How to request a bigger overdraft limit?

bhavinshah

Hey all,

So..I start uni in a couple of weeks, and I've got my Halifax Student Account all set up (had it for about a month now).

My overdraft limit is currently £500. The MSE guide says you can request a higher limit, and by the end of year 1 you should get the full £3000.

My question is: how do you ask for it? I mean...I know that you walk into the branch, but what do you say? Don't they ask why you want the bigger overdraft? Do you have to give a reason?

Any info would be great. Thanks!

Lokolo

Yes go into branch and ask. But you are unlikely, you've just been given £500 so they aren't going to give you more straight away.

Also, very very few people get the £3k, so don't expect it.

LandyAndy

bhavinshah wrote: »

Hey all,

So..I start uni in a couple of weeks, and I've got my Halifax Student Account all set up (had it for about a month now).

My overdraft limit is currently £500. The MSE guide says you can request a higher limit, and by the end of year 1 you should get the full £3000.

My question is: how do you ask for it? I mean...I know that you walk into the branch, but what do you say? Don't they ask why you want the bigger overdraft? Do you have to give a reason?

Any info would be great. Thanks!

:rotfl: :rotfl: You could always try living within your means.


Seriously, starting university with the idea that what you really need is a bigger overdraft is the path to despair.

bhavinshah

Lol don't worry..I don't intend to live on it. I only want it for the interest

@Lokolo: thanks for the reply...was hoping to increase it part way thru the year. fingers crossed it'll be a significant increase

OohSoHolly

Ive just completed my first year. Had £500 overdraft on my Halifax Student Account for the first year and then just recently I was given a date for when my overdaft would be up for renewal (1 year after opening the account).

The Guy in the branch said he could increase it upto £1000, but nothing higher.

Not that id want anything higher! Would just give me an even bigger reason to go out and spend.

Anyway, im not sure but im wondering whether there are certain conditions you have to meet before they'll increase it. Like how often you pay money in (eg. having a wage going in aswell as SL). But i dont know

bhavinshah

Heh yeah I know from a few friends what kind of mess you can get into with overdrafts. I'm pretty confident I'll be able to keep control of my spending etc (after taking a gap year, earning some money, travelling, budgeting etc).

mellymeep

I was 400 quid into my overdraft before I even got to uni
I am living out of it at the minute, because I lost my job a few months back and am currently finding it incredibly hard to even get a rejection reply from jobs im applying for!

bhavinshah

mellymeep wrote: »

I was 400 quid into my overdraft before I even got to uni
I am living out of it at the minute, because I lost my job a few months back and am currently finding it incredibly hard to even get a rejection reply from jobs im applying for!

Ouch that sounds pretty tough...hope you manage to get some work sorted soon

Emily_Hall08

You do sometimes have to prove it. I tried to get my extended last year in a bit of a bills due before payslip emergency, but I got the notoriously mean lady in the bank - so i don't know if this is totally standard practice, she is a complete cow so she might have done this out of choice! - I had to fill in a HUGE form calculating where every single bit of my money goes. Which was so hard to do. So in the end, despite the -£999 balance of mine, apparently my in and outgoings didn't warrant a bigger overdraft, apparently i didn't need it. so i never got it extended.........
sorry, that was very long, but i'm just warning you to prepare to have to work out all your spendings and make your need for an extension very convincing!

bhavinshah

Urgh that would be annoying as I don't think I'll need it lol

rexywins

I have a student overdraft of £1750..... unfortunately my landlord demanded 3 months rent (I was paying monthly) and my student loan came in late, so went about 700 over my limit. Went into my bank to ask if there was anyway I could have a temp extension on it and was told quite nastily that i couldn't and that all they would do is offer me a loan. So I told them no way, and that I'd be waaaaay over my limit until my loan came in.... the annoying thing is that I gave them an exact date and showed them my payment schedule but they still wouldn't do it. Incredibly annoying as in my 4 years of being a student i'd never been over my limit and the reason i had to was out of my control