Nationwide are reducing my overdraft facility

missile

Dylanwing wrote: »

We have cut your overdraft and taken all your pay...:xmassign:

I have a £3000 overdaraft facility with Nationwide but rarely use it. I can't understand why you and OP do not get a loan? I guess you know you pay a higher rate on overdraft than a loan and pay a very high rate on all your overdraft when you exceed the limit

It seems they are restricting your overdrafts to encourage you to put your finances in order.

Dylanwing

I can't understand why you and OP do not get a loan?

Because I was planning to tidy things up next July, once my fixed rate mortgage ends, assuming that lenders have not tightened things up too much by then. That, and complete laziness/ complacency on my part....:cool:

missile

Well as long as you realise, when I last checked NW charged 24.9% for unauthorised overdraft.

Nothing wrong with a bit of lethargy, but how much trouble is it to get Credit Card from BOS, 0% for 12 months to tide you over. However I do not think you should assume mortgage rates will be lower in 12 months time