Confused about graduate overdraft...

shellojello

I don't know if anyone on here can help, but I'm a bit confused in terms of repaying my graduate overdraft. I graduated last year and have been working in retail and am not earning that much. I have a graduate overdraft with natwest of £2000 which I haven't paid back yet, and I have until July 1st to pay off £1000 which obviously isn't going to happen!

I know I'll get charged interest on the £1000 I'm over (I am going to start repaying though so it will be less than that) but does anyone know if they also charge fees you for being over? Is it per day or month?

If anyone could help me that would be great!

davetrousers

Phone your Bank to discuss this

shellojello

Yeah I will definately do that, thanks!

Was really also asking to find out about others' experiences of graduate overdrafts etc.

turtlemoose

Hi Shellojello, I was in a similar situation to you - I had about £1200 in overdraft with Natwest, and got a letter saying I had to pay it off by a certain date or I would incur charges/interest etc. I couldn't afford it at all, I was totally stuck in my overdraft..... so rung them up to discuss my options - they offered me a "graduate loan" of up to £2000, INTEREST FREE, repayment anywhere between 1 and 5 years (my choice of term).

I took the full 2k, paid off my O/D, used the other £800 to keep me afloat and pay off a few other niggly bits and pieces, and paid back the graduate loan over 18 months at £111 a month. Although if it was over 5 years it would only have been £33 a month (but i'd still be paying it now!). As davetrousers said....ring your bank and discuss it!!

wendz86

I have a Natwest Overdraft and mine is a bit less at 1250 so think i only have to pay off 250 by july. I am using all the money i make on top of my salary through surveys etc to pay this off. Obviously yours is a lot more so that might be hard before july but could be worth considering in the future.

I would agree with the others though and chat to Natwest and see what you can sort out.