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  • FIRST POST
    • nicetomeetyou
    • By nicetomeetyou 14th Jun 19, 8:09 PM
    • 217Posts
    • 71Thanks
    nicetomeetyou
    Nationwide overdraft?
    • #1
    • 14th Jun 19, 8:09 PM
    Nationwide overdraft? 14th Jun 19 at 8:09 PM
    I have a nationwide flex account which I have been managing well for about 18 months, not being in a negative balance. I have had money problems in the past hence a poor credit rating. This has improved and I got accepted for a vanquis credit card and have been managing that well for 3 months. I logged on my Nationwide app and a new feature was on it asking me if I wanted a overdraft so I put 200 in and it was accepted but not confirmed yet. Do you think that they will go back on the acceptance? I have 400 a month personal allowance paid into this account a month and my only outgoing is 10 a month phone bill. The rest is disposable income.I use it as my main account but have somebody external managing my finances as I have mental health difficulties . I have a considerable amount saved up in their accounts and basically have money put into my flex account when and if needed. Do you think I’ll have any problems with the overdraft? I see it as a positive if I have a good credit rating as this is proof I can manage my finances independently and can have the appointee overturned in the future.

    Is being accepted for a overdraft mean I have a good internal score with nationwide even if it isn’t that good with clearscore although it says stable.... sorry for the long drawn out question. Thank you.
Page 1
    • Ben8282
    • By Ben8282 14th Jun 19, 8:36 PM
    • 3,551 Posts
    • 1,967 Thanks
    Ben8282
    • #2
    • 14th Jun 19, 8:36 PM
    • #2
    • 14th Jun 19, 8:36 PM
    If you were offered an overdraft and accepted when you applied, then in all probability they will not change their minds unless you can think of any specific reason why they should.
    • colsten
    • By colsten 14th Jun 19, 9:15 PM
    • 11,034 Posts
    • 10,328 Thanks
    colsten
    • #3
    • 14th Jun 19, 9:15 PM
    • #3
    • 14th Jun 19, 9:15 PM
    If you have a considerable amount saved up in Nationwide, or any other, accounts
    1. please do not use an overdraft. It is one of the most expensive form of borrowing money. Use some of your savings instead if you need extra cash

    2. speak with the person who manages your finances and ask them why they let you have savings in Nationwide. Apart from their Regular Saver, which is now coming to the end of its life, Nationwide don't have any savings accounts that pay decent interest

    Can you share more about the person who manages your finances - are they from a charity or a public body? How are they managing your finances for you? How often do they talk to you about your finances?
    • nicetomeetyou
    • By nicetomeetyou 15th Jun 19, 12:24 PM
    • 217 Posts
    • 71 Thanks
    nicetomeetyou
    • #4
    • 15th Jun 19, 12:24 PM
    • #4
    • 15th Jun 19, 12:24 PM
    Thank you both for your replies.

    I had a manic bipolar episode and it was deemed by social service I lacked capacity in managing my finances. Social services at county hall took control of my money and the money is hold in their accounts. I am unsure about the arrangements. I don’t think it’s in a interest account.

    I got accepted for the 200 overdraft. I am managing my accounts well. I don’t have any debt. I think the vanquis credit card has helped build a better credit score for me although it’s not shown on clearscore. I think people on here are right that your credit score is meaningless as it’s all internal anyway.

    I have 400 a month personal allowance paid into my nationwide account a month, out of that I only have a 10 a month direct debit, all other bills are paid out my social services account. I can asked for extra money but for big purchases, holidays and iMacs, they’ll pay direct to the company. Do think nationwide know that I get more money then 400 a month and that 400 I get is disposable income, that’s why they offered me a overdraft, would they of done it say if I get paid 400 buy mu outgoings are 400 a month?
    • Terry Towelling
    • By Terry Towelling 15th Jun 19, 7:48 PM
    • 1,972 Posts
    • 1,665 Thanks
    Terry Towelling
    • #5
    • 15th Jun 19, 7:48 PM
    • #5
    • 15th Jun 19, 7:48 PM
    If you get yourself an overdraft facility and then use it, that will do nothing to improve your credit history because all lenders will see you as constantly overdrawn and struggling to manage your finances.

    Of course you might be playing the long game and using this as a tactic to get your appointee to transfer more cash to you on a regular basis.

    Do you imagine that will get you closer to being able to finance that 4K Omega watch without your appointee knowing? Can you perhaps understand how that sort of tactic might engender a certain lack of trust in those who are trying to ensure you don't get into a financial mess?
    • Ben8282
    • By Ben8282 15th Jun 19, 8:41 PM
    • 3,551 Posts
    • 1,967 Thanks
    Ben8282
    • #6
    • 15th Jun 19, 8:41 PM
    • #6
    • 15th Jun 19, 8:41 PM
    Social services at county hall took control of my money and the money is hold in their accounts.
    Originally posted by nicetomeetyou
    If it is true that social services have transferred your money into their accounts (as opposed to it being in an account in your name requiring the permission of your appointee to access it) this is very disturbing and legal advice should be obtained as soon as possible.
    Last edited by Ben8282; 15-06-2019 at 8:48 PM.
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