Help please with Natwest Interest Rates

[EllaUK]

Hello i got an email from another forum to come here...

 

Here is my story, if you read this twice i wrote this on the other forum...

 

I didn't know this forum existed, i thought i was on my own with this.

 

Abit about me.

 

I am disabled been out of work for a long time. I have an advantage gold account with Natwest bank, i was told my surcharge for this service was £6 a month. Each month my overdraft limit went up, to £1300, why they gave me so much when i am out of work i have no idea, but silly me i am now in debt, for £900 in this overdraft. I wish i could get out of it, now they are charging me £11 a month interest rates. What happened to the surcharge of £6 a month?

 

I guess i am stupid and quite guilible eh?

 

I am going to see the bank manager tomorrow, i feel very embarrassed about this, my benefit of incap goes into my account once a month, and i have my bills come out in direct debit. And i only wish i had some idea what to say, i am so scared really.

 

They could take me to court, but i have been disabled for 7 years now, and i have no idea how they can do this, they know i am disabled, i want to work, but i have a condition called Hyperacusis, which basically means my auditory nerve in my ear allows me to hear 10 times louder than anyone else, so it kind of puts me out of action on most jobs.

 

I wish you were all coming with me tomorrow, i just have no clue what to say, i am unhappy, but if they stop my account how do i pay my other bills, what will they do offer me a loan, how can i have a loan if i am out of work.

I rent my flat, so i dont have nothing to barter with.

Please advise

 

Its Wednesday evening, i am going tomorrow morning

 

Ella xxx

[alanfromderby]

Welcome to the forum - and I certainly feel for you. However, please don't feel embarrassed in any way, the difficulties you face can happen to anyone.

 

Obviously the most pressing issue for you is the meeting tomorrow morning. You have not given a time of the meeting, but what i would advise is that you try and contact the National Debt Line - it is a freephone number 0808 808 4000 - and they open at 9am.

 

They are an independant organisation, who have the experience in matters such as yours. They will be able to advise you on how to handle the meeting. They will also be able to advise you of the best way forward for your circumstances.

 

Once you have dealt with tomorrow, consider if any of the overdraft you have was as the result of penalty charges or over-limit fees - the o/d interest, and £6 fee would not count. You will be able to reclaim unlawful penalty charges them from your bank - however, it is best to look at that after you have spent a bit of time looking round the forum.

 

Please post again on this thread after the meeting tomorrow, and we will then do our best to advise you from there.

 

Try not to worry too much - you have plenty of people rooting for you.

[Bookworm]

And get rid of the Advantage Gold, is it really giving you any advantage at all? We used to have it, and not once did we gain anything from it.

[EllaUK]

Alan and Bookworm

 

Thank you i shall call the Debtline in the morning, and working it out there is over £200 is not £300 that is penalty charges, i just kept looking at the bank statements and shrinking to an inch tall, didnt think i had a choice. Even to the point i stopped reading them.

 

And yes i shall get rid of the advantage gold, not very gold or any advantage for me is there!

 

Thank you, i feel alittle better knowing there maybe some hope!

 

Ella xxx

[cheddar]

I actually cancelled my Ad Gold a/c this afternoon the current rate for it is £10 and its going up to £12 I think. No way was I getting any use out of it. So my account was downgraded and the advisor I saw was great she also cancelled £70 odd of charges I had due to come out at the end of this month.

[EllaUK]

Cheddar its gone up to £10 then onto £12 blimey i deffo do not need it, i shall cancel it tomorrow, and thank you it gives me some hope that you saw someone nice, i have been using Natwest since i was 16, i am now ahem old!

 

I guess old enough to know better. More debt more they give to get you further into debt.

 

Well i best get to bed, i shall come back tomorrow.

 

Ella xxx

 

Thank you for your advice, help and hope!

[cheddar]

Yeah I know! The lady I saw ace, she really was and very understanding too. She also mentioned an overdraft and I said everytime I asked for one to avoid a charge I was refused even for £50. So she just said oh I'll put a £50 o/d on for you...went through it all and it accepted it. I asked how that was possible and she said at that branch there is a glitch in their system that actually lets them put a £50 o/d on ANYONES account!!!! :O

[EllaUK]

I was logging off and saw you responded in my emails so i thought i would do a quick reply.

 

I started off with a £50 overdraft now its £1300 i shall learn from this, silly girl i am!

 

Thanks hun for the hope, i shall be here tomorrow to report.

 

Ella

 

NIGHT Night!

[cheddar]

I was similar I started with £50 then it got to £1600 but I re-jigged it with a loan instead, paid off the o/d and horrendous credit card. But it is nice to just have that £50 safety net there.

 

Btw if anyone is wondering I do sleep! LOL! Just poorly at the mo and can't seem to find the land of nod......night!

[fallen404]

I know the feeling. Not been sleeping too well myself. Probably all the stress of trying to get money out of NW.

 

The Advantage Gold is rubbish, unless you shop a lot, from what I can see. I was offered one around Christmas time, on a free three month trial. I thought that as I didn't have anything to lose, I may as well. After the second month, I noticed they were actually charging me for it. At no point when I accepted the three month offer did I get told that they take the money out like normal, then refund it at the end of the 3 months. I only got told this when I went in to complain. On the upside, the counter clerk refunded me for 3 months, rather than the 2 that I'd been charged for.

 

Best of luck with the bank manager, Ella. I'm sure you'll manage to get it sorted out. Bank employees are human, too. From the sounds of it, your condition is a nightmare. Is there not some way the NHS could sort you out with some kind of reverse hearing aid?

[EllaUK]

Chedder i don't sleep to good either! but always make sure i have 7 hours sleep, pattern sleeping is rubbish you know!

 

Fallen your right about the advantage gold, it was the offer of the free three months why i took on the thing, i had a normal account before then, but for about a year they kept trying to change my account, saying that one didnt exist anymore.

 

I shall post this and start on what debtline said to me...

[EllaUK]

First of all i want to thank you all for giving me advice, sending me emails, and for the lovely person who sent me a telephone number for National Debt Line. I even have the number etched on my brain. 0808 808 4000 This number is a godsend, you have to wait alittle while to get through but worth the wait.

 

First they took a few details.

 

It was a guy with a brummie accent, ever so nice, but i guess they have to be eh?

 

He said as i have a council tax debt i have to deal with that first by ringing them up today and offering to pay £2.85 a week, this covers my butt so to speak, and to tell them i am on benefits, and that i am struggling with debt.

 

I also have to ring the Dss and ask them to stop putting my money into this account, and to let them know i am going to get a new account today, and ring back later with the details.

 

Then today i have to go out and set up a very basic bank account, that does not offer any overdraft facilities.

 

Then i need to call DSS and get them to put my benefit into my new bank account.

 

Then i have to change my bills i have on direct debit, change the info to my new account with my dss benefit going in.

 

Once that as been done, not until the above as been done, i then have to go into the bank for the interview i was going in for today, knowing my benefit is safely in an another account, and all my bills are being paid from the new account, not until then, do i ask them to close my account, and the debt i am in i can pay £10 a month to pay this off, also to ask for a review on the interest i have been charged over the past months.

 

Phew, that took 29 mins in all, but the best advice i have ever had. I hope i am making sense here, i have to go to open a new account now.

 

Thank you, i shall come back later

 

Ella xxx

 

Ps...

 

My hyperacusis i put foam plugs in my ears when i go out, that is how i handle it Fallen404. They cannot do a reverse hearing aid only a masking aid, which is a good thing, but does not stop the noise.

[EllaUK]

Oh i forgot to mention i have to write a debt management list...

 

Ie. What money i have coming in, which is my Incap Benefit

And all the money i have to pay out ie. my bills etc, and council tax debt.

 

Then work out how much money i have to live off, for food etc, and how much is left, basically nothing, but that is also what i have to do.

 

Anyone got a job for me i wonder?

[mariejader]

when you open your new account don't do it at Nat West as they have the habbit of moving your money from one account to another, which caught me out in the past and caused more fee's.

 

Open the account with a bank you don't have any accounts with

[EllaUK]

Thanks Marie

 

I was told that too, but to choose another bank, like Barclays or Nationwide was mentioned.

 

Ella

[alanfromderby]

Glad to hear that NDL have been able to help - I have always found their advice to be extremely valuable. To add to the advice on bank accounts - I believe the Co-op Cashminder account is also worth considering.

 

Hope you are now able to have a much less stressful Easter, and suggest that once you have worked your way through the list you have been given, come back and have a look through the process for reclaiming all the unlawful charges.

 

All the best.

[wendiwoo]

hello, sorry to hear your story, very similar to mine, still thinking about redressing balance with bank, would like to know how you got on .

[cheddar]

I'm glad to hear NDL have been of help to you Ella, I really should get some more sleep tonight!!!

[Overdrawn]

Well done Ella x

[EllaUK]

Alan - I called co-op bank they only have one in Manchester and i never go into town, so i am going with Nationwide. But thank you!

Wendiwoo - Its a horrible stressful time isnt it hun

Cheddar - your task this week is to go have a 7 hour sleep this evening, okay?

Ovedrawn - Thank you!

[EllaUK]

I went to Nationwide Bank its only 2 miles away from me, but, duh blonde, i took all docs i thought i needed, but to take a driving licence you have to take the two parts to it, i only took the card, so i am going again on Saturday morning to get my very basic account.

 

So i shall keep you posted, this weekend, i am going through my paperwork and write letters etc and get my direct debits transferred to the new account, with the benefits of course.

 

I do feel so much better, i am glad i listened to Holly and did not goto the bank for that interview.

 

I can do this with an open mind now, and not a panicked mind!

 

So thank you for helping me, i shall be back on Saturday, hope you all have a wonderful Easter, eat chocolate!!!

 

Ella xxxx

[EllaUK]

This topic was closed on 2019-03-08.

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