Nationwide Overdraft Help.

Thrugelmir

Sim454 wrote: »

I just think it's harsh them demanding full monies or get a mark on your file, banks are meant to help people, not punish them.

Regulators are coming down hard on banks. Persistant debt is viewed as a serious issue. Obtaining a loan and spreading repayments over a manageable period is all you need to do. Ultimately you'll find yourself in a better place financially.

Socajam

Sim454 wrote: »

Thank you everyone. OD £400. My circumstances hasn't changed, I'm in and out of the OD. I've done nothing wrong.

They are sending these letters out to nearly everyone I believe as NW is changing there OD fees and rules in-line with the new law early next year. NW are the first bank to do this.

I just think it's harsh them demanding full monies or get a mark on your file, banks are meant to help people, not punish them.

Thanks

You do realize that if you are living on your overdraft, obviously you are not making enough money to survive or you are living beyond your means. You are going to have to cut your garment according to your cloth and learn to live within the means of your salary/wage/

The banks are fed up of folks using other people's money and then not being in a position to repay.

I learnt this lesson the way of using overdraft from the 1990s when interest rate was 15% and every letter the bank sent out cost over 35 pounds.
I remember one day walking down my road practically crying because I was overdrawn by 59 pounds and by the time the bank added fees, I was close to 100 pounds overdrawn.
So yes, I am sympathy for you, but you really need to get yourself sorted. It is going to be hard, but years from now, you will look back at this point in your life and laugh about it.
Been there done it and I can laugh now, but it was a point in my life that I would not wish on anyone, even my worst enemy.

Thrugelmir

Socajam wrote: »

The banks are fed up of folks using other people's money and then not being in a position to repay.

Banks are being frowned upon for profiting from such practices. Lending needs to be undertaken in a responsible manner.

Davy_Jones_II

Sim454 wrote: »

I just think it's harsh them demanding full monies or get a mark on your file, banks are meant to help people, not punish them.

Thanks

Not really, they are not your parents, or the government, or a charity, they are a business, and they and you agreed between you that you could have an overdraft but that it was repayable on demand. It was not supposed to be used for borrowing that you could not pay back.

What can you sell, or do, to get the money?

eskbanker

Sim454 wrote: »

OD £400. My circumstances hasn't changed, I'm in and out of the OD.

Being 'in and out' of it is clearly better than being 'in and further in', so how do you normally get out of it? At the risk of stating the obvious, that's what you need to do over the next four weeks....

Sim454 wrote: »

They are sending these letters out to nearly everyone I believe as NW is changing there OD fees and rules in-line with the new law early next year. NW are the first bank to do this.

There's a big difference between notifying account-holders of a new rate structure and demanding full debt repayment, so on what basis do you assume 'nearly everyone' is in the latter category?

Sim454 wrote: »

banks are meant to help people, not punish them

They have helped you, by lending you £400. Now they want it back....

boo_star

Sim454 wrote: »

Thank you everyone. OD £400. My circumstances hasn't changed, I'm in and out of the OD. I've done nothing wrong.

They are sending these letters out to nearly everyone I believe as NW is changing there OD fees and rules in-line with the new law early next year. NW are the first bank to do this.

I just think it's harsh them demanding full monies or get a mark on your file, banks are meant to help people, not punish them.

Thanks

£400 is peanuts, it's less than a months rent for a 1 bedroom flat around here and it's not a particularly expensive area.

You won't get a loan for such a small amount so your only option (other than paying it off) is to accept their offer of an AP.

It's definitely not going to stop you getting a mortgage in the next 6 years but it may for a year or so and may make it a little more costly after that.

Ben8282

Nationwide have told me I have to pay back my overdraft within 4 weeks. I don't have that kind of money lying around.

When I read your opening sentence I thought you owed thousands!

I am guessing here but something tells me that this is not the account that your earnings are paid into.
If your pay was going into this account, I don't believe that the bank would simply have withdrawn the overdraft facility. Something has spooked them and I don't believe it is anything to do with their changing their overdraft fee structure and I don't accept your statement that 'nearly everybody' is receiving letters such as this and having their overdraft facility withdrawn. How do you know this anyway?

Ergates

Sim454 wrote: »

I just think it's harsh them demanding full monies or get a mark on your file, banks are meant to help people, not punish them.

A mark on your credit file isn't a punishment.

You borrowed money from them that you are now unable to pay back. Is it really that surprising that they might want to warn other banks about lending to you?

Also, allowing you to borrow *more* money that you also can't pay back isn't actually doing you any favours in the long run.

Robbie64

Can the bank not turn the overdraft into a loan? This is years ago but I once had an overdraft with the NatWest, back when overdrafts cost a fortune (this was back in 1986). Back then bank managers could do all sorts and after going over my overdraft limit two months running I was called in for the dreaded "bank manager chat". He said he would turn the overdraft into a loan and I paid it off over 6 months or a year, I forget which. It wasn't much by 2019 standards, just £100, but at the time my monthly wages after tax and NI were only about £450. It got me out of a pickle and it would be nice if banks could do the same these days. Bank managers now seem to have so little authority to do anything like that.

xylophone

£400 is not an enormous amount of money - you do have some form of income?

Even if it means a very tight month for other discretionary spending, pay off the overdraft in full and ( if this is an account you have only been using for the overdraft) close it, set up a savings account so that you build an emergency fund and learn to budget.