NatWest – What To Do If You Owe Money To NatWest For Credit Cards, Loans, Mortgages Or Overdraft Debts
NatWest was established in 1968, with the merger of three banks: National Provincial Bank, Westminster Bank, and District Bank. The trio came together to form National Westminster Bank, commonly known as NatWest. NatWest’s beginnings are represented in the NatWest logo by the coming together of the three chevrons.
Today, NatWest offers a large range of financial products and services, including mortgages, personal loans, credit cards and overdrafts.
In This Guide...
Accreditation
NatWest is authorised and regulated by the Financial Conduct Authority.
NatWest Have Contacted Me To Discuss My Debt
If you have missed payments on your mortgage, loan, credit card or overdraft, it won’t be long before you hear from NatWest. They will get in touch with you to ask why you have missed a payment and to ascertain what your current financial situation is.
Missed Payments
If you have missed payments already, or let NatWest know that you are going to miss payments soon, you might be asked to complete an Income and Expenditure Form. This help to assess your money problems and the affordability of any payment arrangement which may be agreed upon.
Income And Expenditure Forms
The income and expenditure form is used to gather information about your financial situation and to show what money, if any, you have left after meeting your current payment obligations and day-to-day living costs.
What’s included:
- Your income
- Your priority bills
- Your other bills and spending
- Your day-to-day living costs
- Your non-priority debts
It is important that you provide accurate information and answer as fully as possible to ensure the results are a good representation of your position. If you don’t, you may find yourself being asked to pay more than you can afford.
Collections
If you have fallen into arrears, your account might be passed to the NatWest collections team. Usually, your account will still remain usable while it is in the collections process.
The collections team will try to arrange a manageable payment plan with you so you can repay the outstanding balance.
Payment Plans
The NatWest collections team will try to make an affordable monthly payment plan with you. A payment plan will normally last from 1 to 18 months, over which period you will make manageable payments towards your debt. The collections team will use the income and expenditure form to calculate the affordability of your repayments, so it is important to make sure you haven’t missed anything.
If you are unhappy with the monthly amount you have to pay, say so – NatWest may be able to lower your payments, extend the term of the plan or even give you a temporary payment break to get back on your feet.
What Will Happen If I Don’t Pay?
If you don’t manage to clear your debt in the collections phase, your account will be passed to NatWest’s recoveries team.
Recoveries
If you cannot keep to the payment arrangement, miss further payments, or ignore communications, your account may end up with the recoveries team. At this point your account will become non-operational and you will lose access to the account facilities. This means you may have to bank elsewhere.
Your account will remain open, but non-operational, only until your debt is settled.
Non-payment is likely to result is a ‘default’ being noted on your credit file, where it will show for 6 years.
Defaults
NatWest may default your account if their attempts to work with you to collect the debt have been unsuccessful. After a default, NatWest will be able to take further action against you to recover the money you owe.
You’ll be sent a warning letter called a ‘default notice’ before your account defaults – this will give you at least two weeks to catch up with the payments you have missed. If you can’t do this in the given time, your account will default.
A default will stay on your credit file for six years, even if you go on to settle your debt in full. It will have a negative effect on your credit score as it shows lenders that you’ve not paid your previous debts.
Can NatWest Take Money Straight From My Account?
Banks have something called the right to set-off. This gives banks like NatWest the right to take money from the available balance of your current account or savings account, to pay any debts you have with them. This is why it is important to make sure your main bank is separate from the bank you have debts with.
If you have a current account or savings with NatWest, you might want to move your money elsewhere if you owe them money, to avoid them exercising this right. You will not be given advance warning.
Will I Still Be Able To Use My NatWest Account If I Owe Money?
It depends how much you owe, what steps you are taking to get back on track and what stage your debt is at with NatWest – collections or recoveries. At the initial collections stage, you may still be able to use your account as normal. You will be told by NatWest if there are any changes to your account access.
Debt Help From Scottishtrustdeed.co.uk
If you are finding it difficult to manage your debts, you can get professional debt advice from scottishtrustdeed.co.uk. Our specialist debt advisors will help explain the various options available to you. You could benefit from one of the following to help you get debt free quicker:
- Debt Management Plan
- Individual Voluntary Arrangements
- Scottish Trust Deeds
- Debt Arrangement Scheme
- Minimal Asset Process
- Bankruptcy
Complaints
If you are unhappy with the treatment you have received from NatWest, you can make a complaint online, in branch, by phone or in writing to one of the addresses below:
Personal Customers
Customer Relations Manager
7-10 Brindley Place
Birmingham
B1 2TZ
Credit Cards
NatWest Card Services
PO Box 5427
Southend-on-sea
SS1 9AJ
Mortgages
NatWest Mortgage Centre
PO Box 123
Greenock
PA15 1EF
If NatWest have investigated and given you their final response, but you are not satisfied with the outcome, you can refer your complaint to the Financial Ombudsman Service for independent review.
Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London, E14 9SR
Can Natwest take me to court?
If you owe money to Natwest and you do not pay, you can be sued. If Natwest sues you and wins, the court will enter a judgment (also called an order) against you that says you must pay back the debt. But if all your money and property are protected, then creditors cannot take them from you. Get free advice here.
Legally write off up to 85% of debt
Unaffordable debt can be legally written off by using the LEGISLATED Scottish Trust Deed or IVA program (If you reside in England). This can also protect your assets, such as your house or car from repossession. See if you qualify by using our free debt calculator here.
How can I stop debt letters from Natwest?
Write to Natwest to Request them to Stop Contacting You (If That's What You Want) Under the FCA guidelines, if you request that a debt collector stop contacting you completely, it must do so (with a few exceptions). Your request must be in writing. You can use our 'prove the debt letter' to do this. Download it for free here.
Can Natwest come into my house?
Without a court order, absolutely not. Neither Natwest or any other debt collection agency nor a debt collector is considered a court-appointed bailiff. Natwest may visit the address of a debtor but cannot enter the dwelling without the consent of the resident.
