should i opt for a larger overdraft?

cheesepie

Hello everyone this is my first post!
Basically I am a student currently with Natwest, my overdraft is £1400. I am good with money and have always kept my balance well above even touching the overdraft.

Next year i am spending the year at a university in the USA. The catered accommodation is going to gobble all up my loan and leave me with around £500, in addition to this i will have (hopefully) around £1000 in savings. Especially with the current exchange rate i don't think this will be sufficient enough to last me the whole year, especially as i was planning on traveling around the states for a bit afterwards. I am also unable to get a job over there due to visa restrictions.

Halifax offer a £3000 interest free overdraft, if i would be eligible do you think it would be a good idea to take this out or am i going over my head? As i say i am really careful with money and would hope to work all through the summer to sort myself out.. opinions?

Thanks for your time

Lokolo

They don't offer a £3000 overdraft. They offer upto £3000. You will more than likely get around £500.

cheesepie

but i am with Natwest now and physically have a £1400 overdraft?

Lokolo

You asked about Halifax giving £3000 and should you go for it. Whats the point if you won't get it or only get very little?

staffie1

Do you have an income?

cheesepie

No not at the moment, I've worked since i was 16 but since coming to uni ive had no job. I worked whilst home over Christmas and was planning on working in the same place over summer but they have just laid loads of people off...

staffie1

I can't see how they will let you have an O/D with no means of paying it back.
Mind you, having said that, it's how the recession began in the first place, so you never know, you might just get it...!

Lokolo

staffie1 wrote: »

I can't see how they will let you have an O/D with no means of paying it back.
Mind you, having said that, it's how the recession began in the first place, so you never know, you might just get it...!

Its a student overdraft. They give them out like theres no tomorrow.

the_annoyed_customer

Lokolo wrote: »

They don't offer a £3000 overdraft. They offer upto £3000. You will more than likely get around £500.

Your right because as soon as you open the account they give you £500 then gradually give more until you hit the £3000. So I agree with Lokolo with that you shouldn't switch to Halifax as you need the money quickly and there is no garentee when the Halifax will allow you to have the full quota of the overdraft

staffie1

Lokolo wrote: »

Its a student overdraft. They give them out like theres no tomorrow.

cool :cool:

Lokolo

staffie1 wrote: »

cool :cool:

I thought that at first. I have £6000+ in savings and I am -£950 into my overdraft lol.