natwest wrote to me about using overdraft - am unemployed atm

[stuckinamoment]

Hi,

I have been using my overdraft as a gap as I am currently unemployed, should be starting new job in March/April.

I have taken out about 500 pounds and put in maybe only 50 (overdraft is about 1000pounds). They want me to ring their Natwest debt management number, they make take away my overdraft and charge me. What do you think they will say & I guess do I just explain that I was using it atm as unemployed but will be paying it back in next two months?

I am abit worried as I'm in a crap place financially atm

Are you getting any benefits? Where are they going? The system will have picked up that you are spending 10 X more than your apparent income it may be that they want to know why so little money as going through your account. What's your agreed over draft?

I think you're going to have to phone them and explain you position. Not communicating with them is far more likely to cause problems as they will almost certainly assume the worst and take further steps.

I hope tings work out for you and they understand that this is only a stop gap postion.

Oh and don't say you can pay your whole overdraft off in 2 months time. If at all possible, try to negoitate something with them to pay it off in installments - maybe £100 - £200 a month. Ask them if they can reduce your facility by that amount every month so you're not tempted to keep going back into it.

I did this with my bank when I was on a fairly low income and paid back £1500 at £50 every month. They were happy because they knew what was happening and could see it going down. I remember being a bit confused when I eventually saw the letters cr against my £13 bank balance I'd almost forgotten what it meant!

thanks listsandbudgets . I don't know whether it is worth telling them I was ill (mental health) .

I wasn't on benefits, so nothing going in to that account.

I think you should talk to them. NOT talking to them will lead them to conclude you have no plans to do anything about your situation in which case their likely to do it for you which may not be so pleasant.

I am sorry you've been ill. I hope you are recovering now. MH problems can be so hard to deal with.

Don't panic. Definitely talk to them and ask to be put in touch with the team that manage customers in financial difficulties. They will help you work out a way forward.

Hi all, just to say thankyou for all your help.

I rang the bank (hung up three tiimes before I spoke as I was too scared) but they were nice & sorted out a payment plan that I can do. I was so scared what they would say, but I feel very relieved I have rung so thanks

oh well done stuckinamoment. Bet you're feeling a lot better now you've done that. I am glad they were understanding and helpful and you've got a plan. Just remember that if you have a problem sticking to it its best for you to tell as early as you can.

Good luck and I hope you enjoy your new job when you get to it.