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Natwest overdaft
pablo009
Posts: 3 Newbie
Hi people, any help on this subject would be greatly appreciated.
For the last 10 possibly more years I have been living in my overdraft with natwest. At first it was £1000 but then as time went on I would receive letters from the bank saying they had reviewd my account and would increase my overdraft. They did this a number of times until it reached £5000. I know I was stupid to accept this but I was young and it didn't seem a problem to me at the time, now I am £5000 overdrawn every month with charges of around £70-£80 a month and I am struggling to get out of it. I only get paid around £1400 a month so you can see I have a problem.
My question is, do you think it is worth writing to natwest to see if I can claim back some or possibly all of my interest charges ( the latter being a total long shot I know ) I think it equates to well over £6000.
Please help!
For the last 10 possibly more years I have been living in my overdraft with natwest. At first it was £1000 but then as time went on I would receive letters from the bank saying they had reviewd my account and would increase my overdraft. They did this a number of times until it reached £5000. I know I was stupid to accept this but I was young and it didn't seem a problem to me at the time, now I am £5000 overdrawn every month with charges of around £70-£80 a month and I am struggling to get out of it. I only get paid around £1400 a month so you can see I have a problem.
My question is, do you think it is worth writing to natwest to see if I can claim back some or possibly all of my interest charges ( the latter being a total long shot I know ) I think it equates to well over £6000.
Please help!
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Comments
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do you think it is worth writing to natwest to see if I can claim back some or possibly all of my interest charges ( the latter being a total long shot I know ) I think it equates to well over £6000.
You cant claim interest back. However, if you are in current financial hardship and living on the breadline or below (so no luxury spending - and they check your bank statements to see if you have things like Sky tv, shop in Next etc) then you can put a case for them to consider reviewing your situation.
if they agree that you are in financial hardship and its not down to excessive consumer spending then they have a range of options available to them. One of these is refunding recent charges (typically 6-12 months) but it can also be putting you on debt management service or suspending future charges for a period.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
One of these is refunding recent charges (typically 6-12 months) but it can also be putting you on debt management service or suspending future charges for a period.[/QUOTE]
Thanks for the reply, I think I will write to them and see what they say. Do you know if a debt management service would give me a bad credit rating?0 -
Do you know if a debt management service would give me a bad credit rating?
Not externally no. Your internal rating with Natwest is probably already shot. So, that wouldnt make any difference to them.
It only impacts on your externally if you default with Natwest.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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