Massive rise in Nat West overdraft cost

edited 30 November -1 at 1:00AM in Loans
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edited 30 November -1 at 1:00AM in Loans

A quick overview of my situation. I have struggled with significant debt (£40k+) for the past ten years. Last year, I had three options. 1. Bankruptcy. 2. Contact all the companies I owe and sort out sensible repayments. 3. Do something silly.

I chose option two. I contacted all my credit card companies and all were understanding and put me onto repayment plans. All going well, no payments missed in the last year.

The only issue I had was with Nat West. I have a £5k overdraft with them and am regularly up to (but never over) that figure. I asked for a loan to pay them off and it was refused.

I pay £70 per month in overdraft fees to Nat West which isn't ideal but it is what it is. Yesterday I was notified of their 100 per cent increase in overdraft interest from April 2. This means my payments will rise to £140 per month.

I've just been in to see them and explain my circumstances and they couldn't give two hoots. "All banks are doing this". I explained it was going to put me in financial hardship and mean I am even less likely than ever to get out of their debt. I received a shrug. A literal shrug.

After a year of actually having some money my mental health has improved dramatically, my relationship with my kids has improved etc and now this. I am genuinely now think of going bankrupt just to annoy Nat West.

I can't understand why all the credit card companies have been so understand and Nat West couldn't care less. Any thoughts?


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