Advice re new account or stick with old?

Samoens12

Hi all - what would you advise?

I am just getting back on my feet - with a bit of a way to go but moving forward. I will be starting a new job next week having been self-employed for many years.

I have a NatWest account with an OD. They had threatened to close this account but managed to prevent it going to default.

I have a joint account with hubby for bills etc with Santander

Shall I open a new account (maybe with Santander) for my wages so that I can control how I pay off the NatWest overdraft along with other debts or just use the NatWest account as it is established.

Do you think opening a Santander account will be difficult?

Thanks

GTR_King

Best to open a basic account with Santander or what ever bank you choose... Could try nationwide flex basic & put wages into that account then chip away at NatWest account till OD. is paid off...

How much is your OD.??

System

If your in actual arrears, don't even consider it.
If not, it should be ok to use it.

Santander will probably offer you, at least, a basic account.

Samoens12

The overdraft is £4900 of £5000 limit. I have a poor credit rating too.

Samoens12

Bit the bullet and applied for an account and was approved immediately. Pleased as this will give me control amd allow me deal with the debts in the right order. Here's to clearing this debt this year.

mrsp1987

Seems like that was the right thing to do. I remember hearing something somewhere that if you have a debt with a bank on one account and money in another account with that bank they can take that money to pay off the outstanding debt. I could be slightly off with the details but it sounds familiar.

Also, in the last month a number of High Street banks have created fee free basic bank accounts for people who have got bad credit or who would otherwise struggle to be accepted for a 'regular' bank account with o/d facilities etc.

eskbanker

Perhaps worth a read of this thread, where an overdrawn NatWest customer switched to Santander and was horrified that NatWest then demanded instant repayment of the overdraft. Granted, a switch is a different scenario from OP's but if/when NatWest realise that OP's wages aren't being paid into the heavily overdrawn account it's entirely possible that they'll demand their £4900 back in a hurry, rather than at OP's leisure, especially if the account has already been on the brink of closure or default.

stclair

eskbanker wrote: »

Perhaps worth a read of this thread, where an overdrawn NatWest customer switched to Santander and was horrified that NatWest then demanded instant repayment of the overdraft. Granted, a switch is a different scenario from OP's but if/when NatWest realise that OP's wages aren't being paid into the heavily overdrawn account it's entirely possible that they'll demand their £4900 back in a hurry, rather than at OP's leisure, especially if the account has already been on the brink of closure or default.

I agree once funds are stopped being paid into the account it'll trigger a letter requesting repayment of the overdaft.