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N/WIDE closing account but still have reducing overdraft


still-learning
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Hi,

 

My friend now has letter giving 30 days notice to close his account.

 

He still has a £320 reducing overdraft in place which he cannot afford to clear in 30 days.

 

Can he ask them to continue with the reducing overdraft once account is closed or would they accept a reduced amount to settle the account?

 

Any ideas are welcome.

10/09/06 - 13/11/06 reclaimed full charges and interest of £2781.45 for friend from Nationwide;)

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Hello still-learning,

 

Hopefully your friend has already applied for and got another current account set up???

 

If Nationwide chooses to want to close an account which is O/D that is up to them.

If they want to recover their money they must first follow the same proceedure as anyone else...i.e. Preliminary Letter, LBA etc etc.

Hopefully this would buy your friend some time so as to make a payment to Nationwide to pay off the outstanding debt in full.

 

My understanding is that if they terminate the contract between your friend and themselves then they can no longer apply further O/D Interest % Charges. The only interest they would be able to claim would be s69 Statutory Interest @ 8% if the outstanding debt got to the court stage.

 

Hope this helps!

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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Hello and Welcome

Congratulations for posting in the correct forum, here you will have other “experts” who know how that particular this bank reacts.

 

I see Milk tray has already answered this particular query for you!!

 

 

I have just finished my claim with this bank, but I decided to stick around to see if I help others like you who are just starting out with their claim to see if I can share anything to make your journey through this claim a bit better!!!

Remember the banks have acted unlawful you haven’t!!!

 

Well done for reading the FAQs and continue to read as many threads as possible as there is a wealth of information on here!!

 

Remember its important to open a parachute account, especially if the charges are spiralling out of control and you have little or no money left, at the end of each month.

 

If your account goes into a negative balance after you have transferred your banking, send them this notice to prevent them taking any further action.

http://www.consumeractiongroup.co.uk/forum/bank-templates-library/5078-10-data-protection-act.html

If you get stuck have a look (by searching) to see if your question has already been asked by reading other people threads, if you are still not sure either post your question in your own thread or PM me to attract my attention and I will be happy to help you by answering on your thread.

 

Also look for another newbie claiming against the same bank as you, that way you can do your claim together and support each other as the post drops through the door!!

 

Sometimes the banks act awfully and you can get very stressed out by it all. But stick to your guns - you are in the right - they are not. Don’t let them put you off, that’s what they want to do!

 

Hope this helps

 

Good Luck

 

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 Allyxia!

 

 

...I see Milk tray has already answered this particular query for you!!...

 

 

Typical isn't it!

...Not interested in the MAN...Just the chockies!!!...rofl... :lol::p

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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