I need a bigger overdraft ASAP

jd87

I am currently with Natwest, just finished my second year and I have a £1400 limit. This is the highest they will give me, they say they can't increase it until September. I went into the branch and said that there are other banks willing to give me more and I will close my account if they won't help me. But they wouldn't have any of it, she just fobbed me off with a phone number (which to be fair I haven't tried yet).

I know Martin's current advice is to wait for new student account offers to come out, but I really need to get my hands on another few hundred quid within a week as I am going travelling abroad for a while. Is there a bank that will be able to act quickly enough and give me a high enough limit for my needs?

melancholly

well i'd try the phone number first..... that should be the thing to do. it also probably isn't the person in the branch who makes the decision on your specific overdraft - they'd need to get authorisation, so it isn't necessarily being fobbed off.

i doubt any other bank will throw a huge interest free overdraft at you immediately. all i can suggest is some form of temping or bar work.....

i also wouldn't necessarily go in all guns blazing and threaten to close your account - at the moment you owe them money. it's not you calling their bluff, but them calling yours. don't cut off your nose to spite your face. being polite and explaining the situation is more likely to work.

the hard question is can you afford to 'travel abroad'? that's not what you want to hear, but if you have no money coming in all summer and are spending more on holiday, this won't end well.

jd87

I understand what you are saying about the long term, it's better to work, etc. I realise that and I am working, both before I go and when I come back, but I won't be paid for any work until I come back. It's just a temporary cash flow issue.

Basically I want to switch my account anyway because Natwest limits seem to be generally lower than others (eg. Halifax), I am sure I would get approved for whatever the bank offers, so I just want to know if any banks out there are particularly good at opening accounts quickly.

jd87

Ok I tried the number and it was basically just the standard customer service number and I got told the same thing again - I have to wait until September. I even made up a story about Halifax offering me £1600 and the guy basically said to me "well that's their choice". Is there some sort of "retentions" number I can call where they will be more concerned about keeping my custom?

Incidentally I called Halifax and they said that all they can guarantee is £500 but if I go into the branch they might be able to guarantee to match (or hopefully beat) NatWest.

Help!

melancholly

halifax are not renowned for offering the full overdraft (plenty of posts on here have complained). HSBC have been appalling at changing the T&Cs on their graduate overdrafts so also not a good option.

i don't think they'll be that concerned about keeping your custom.... if you leave they get their £1400 back - i don't think you're in a strong bargaining position.

any family you can ask nicely?

iNFLUENCE_2

jd87 wrote: »

I understand what you are saying about the long term, it's better to work, etc. I realise that and I am working, both before I go and when I come back, but I won't be paid for any work until I come back. It's just a temporary cash flow issue.

Basically I want to switch my account anyway because Natwest limits seem to be generally lower than others (eg. Halifax), I am sure I would get approved for whatever the bank offers, so I just want to know if any banks out there are particularly good at opening accounts quickly.

Actually I believe NatWest loan the second largest amount after the Halifax.

In addition it seems quite rare the Halifax will loan the full amount and even when they do, they wont loan it to you all at one go, it would be in incrememets after being reviewed at each stage

jd87

Well with all the options with NatWest exhausted, I think I am going to give Halifax a try anyway. I have an appointment booked for tomorrow with my local branch to speak about opening a student account. I am going to go in armed with my student loan letter and a copy of my NatWest statement and I will see if they can match the overdraft. Should be interesting.

Esqulax

Natwest, pretty much always increment every year.
Well tehy have done since i was in uni.

If you're so overdrawn, is travelling abroad really wise? Maybe defer the holiday, work for a month, or so and then head off, comfetable that you have the cash?

davetrousers

jd87 wrote: »

I really need to get my hands on another few hundred quid within a week as I am going travelling abroad

Need or want?

A week's work should net a couple of hundred pounds.

jd87

davetrousers wrote: »

Need or want?

A week's work should net a couple of hundred pounds.

My job pays monthly. I am working all week but I won't be paid until the end of August. You show me a job vacancy that pays for a week's work at the end of that week and maybe I will understand where you are coming from. No jobs paid legally these days are that simple. A dodgy cash in hand job maybe, but I am not willing to break the law.

Why don't people in this thread stop judging me and just stay on topic...

melancholly

jd87 wrote: »

Why don't people in this thread stop judging me and just stay on topic...

the problem is that there isn't an easy solution to your situation..... people aren't 'judging' you, just pointing out that the best thing to do (financially) in your position is not to go away on holiday when you can't afford it.

i wish there was another easy option but there isn't. if this has been dealt with more than a week beforehand, there may have been other things to do, but at this late stage, there's nothing else to suggest.