Simples !!

liveyoung

I moved from Natwest to First Direct using a switching service about 18 months ago....my Natwest account is still open. It was a graduate account, which might make a difference.

First Direct also give you money to switch and a £250 interest free overdraft - which doesn't solve the long term problem, but will cover most of the £500 and stop you getting the £6 a month charge from Natwest for using an agreed overdraft.