NatWest student overdraft default

Junadium87

Hi, I had a NatWest student account at university with a £500 overdraft, when I graduated I was using about £490 of the overdraft. I moved abroad for work and NatWest put charges on my interest free student account overdraft which meant it went over £500 they then added multiple charges up to £1100 and the account then defaulted. I graduated in 2012 and this default occurred in 2013.

I would like to retrieve the exact statements with the charges they wrongfully put on the account, pay them £500 and get the default removed.

Would anyone know if this is possible? I am 100% sure that I did not go over the £500 and was planning on paying it back as it was interest free but by the time I had checked my account online it did not exist and upon checking my credit file I found the default.

A part from this default I have 3 credit cards, a uk phone contract and a bank account all in good standing with no late payments. I have a total credit limit of £7000. This NatWest default however is messing my credit rating.

Any help would be greatly appreciated.
If it helps, I did write to NatWest a few months ago but did not get a reply.

Thank you

stclair

It sound like you may have gone over the overdraft limit which created the interest and charges.

The first £500 wound have been free so anything over that would have been chargeable.

You should ask for copies are your statement prior to moving abroad.

National_Debtline

Hi Junadium87 and welcome to MSE,


You should start by asking for a breakdown of the account, as well as the terms and conditions of the account and any other information that may help you raise a complaint. You can do this under a Subject Access Request which will cost £10 and they have 40 days to comply.


Most student overdrafts are interest free for a period of time (up until and/or just after graduation). However, there may be certain conditions on the account in order to receive this, such as, paying in a certain amount of money per month. If you were abroad it is possible you may not have been able to meet all of the conditions of the account to keep the interest free aspect, causing the account to accrue interest and take you beyond your limit. Plus, unfortunately, all overdrafts are recallable on demand, so this could explain the default they have entered. You need to find out more from the bank to see if this was the case.


If you believe the balance and default are incorrect you should complain to the bank and escalate the matter to the Financial Ombudsman Service. Please be aware that only inaccurate information can be removed/ amended, so if the default is correct I am afraid it will show for 6 years from the date of default. Good luck,


Laura
@natdebtline