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Overdraft success?


freddy22
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Hi!

 

I posted on here a while ago about some problems I was having with my Nationwide overdraft, as despite having it included in a DMP, they were adding unreasonable charges each month (paying £9 per month, £45 per month charges/interest) and were not accepting the payment as being enough.

 

Well they sent me a letter today offering to clear my debt completely for a payment of a lump sum. Being a bit sceptical I called them anyway to see what the offer would be.

 

On an overdraft balance of £1,477.60 they have offered to clear the lot in full if I pay £700. I was thinking of claiming back bank charges from the last five years (including the latest months' ones) of around £350 so I actually think this is a good deal and want to do it to get at least one off the list!

 

I have requested it in writing and they have agreed to this (with no quibble) and I expect a letter from them tomorrow.

 

As it happens I received a bonus from work last month which means I can pay this so it seems to be a happy ending.....

 

My only concern is that it might cause my other creditors to demand more but given that this is the lowest balance of all my debts and it will also mean more for them each month (I'm not changing my DMP payment) I can't see how they can compare their debts to this one... I also spoke to the CCCS and they agreed with me on my thoughts and concerns.

 

What do you think?

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I agre with you.

 

there no harm in looking at it when the offer arrives through the post is there?

Allyxia

KEEP FIGHTING FOR YOUR MONEY - EVEN WHEN IT GETS TOUGH

The Banks are somewhere which lends you an umberella when it is sunny, and takes it away when it rains

 

HSBC £1200 - Settled in Full

Cap 1 2 X £100 - Settled in Full

Nationwide £1641 - Settled in Full inc Default and CCJ Removed by Court Order

NatWest £2215.60- Settled in Full and Removed Default Natice

Woolwich £3690 - Settled in Full

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Hi freddy22,

 

I don't profess to have any personal knowledge of how modern DMP's work (...Had a voluntary administration order a couple of decades ago though!), but I would have thought that ALL creditors would have initially been allocated a set % figure of your disposable income at the time of the setting up of your DMP and that they would have had to agree to this knowing about each other???

 

...This would have been irrelevent of what U actually owed each of them and that the DMP was scheduled to repay them all off on an equal basis over the period that the DMP was to run for???

 

...Am also surprised that Nationwide continue to add interest charges to a debt that would surely have had to have been frozen to have been included in a repayment schedule plan???

 

...Perhaps the debt owed to the Nationwide is viewed uneconomical to retrieve over the long term by them and that they are wanting to settle sooner at the expense of your other creditors???

 

...Would this not invalidate your current DMP and make your other creditors less willing to agree to their inclusion in any future one???

 

The Nationwide's offer to settle for a smaller than actually owed figure reminds me very much of DCA's offers of settlement on obscure and difficult to obtain repayment on accounts (...which incidently have frozen totals save for their normal collection costs!)

 

All of the above is only my own thoughts and shouldn't be taken as fact. I have only voiced my own honest opinion and asked stated questions that I would be asking myself if I was in the same circumstances.

The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men.

Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children.

And I will strike down upon thee with great vengeance and furious anger those who attempt to poison and destroy my brothers.

And you will know my name is the Lord when I lay my vengeance upon thee.

(Jules Winnfield)

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