Natwest Credit Card Debt

Are you struggling with your Natwest debt and unsure where to turn?

Natwest offers a wide range of financial products and services that can help and support you through repayment.

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In this article, we will inform you on what to do about the debt, who you can contact, and how to manage it effectively.

Keep reading to learn more about debt charities and helpful debt solutions.

Why is Natwest contacting me?

Natwest will only contact you if you have missed a payment, either by email, phone or letter.

They will contact you to ask why the payment was missed and if you will be able to make the payment this month.

The best thing to do when you know you are going to miss a payment gets in touch with Natwest to let them know you haven’t got the money to pay.

You may be asked to fill out an income and expenditure form. This would be to assess your financial situation and determine where the money problems lie.

Should I pay Natwest?

Paying off your credit card balance is the best thing you can do for your credit score since the debt remains on your credit file for six years, even if you have paid the debt in full.

Paying off the balance as quickly as possible is the best thing to do since it will save you money on interest.

Whether or not you decide to pay your balance off immediately, it is always important to make it a priority to maintain a positive payment history.

What will happen if I don’t pay?

If you don’t manage to clear your debt in the time you have been given, your account will be passed over to Natwest’s recovery team.

Their recoveries team can decide to make your account non-operational, meaning you will lose access to your account facilities, meaning you may have to bank elsewhere.

Your account will remain open but non-operational until the debt is settled.

Can I still use my Natwest account if I owe money?

It’s dependent on how much you owe; if you owe thousands of pounds, Natwest may suspend your account and limit access.

If your account has been suspended, you should contact Natwest directly to discuss reopening your account.

I’m struggling with debt. How can Natwest help?

Natwest will always attempt to accommodate everyone’s circumstances. Therefore, they can put together a plan to help you if you feel you are struggling.

If you have multiple debts, you can organise a debt consolidation loan where a minimum payment would be sorted to pay every month.

How long will it take for my debt to be written off?

Most debts will take around six years since the last payment was made.

The six years is known as the limitation period.

The length can be doubled to 12 years if your home is repossessed and you still owe money on your mortgage.

How long does deb stay on your credit report?

When you have missed a debt payment, the negative entry can remain on your credit file for up to 10 years.

The situation and type of debt you owe will change the amount of time that the debt is on your profile.

Most debts will remain for seven years. However, they can range from 2-10 years.

Is it true that after six years, your credit is cleared?

Depending on the type of debt enforced, the debt, on most occasions, will be removed from your credit report six years after payment has been made.

It is always advised to pay off your debt. However, if you are in this position, you can start working on your credit score after the six years has completed.

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How can I get rid of credit card debt completely?

To get rid of your credit card debt completely, there are many tips that we can provide you with some knowledge that can help you out!

Evaluate your finances

Creating an analysis list of everything that you might owe will be one way to assess your financial situation.

When you begin to assess your spending and debts, it can help you understand which way would be best to approach the situation of getting rid of your debt.

Having a better understanding of the funds you owe and your funds is incredibly beneficial as it can help you know where you stand.

Prioritise your spending

Another tip that we highly recommend is looking at what you spend and prioritising the most important funds first.

You should be focussing on paying for your necessities first, such as:

Housing payments
Clothing
Food

The next payments you should focus on would be:

Car and home secured debts
Credit card debts
Student loan debts

You should always make sure that you would be able to make the minimum payments on any of your debts.

While prioritising your debts, not using your credit cards would be ideal. As well as this, you should try not to pay interest on your credit card debt.

You should use a balance transfer card to transfer the high-interest debt. Balance transfers can reduce how long it will take for you to pay off your debt.

Create a budget

After you have focussed on the priority of your debts, a budget is a next step you need to take.

When you create a budget, your spending habits will likely change, and you will be improving your debts and enjoying more life moments you will not have been able to experience before.

Whilst you’re on your budget, we advise you to set up a money-freeing plan as soon as possible, where you would perhaps remove some unnecessary payments. These could consist of:

Gym memberships
Television subscriptions
Yoga class etc.

Cancelling registered subscriptions that are not completely necessary can free up some spare money you feel you did not have before- this would feel like a free treat!

Seek help and support

If you have followed the steps above and are still extremely stressed and concerned about your financial situation, we strongly advise you to speak to a credit counsellor.

Whether you chat on a website, visit them in person, or take calls with them- seeking help from debt advisors can help you regain control.

You could consider a range of debt solutions, such as a DMP, an IVA, or a DRO.

Contact Natwest

It is strongly advised to reach out to Natwest to discuss your debt with them.

Here are the contact details you will need:

Phone- 03457 888 444

Online chat- https://www.natwest.com/support-centre/contact-us.html

Email- [email protected] / (firstname)@natwest.com

Address- registered office, 250 Bishopsgate London EC2M 4AA or 135 Bishopsgate, London, EC2M 3UR

FAQ's

How do I know my credit card debt is too much?

If your credit card is completely maxed out or above the credit limit
You are repeatedly missing payments
You are only able to afford the minimum payment
You are using your credit card for everyday purchases
You notice your credit score dropping
You cannot see a way out of your debt

How much is the average credit card debt?

The UK average credit card debt is £2,033 as of August 2021.

There is a total of £56.5 billion in credit card debt in the UK alone.

Can Netwest take me to court?

Owing money to Natwest and not paying is not acceptable. Therefore, you should expect the company to take you to court.

Natwest can sue you if you fail to meet your repayments and make no effort to arrange a more achievable plan.

Failure to pay could land you in persistent debt. You may also have to deal with intimidating bailiffs who will try to reclaim your assets.

Summary

If you are aware that you are in a situation where you are failing to repay the money you owe to Natwest, hopefully, this article has given you some form of guidance on what to do.

You should know that debt solutions are always available to you, and you shouldn’t feel like you are trapped.

Get in touch with a professional debt charity today for quality advice on managing your money effectively.

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