Account termination letter... What now. Help!!!! Please

fishfinger1

Just got an account termination letter from natwest asking for the account to be settled in full. What do I do now?

TheDebtinator

Do you know why they want to close your account? Is this for a loan? Credit Card? Bank Account with overdraft?

fishfinger1

Its a credit card that I'm in arrears with

TheDebtinator

Ok. I assume then that you are not in a position to pay it back in full, so the next option would be ask them if you can arrange a payment plan with them, including freezing the interest.

fishfinger1

No theres no way I can pay it backin full I'm also in arrears with a couple of my other cards.

Fairyfingers

Are you in a DMP? if not call stepchange or someone similar it was the best thing I ever did.

fishfinger1

No im not yet ive been waying up all my options wasn't expecting this letter so quickly. They say if I don't respond within 14 days of the letter they will start further recovery action. What exactly does that mean

Fairyfingers

I put off a DMP for about a year but it really has been a god sent Stepchange didn't judge or patronise me, I got breathing room because as soon as you tell the predators your with stepchange (or who ever else) they put things on hold. You can make token payments for a few months to save for emergencies then pay within a budget, Please read the DMP support thread. Take the leap I wish I'd done it years ago.

TheDebtinator

It means they will probaby pass it onto a debt collection agency. As above, contact Stepchange (0800 138 1111)

fishfinger1

So am I best phoning or writing to natwest 1st to tell them im going to contact stepchange in the hope they stop any proceedings. Many thanks for the help

TheDebtinator

Phone Stepchange first, and do it ASAP. Talk to them about all of your debts. They are best placed to help and advise you.