Refused student account overdraft!

downandout!

I recently decided to quit my full-time job and return to university. I knew I would struggle financially, as I have 2 kids, a mortgage and some existing debts.

I thought I would be eligible for a student account with an interest free overdraft facility which i could have used to pay off my CC but I was knocked back. This is bad enough, but I actually have an authorised overdraft for £1000 on my existing account which obviously accrues interest monthly and this has therefor confused me. Why am I ok to have an overdraft which they can charge me interest on but not deemed suitable to have an interest free overdraft now i am a student?

Any feedback would be greatly appreciated.

D

PS: apologies if i should have posted this thread elsewhere.

magentadreamer

Is it the fact you have an overdraft account as it is? And the bank doesn't want to lend you even more money? I'd go ask them tbh.

Raquela

*is very confused*. Are they actually knocking you back for a student account with no overdraft as well? If you using the authorised overdraft that will be why they won't give you a bigger one, but they should still, I would have thought, change that overdraft for a student one unless it's bigger than the maximum student one allowed (around 1250 I think). OK, so this wouldn't help you pay off your CC, but would stop you paying fees on an overdraft whilst you're a student. Shop around for student accounts too; if you can't get from your bank you may be able to get elsewhere.

Also, contact your student finance department, you may be eligible for Access to learning funding (this used to be called Hardship funding); they treat mature students as a priority group, and you could use this money to help pay off the CC. I'm not sure about all uni's, but at mine it's non-repayable help.

us,thecat&thedebt

in case it helps barclays dont credit score for student accounts
or least they didnt in 2004 when a mate of mine got one he was turned down else were...

Random

Have you tried other banks? When I was a student, I wasn't the only parent to be turned down by HSBC, but I think I had both a Natwest and a Smile student account! Smile are a good bank too.