Once we’ve received your form, we’ll call you to discuss your options.
During the call we'll:
- talk through the form you've sent us to understand more about your situation
- make everything as simple and straightforward as possible
- explore practical solutions that you can afford, taking your circumstances into account
- tell you what you need to know, so you can make an informed decision
- tell you about free debt organisations that you can speak to
Please note, we'll never ask you for your PIN or card reader generated passcode.
At the end of the call, we'll go back over all the details discussed with you and agree a way forward with you that you’re happy with.
The options to help you repay your overdraft might include:
- gradually reducing your arranged overdraft limit, or
- a repayment loan.
If we reduce your arranged overdraft limit, this will be by an affordable, agreed amount. You won’t pay interest on your arranged overdraft during this period, which may be for up to two years.
With a repayment loan, your overdraft balance will be restructured into a loan which you pay back in monthly instalments. Your loan could last from 2 to 7 years. When you call us, we’ll tell you the interest rate that applies, which may be up to 18.9% a year (fixed).
To get a repayment loan you:
- need to be overdrawn by at least £500
- can only have a maximum of 2 Nationwide personal loans at once, including the repayment loan. If you do already have 2 Nationwide personal loans, we can still talk to you about your options
- must not have personal loans with Nationwide that total more than £25,000, including the repayment loan.
Our team will discuss your individual circumstances with you to find an option that’s affordable for you. They’ll also explain if it will impact your credit file, your ability to get credit, and the total cost of your borrowing.