Natwest student credit card

woznotwoz

I currently have a natwest student credit card with a limit of £350. Due to not havin much money i havnt been able to make the payments and i am now over the limit by £70. Does anybody know a way to freeze the interest or make a reduced one off payment? It may seem like stupidity so could someone please educate me.

Thanks very uch, LArry.

CLAPTON

Basically it is sometimes possible to get interest frozen and they will sometimes accept a reduced payment to settle the account (called a Full and Final Settlement)

Usually it goes like this:

a. you stop paying for several months

b. they default your account (and any other a/cs you have with them too... do you have a student current a/c with them with a interest free overdraft facility?)

c. your credit record may be marked accordingly and so will be trashed for 6 years making it difficult if not impossible to get credit (at least at a reasonable rate).

d. you come to an arrangement to pay a bit every month

e. they eventually sell the debt to a debt collection agency.

f. after a couple of years they may well accept a F&F settlement.


However you could speak to them and try to come to an arrangement to pay with your new student grant.
If you don't and you have a interest overdraft with them they may well close that a/c and demand the overdraft back.

You don't say your circumstances but 350 is a relatively small amount with quite important long term consequences.. Could your parents help you out.