Interest Charges when trying to pay off debts

Nickie

Hi
New on this forum today!

Nat West closed my bank account back in 2005 when I could no longer pay off my overdraft properly.

I agreed with them to pay £20 per month in 2005 which I have been doing by direct debit. However, they are still charging me £15 per month interest so in the last 18 months I not made any real impact which is really frustrating.

All my other creditors have cancelled their interest option and I am paying back and reducing every month the reduced monthly payment.

Is there any way of getting Nat West to stop charging me 3/4 of my monthly payment in interest? They said not as they have stopped all account charges.

I am determined to pay off this and my other debts but would be interested to hear if there is a way of getting them to stop this interest.

Best wishes

immoral_angeluk

bumpety bump!

JoeHel

I don't know much about getting banks to stop interest payments, but how much do you actually owe them? Can you afford to make a few extra payments to speed it up? Would they convert the overdraft into a loan with a lower interest rate? Or maybe that's already happened... Could you get a 0% credit card that has "cheques" for you to transfer balances, so you could pay this off with that and therefore have the balance at 0% instead, which would pay off quicker?