Student Overdraft - I'm Lost!

digsby202

My daughters Halifax student overdraft was due for renewal in October last year.
She is in her 3rd year of Uni and not only has her SLC loan paid in but £500 a month from us.
In years 1 and 2 her overdraft limit was 1500, when it was due for renewal last year they reduced it to 1000 with no explanation. She went into the branch an appealed it, they put it back up to 1500. I do not know anyone who has managed to get an OD limit of 3000.

What I was wondering is as she leaves Oxbridge this year but begins a postgrad course in Sept will she still qualify for the student overdraft and will this count as year 4 of her course ?

Many thanks D

jennifernil

Our daughter has the Halifax student account, she is in her second year of a PhD after completing a 4 year BSc (it is 4 years in Scotland). She has been allowed to keep her account, although they would not increase her (£1250) overdraft.

I think your daughter will be ok, she just needs to tell them that she is continuing to study.

TDQO

I get the same email too, if you don't pay your loan into that account then they will reduce it to 1000.

Fire_Fox

ashapala wrote: »

To OP, I recieve the same email from halifax every year regarding my student account overdraft. I had it in first year / second year and recently had it for this year.

I ignore them and my overdraft automatically renews with no interuption to my available balance.

To be on the safe side i have always made sure that if it did get removed i have enough money in the account to avoid a fee.

err on the side of caution, it would be interesting to see if it renews for you without you intervening.

It doesn't set up the best of relationships with your bank if you simply ignore their communications, especially when you have the facility to borrow money with no penalties. Banks keep their own credit scores, which you may need to take advantage of for, say, a mortgage at a later date.

I bounced four direct debits at the start of my second year, and was charged either £120 or £160. Turned out I was supposed to inform them yearly that I was still a student, and it was in the terms and conditions. I did ask if the bank had written to me to inform me rather than failing to honour my DDs, and they admitted they had no record of doing so. I was lucky enough to have the charges revoked and the overdraft reinstated as a result. :T