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Student overdarft - help


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I went to see Natwest back in March 2008 for a loam ,whcih they refused but gave me a graduate account and an overdraft facility of £2000. At first I took money out and paid into it regular. However when I separated from my partner I need to the money to pay some bills and have not ever had the money to put back.

They wrote to my stating I was in breach and so I wrote back explaining the sisitutauon an offerring to pay £10 a month into the account. They never wrote back but I have kept to what I said.

 

As it will take me a lifetime for me to repay this money, I wondered if anyone had any suggestions as to whether there is any assistance I can seek? Or even a loop hole ( I like them - but who doesn't) I don't know much anbout overdrafts execpt I intend to avoid them from now on. Natwest have never imposed any charges on my account, so I cannot try re-claim any.

 

Any advice at all would be appreciated x

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I went to see Natwest back in March 2008 for a loam ,whcih they refused but gave me a graduate account and an overdraft facility of £2000. At first I took money out and paid into it regular. However when I separated from my partner I need to the money to pay some bills and have not ever had the money to put back.

They wrote to my stating I was in breach and so I wrote back explaining the sisitutauon an offerring to pay £10 a month into the account. They never wrote back but I have kept to what I said.

 

As it will take me a lifetime for me to repay this money, I wondered if anyone had any suggestions as to whether there is any assistance I can seek? Or even a loop hole ( I like them - but who doesn't) I don't know much anbout overdrafts execpt I intend to avoid them from now on. Natwest have never imposed any charges on my account, so I cannot try re-claim any.

 

Any advice at all would be appreciated x

 

With the graduate account the interest free element of the overdraft drops every 12 months so year 1 it was £2000.00 then it was £1000.00 interest free and then £500.00 interest free. If the account is year 2 or three then work to get it under the interest free elements cos you can kinda treat it as an interest free credit card so to speak in that you do not pay interest on the amount being repaid.

 

I don't do loop holes by the way :)

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FSA Waiver on Bank Charges:http://www.fsa.gov.uk/pages/Doing/Regulated/Notify/Waiver/pdf/dir_quart_0709.pdf

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