Halifax Student Account

Gemmzie

Apparently Halifax can't add up, their student account terms say that £400 must be paid in each quarter on average.

First quarter 08 - £1,496.13 (loan and grant for Jan)
2nd quarter 08 - £1,554.10 (loan and grant for Apr)
3rd quarter 08 -£1,468.60 (loan and grant for Sep)
4th quarter 08 - £919.21 (personal deposits, cheques)

And we are now at the 7th Jan - erm I make that over £400? I'm on suspended studies due to ill health and now they expect me to magic £1000 out of the air.

Is there anything I can do? The guy on the phone said it was the underwriters decision based on the £400 rule

salesadmin

I have an account with Halifax and didn't know we had to pay in £400 per quarter?! Should I be worried as I won't have much money going in over summer?

I think the only thing you can do is try to open another account with another bank to transfer it to, but someone else might know different.

Oldernotwiser

Gemmzie wrote: »

Apparently Halifax can't add up, their student account terms say that £400 must be paid in each quarter on average.

First quarter 08 - £1,496.13 (loan and grant for Jan)
2nd quarter 08 - £1,554.10 (loan and grant for Apr)
3rd quarter 08 -£1,468.60 (loan and grant for Sep)
4th quarter 08 - £919.21 (personal deposits, cheques)

And we are now at the 7th Jan - erm I make that over £400? I'm on suspended studies due to ill health and now they expect me to magic £1000 out of the air.

Is there anything I can do? The guy on the phone said it was the underwriters decision based on the £400 rule

Perhaps it's because we're in a new year and last year's deposits don't count?

Gemmzie

But it's only January and barely that, and £400 went in yesterday!

Oldernotwiser

Gemmzie wrote: »

But it's only January and barely that, and £400 went in yesterday!

Ah; you didn't mention that! Perhaps they don't accept that you're still a full time student?

Gemmzie

Sorry, I didn't think it was relevant as surely they can't count three months on the basis of seven days!

MrsManda

I'm confused about this, where in the T&Cs of the student account does it say you have to put £400 a quarter in? Did they contact you about it? What are they asking you to do?

I have a Halifax student account and have never had any problems. The only thing their T&Cs say about money being put into the account is:
'if you have an arranged overdraft you must pay your salary, grant cheque, student loan, money from your parents or other regular payment into your account.'

therefore if you've been putting your student loans in there, unless they've written to you to say the T&Cs have changed I don't think they can do anything about your account..

Oldernotwiser

Gemmzie wrote: »

Sorry, I didn't think it was relevant as surely they can't count three months on the basis of seven days!

I'm really just playing around with ideas until someone comes along who knows what they're talking about!

I just wondered whether the fact that your normal student funding hasn't gone in has flagged up to them that you're no longer a student and don't qualify for a student account.

Gemmzie

I can't find the £400 rule anywhere, the guy said it's what the underwriters base it on.

All my loans etc have been going in, and now they aren't (I'm on a break until Sep) I've been funding it with my wages.

It makes no sense

Gemmzie

Oldernotwiser wrote: »

I'm really just playing around with ideas until someone comes along who knows what they're talking about!

I just wondered whether the fact that your normal student funding hasn't gone in has flagged up to them that you're no longer a student and don't qualify for a student account.

Possibly but this semester it wouldn't have been due until the 20-something of January anyway.
And they've had a letter from the university stating that I will be returning in September, I took it in the branch and they logged it.

MrsManda

What have they contact you for exactly?
Did they write or just call you?

I'd go into a branch and ask to speak to someone face to face. Even though you're on a break from university, as the account is valid up to 12 months after leaving university that shouldn't make any difference. Student loans for the term starting in January don't normally go in until mid-January anyway so they can't count that.