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1st letter sent and have had quick reply- how to respond

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1st letter sent and have had quick reply- how to respond

Post by Prometheus on Sat Jun 03, 2017 10:43 pm

Hi - hope someone can help me.

Having had an overdraft with Nationwide for 4k in 2012 which was the reduced to £2k with my agreement in 2014 -(i did not know of GOODF then)
I sent the first of the 3 letters to them last week because they wanted me to pay down all of the 2k overdraft which I cannot do.

They have sent me a duplicate copy of My overdraft agreement

They say that they regard me liable for the debt because I applied for the overdraft and then used the facility to fund my daily living. For this reason they believe that the debt remains outstanding.

Can anybody help and advise how to respond to this?

Thank you - much appreciated



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Re: 1st letter sent and have had quick reply- how to respond

Post by petesomething on Sun Jun 04, 2017 8:42 am

Hi Prometheus

You dont need to prove anything, it was reduced in 2014 , now they want you to pay 2k in one payment,
not many people can do this, Why did they let it get to 4k
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Re: 1st letter sent and have had quick reply- how to respond

Post by Awoken2 on Sun Jun 04, 2017 8:19 pm

Although I'm unable to offer any practical advice on this matter as I'm in a similar position myself and as of yet have not sent any letters off.

I'm just writing this to let you know how crafty these banks actually are.

After finding my income going from 40k a year to zero after losing my job I knew I was in deep deep trouble. 3 credit cards, 3 loans, car on HP and no money to pay any of them.
In desperation I applied to my bank to extend my £250 overdraft to £600 hoping this would help until finding work. The bank declined me, despite me having had 2 completed loans with them previously with an unblemished payment record. In fact all my credit up to that point was all being paid on time, no issues.

It made me really angry that a bank who I had been a good customer for 10 years wouldn't trust me with an extra £350 when I really needed it.

What makes the situation really stink is that since they declined my overdraft request they have continued to pay all my direct debits and allowed me to continue using my debit card so now my overdraft is over £1000 but now they get to charge me £5 a day unauthorised overdraft fees on top.

I just can't understand how a bank can say no to a £350 overdraft extension but then allow over £600 to be paid out from the same account.

Baffled and bemused
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Re: 1st letter sent and have had quick reply- how to respond

Post by Awoken2 on Sun Jun 04, 2017 9:59 pm

My income went to zero because I lost my job.
I didn't seek any advice on benefits and didn't cancel any direct debits as I didn't see the point.
What difference would that have made exactly?
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Re: 1st letter sent and have had quick reply- how to respond

Post by Waffle on Sun Jun 04, 2017 11:21 pm

The banks have to show responsible lending under the FCA rules so they can not extend to someone who they know it could create further financial hardship for. They let you go over your overdraft because its up to you to manage the account and its your fault if you go over it, they would extend it to you but they have to cover their own back. Now they know your in hardship as they wouldn't extend but let you go over by double what you originally asked, whats that telling you?

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Re: 1st letter sent and have had quick reply- how to respond

Post by Awoken2 on Sun Jun 04, 2017 11:47 pm

And your basing that reply on general assumptions you've made about my personal circumstances? That's very good, thanks.

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Re: 1st letter sent and have had quick reply- how to respond

Post by Awoken2 on Mon Jun 05, 2017 12:03 am

@Waffle wrote:The banks have to show responsible lending under the FCA rules so they can not extend to someone who they know it could create further financial hardship for. They let you go over your overdraft because its up to you to manage the account and its your fault if you go over it, they  would extend it to you but they have to cover their own back. Now they know your in hardship as they wouldn't extend but let you go over by double what you originally asked, whats that telling you?

It's telling me that banks are opportunistic thieves. We won't authorise you having any more money but you can have an unauthorised grand that we can clobber more charges on.

Don't get me wrong I'm not shifting responsibility onto the bank, it's my responsibility to keep everything in order but sometimes people have a change of circumstances and their whole lives change over night.

Since learning about the big banking fraud, fiat currency etc my long standing duty to be a responsible bank customer has kind of diminished now to be honest.
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