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Any chance - Natwest overdraft fees and interest

4 replies 2.1K views
SD18SD18 Forumite
19 posts
Hi all,

So I've had a Natwest account since I was a kid, now 31.

Throughout the early-mid years of this decade, I suffered from pretty bad mental heath issues. This in turn led to financial issues. Natwest offered me an overdraft, which I accepted thinking it would lessen the stress.
However once I was in it, it just spiraled. Gradually increasing the agreed limit to £2750. I've also had two loans with Natwest which I am still paying to this day. Never missed a payment however, that is one thing I make sure I pay.
I've spoken to Natwest several times to try and disconsolate everything into one. A new loan (to pay off my overdraft, combine the two other loans so I just have one payment but they turned me down). They didn't offer any other assistance or help ie. to freeze the interest etc.

Anyway to cut a long story short, I have just been back through all my statements and found the below:
I have consistently been in my agreed overdraft since April 2016. Often very close to the limit. I don't think I have ever been over it as I literally begged people for a £10 here or there to stop that happening.
I have payed out since April 2016 £957 in interest and £228 in overdraft fees.
During this time I also had 3 maxed out high interest credit cards and took out some payday loans.
I had to cancel direct debits to avoid unpaid fees with Natwest but obviously then that messed around the utility etc what the DD was for. All of this whilst I was struggling with my mental health.

Well, the good news is that a close family member has cleared off overdraft for me last week meaning that for the first time in 3 years, I'm in the plus. I managed to scrimp and save and pay off the credit cards myself. I have agreed to pay back the money lent to me.

I read that the claiming back charges because they were unfair boat has long sailed but I still read about people getting back charges and fees etc as they were/are in hardship. I would say that the combined total of £1185 would have gone a long way to helping me out of the debt (and would have certainly taken a lot of stress and anxiety away).

Would I have any sort of case to speak to Natwest about any form of refund or am I barking?

Replies

  • zx81zx81 Forumite
    28.4K posts
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    The latter.
  • edited 7 June 2019 at 2:06PM
    NasqueronNasqueron Forumite
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    edited 7 June 2019 at 2:06PM
    Current hardship they can look at, historical charges they won't because of the 2009 supreme court case. The family clearing the debt might scupper this but worth an ask because it's clearly an unmanageable situation and you'll presumably still be struggling
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
    “The future of Europe if Britain were to be excluded is black indeed.”[FONT=&quot][FONT=&quot][FONT=&quot] - Winston Churchill 1963
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  • SD18SD18 Forumite
    19 posts
    Nasqueron wrote: »
    Current hardship they can look at, historical charges they won't because of the 2009 supreme court case. The family clearing the debt might scupper this but worth an ask because it's clearly an unmanageable situation and you'll presumably still be struggling

    I am still struggling. Not as much as what I was last week, but it's been years of hell and finally there is light at the end of tunnel (which is obviously a reward in itself).

    I don't hold out much hope. But it doesn't cost anything to ask I guess?

    What would be the best method? A written letter outlining the circumstances, send them an email or call? From what I've read, it shouldn't be demanding anything or saying unfair etc.
  • NasqueronNasqueron Forumite
    7.7K posts
    ✭✭✭✭
    SD18 wrote: »
    I am still struggling. Not as much as what I was last week, but it's been years of hell and finally there is light at the end of tunnel (which is obviously a reward in itself).

    I don't hold out much hope. But it doesn't cost anything to ask I guess?

    What would be the best method? A written letter outlining the circumstances, send them an email or call? From what I've read, it shouldn't be demanding anything or saying unfair etc.


    Write to them explaining the situation, charges causing more charges, not earning enough to clear the debt and getting charges etc.


    Do remember though they may not refund any charges (typically if they do, it will be 6 months) - they may freeze future charges and they may expect you to complete a debt planner as well


    They are obligated to treat you carefully and fairly but on the flip side if they think you are taking the mick, spending on luxuries like £50 a month phone contracts or Sky TV then they are less likely to help


    Search for "bank name financial hardship" and follow the link - ensure you are on the bank website not a claims firm who might be trying to con you
    the concept of a United States of Europe is right.” Winston Churchill 1930
    I think that the Government are right to apply to join the European Economic Community...” -Winston Churchill 1961
    “The future of Europe if Britain were to be excluded is black indeed.”[FONT=&quot][FONT=&quot][FONT=&quot] - Winston Churchill 1963
    [/FONT][/FONT][/FONT]
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