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  • FIRST POST
    • ldnlass6
    • By ldnlass6 14th Jul 17, 7:33 AM
    • 3Posts
    • 1Thanks
    ldnlass6
    Two weeks to sort out 2500 overdraft
    • #1
    • 14th Jul 17, 7:33 AM
    Two weeks to sort out 2500 overdraft 14th Jul 17 at 7:33 AM
    Hi all,

    I've got a 2,500 student overdraft that I need to sort out before the end of July as that's when they will start charging me stupid amounts.
    I tend to find find my wages get swallowed up in the account so I'm off to HSBC today to open up a new current account to start getting paid into, and then each month, I'll pay a bit into my overdraft. Should hopefully force me to monitor my spending more.

    However, this still leaves me with the issue of the overdraft which is going to charge very soon. As it's so large, I don't imagine I'll get a credit card for the full amount and I don't want to start applying everywhere in case I get rejected... any thoughts would be very very welcome!

    Thanks in advance
    Last edited by ldnlass6; 14-07-2017 at 7:35 AM.
Page 1
    • zx81
    • By zx81 14th Jul 17, 7:42 AM
    • 12,479 Posts
    • 12,647 Thanks
    zx81
    • #2
    • 14th Jul 17, 7:42 AM
    • #2
    • 14th Jul 17, 7:42 AM
    Try an eligibility checker.
    • MallyGirl
    • By MallyGirl 14th Jul 17, 9:42 AM
    • 1,761 Posts
    • 6,071 Thanks
    MallyGirl
    • #3
    • 14th Jul 17, 9:42 AM
    • #3
    • 14th Jul 17, 9:42 AM
    and don't forget that you will need a money transfer deal not a balance transfer deal to pay off an overdraft
    • Candyapple
    • By Candyapple 14th Jul 17, 10:53 AM
    • 2,170 Posts
    • 1,667 Thanks
    Candyapple
    • #4
    • 14th Jul 17, 10:53 AM
    • #4
    • 14th Jul 17, 10:53 AM
    Here is the eligibility checker for money transfer cards - what do the results show?
    https://creditcards.moneysavingexpert.com/?money-transfers&_ga=2.249953926.1632103625.1500025477-913909542.1500025477
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • Silver Queen
    • By Silver Queen 14th Jul 17, 2:39 PM
    • 121 Posts
    • 550 Thanks
    Silver Queen
    • #5
    • 14th Jul 17, 2:39 PM
    • #5
    • 14th Jul 17, 2:39 PM
    Are you sure they will charge you interest on the full amount?

    My student account (2k overdraft) has just started charging too but they are only charging interest on 1k of it, and the other 1k remains interest free.
    Debt Totals 01/07/17:
    350 Natwest Credit Card / Now 0 15,500 Loan from Parents / Currently 12,750 2,000 Overdraft Now 1,000
    • jonesMUFCforever
    • By jonesMUFCforever 14th Jul 17, 6:27 PM
    • 23,829 Posts
    • 11,032 Thanks
    jonesMUFCforever
    • #6
    • 14th Jul 17, 6:27 PM
    • #6
    • 14th Jul 17, 6:27 PM
    If you have graduated does your bank not offer a Graduate account which will have its own interest free overdraft?
    What goes around - comes around
    give lots and you will always receive lots
    • venison
    • By venison 14th Jul 17, 9:06 PM
    • 1,005 Posts
    • 1,065 Thanks
    venison
    • #7
    • 14th Jul 17, 9:06 PM
    • #7
    • 14th Jul 17, 9:06 PM
    If you have graduated does your bank not offer a Graduate account which will have its own interest free overdraft?
    Originally posted by jonesMUFCforever
    My thoughts exactly as most banks if not all do offer a graduate account in order to keep your business.
    #WeStandTogether
    • ldnlass6
    • By ldnlass6 14th Jul 17, 9:42 PM
    • 3 Posts
    • 1 Thanks
    ldnlass6
    • #8
    • 14th Jul 17, 9:42 PM
    • #8
    • 14th Jul 17, 9:42 PM
    I have had a graduate account for two years and not done anything about my overdraft. Denial. Totally stupid but I've learnt my lesson.

    I need to get my HSBC overdraft down by 1k in six days time so I'll use my wages to do it and pay my bills. Then Halifax will give me a 1500 overdraft and each month I'll pay money off for the next six (tight) months until I'm out of the overdraft.

    To live off each month, after bills and paying my overdraft, I'll use a credit card for living costs for food and general life costs like birthdays, pay that off each month and then live off again etc. Once the overdraft is paid off, I'll still have another two years before the credit card starts charging and I'll be able to pay that off in two months... Complicated as hell but the best I can get!

    Thanks all
    • Sncjw
    • By Sncjw 15th Jul 17, 6:52 AM
    • 1,367 Posts
    • 824 Thanks
    Sncjw
    • #9
    • 15th Jul 17, 6:52 AM
    • #9
    • 15th Jul 17, 6:52 AM
    So you going to be living in another overdraft with Halifax. That's just stupid to do
    • ldnlass6
    • By ldnlass6 15th Jul 17, 6:14 PM
    • 3 Posts
    • 1 Thanks
    ldnlass6
    So you going to be living in another overdraft with Halifax. That's just stupid to do
    Originally posted by Sncjw
    It's my only option as I went to every bank I could think of... Plus, HSBC will charge me as of 30th July to be in my overdraft whilst Halifax will force me to cut it back by 500 this week and then I can pay the rest off, interest free, over the next six months. I actually think it's a good thing.
    • TheShape
    • By TheShape 15th Jul 17, 6:34 PM
    • 961 Posts
    • 703 Thanks
    TheShape
    I have had a graduate account for two years and not done anything about my overdraft. Denial. Totally stupid but I've learnt my lesson.

    I need to get my HSBC overdraft down by 1k in six days time so I'll use my wages to do it and pay my bills. Then Halifax will give me a 1500 overdraft and each month I'll pay money off for the next six (tight) months until I'm out of the overdraft.

    To live off each month, after bills and paying my overdraft, I'll use a credit card for living costs for food and general life costs like birthdays, pay that off each month and then live off again etc. Once the overdraft is paid off, I'll still have another two years before the credit card starts charging and I'll be able to pay that off in two months... Complicated as hell but the best I can get!

    Thanks all
    Originally posted by ldnlass6
    OP, I'm trying to understand what your plan is here.

    What is the advantage of using an overdraft with Halifax rather than with HSBC, are their charges lower?

    What's the plan with the credit card, get a 0% purchases offer? If that's the plan, why pay it off every month or do you just mean pay the minimum?
    • SHill
    • By SHill 15th Jul 17, 7:42 PM
    • 100 Posts
    • 38 Thanks
    SHill
    look you need to go on the debt free wannabe forum..
    you need to sort out what you pay out and pay in and reduce your outgoings.. make lunch don't buy coffee/tea and check all your debt owed.
    You may need stop the evenings out and enjoys night in.. to reduce your out goings..
    you need to pay the debt not pro long it...
    it looks like you have what is referred to as a lightbulb moment...well done you
    Last edited by SHill; 15-07-2017 at 7:48 PM.
    • YorkshireBoy
    • By YorkshireBoy 15th Jul 17, 7:46 PM
    • 29,191 Posts
    • 16,991 Thanks
    YorkshireBoy
    What is the advantage of using an overdraft with Halifax rather than with HSBC, are their charges lower?
    Originally posted by TheShape
    At 1 to 2 (depending on balance) I wouldn't have thought so...unless there's some fee-free intro period if switching? EDIT: Looks like there is a 6 month fee-free period, but only if switching.
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