Close Natwest overdraft account

RFox

Hi, we have been trying to clear any debts and save what we can. I have an account with natwest with an overdraft of £2,500. I have spoken with them and they can set an arrangement but only for 8 months. That is a lot to clear for us per month. They will refund interest as I had an arrangement before and that is what they did. But is there a way to get gem to agree to a longer arrangement? 12 months would be better. Without an arrangement the interest just adds up and makes the debt worse. Many thanks

colsten

You could consider a money transfer credit card. Please read all the information carefully, and only proceed if you are certain this is the right deal for you.

jonesMUFCforever

RFox wrote: »

Hi, we have been trying to clear any debts and save what we can. I have an account with natwest with an overdraft of £2,500. I have spoken with them and they can set an arrangement but only for 8 months. That is a lot to clear for us per month. They will refund interest as I had an arrangement before and that is what they did. But is there a way to get gem to agree to a longer arrangement? 12 months would be better. Without an arrangement the interest just adds up and makes the debt worse. Many thanks

I would say forget about saving for now - clear your debts first.

YorkshireBoy

colsten wrote: »

You could consider a money transfer credit card. Please read all the information carefully, and only proceed if you are certain this is the right deal for you.

Might be a big ask with an "arrangement" (to pay) marker on their credit file?

RFox

Sorry what I meant with saving is reducing costs where possible

[Deleted User]

Stop the saving until the debts are cleared - debts are always a priority over savings.

colsten

RFox wrote: »

Sorry what I meant with saving is reducing costs where possible

In case you don't know: you could fill in an SOA and post it on the Debt Free Wannabe board for comments.

BooJewels

I suspect that from your use of 'we' and 'I' that this isn't perhaps your main household account in regular use?

But if it is and you're still using it for monthly outgoings, bear in mind that to pay off an overdraft, you need to find both the overdraft amount, plus the amount is costs you to live each month, as you're transitioning from minus numbers to positive numbers. So if your overdraft is £2500 and it costs you £1500 a month to live, you actually need to find a total of £4k to be clear of it.

At which level, it might be cheaper and more disciplined for you to take out a loan for the total amount you need - if your circumstances will allow it. We recently set off to pay off all our debts after an insurance settlement, but decided not to use all of that money to do so - as a low interest short term bank loan suited our circumstances better and will still save us a gob-load of interest as it's significantly cheaper than the debts we consolidated.