Tweet
My son who is 23 and finished uni last year has been with Natwest for years. Never been overdrawn or anything like that. Has a credit card with them and an agreed overdraft of £1000 that was prearranged and pushed on him by them and not by him requesting it. As a student of course he used some of it.* Suddenly today he got a letter simply stating they were closing his account after having reviewed it, that they would give no explanations or references and that he has 80 days before it is closed. That all monies owed re overdraft and credit card balance have to be paid right away. I've googled and have seen this has been happening to lots of people with no warning and no reason. My problem is, legal agreements were surely made with them re the credit card and how much needed to be paid off the balance etc each month. Same with the overdraft where it was prearranged . How can they now legally say 'tough luck we want it all now'? Has anyone any info on this because it seems to be happening to lots of people. Do they have a right to then ignore the credit agreements made previously and unilaterally change the terms?* We have no idea what is going on. My son has no ability to pay off the overdraft and credit card all at once and I don't see why he should. His account has been run correctly so no idea why this has come out of the blue. Just wondering if anyone here knows why they are doing this to people and being so rude about it too. Why should he have to find a large sum of money to pay off this stuff when that wasn't the agreement when he took out the card etc. Does anyone have any idea why this is happening to some people and where they stand? Thanks for any advice. This is going to ruin his credit at a young age. His credit score is high. He hasn't long finished university and is in that space between leaving and getting some sort of job or career etc. Why should his credit score take a hit because he can't pay off a lump sum that wasnt agreed upon anyway?
Loading...
-
Tags: None -
Overdrafts are usually repayable at no notice. I suspect the credit card similarly, too. This may be a great opportunity for your son to look at a 0% balance transfer credit card.
I've no idea why the bank have done this to your son. If it's any consolation, BOS closed my business account with very little notice, despite my having the account for 20 years and keeping it in very, very good order. It was a time-consuming palaver to open a replacement account elsewhere.*
* -
Banks legally have the right to do choose with whom to do business. So just based on a whim, they can shut down accounts if they no longer like you. They don't even have to give you any reason on top of that! And NatWest is among the worst banks there are!*Comment
Comment