What will my bank say?

sillystudent_2

Hi, hope you guys can help - pretty worried right now

Basically, through my own stupid fault, I've spent too much money at university and am now in serious financial straits - I'm £1900 overdrawn on my Barclays student account, and have a rent payment of £200 coming out next week which will leave me over my limit (but have £150 reserve so payment will be made at least.) Furthermore, I owe close to another £2,000 to Barclaycard :eek: (again within the credit limit of £2,200 at least.)

Basically my plan is this week is to go into the bank, explain my situation, and see if there is any way they can help me - is that a good idea or am I being hopelessly naive here? Are Barclays likely to be sympathetic or will I just make things worse?

Some background info - I'm a medic at university, in my early 20s, have a very good credit record (never missed a payment ever) as have had several credit cards/agreements since I was 18 (worked for a couple of years.) I do owe another £500 to Egg card but the vast majority of my borrowings are with Barclays. Oh, and I've asked for an overdraft extension from Barclays a couple of times, but they've said £2k is the max for now, at least until the next year of my course.

Although obviously I'm a student I will be working over the summer/getting a part-time job when I'm studying next year, will the bank be able to help me? I know consolidation loans are considered the devil on here, but that's almost what I need - I've learnt my lessons financially, I just need to reduce the monthly payments so I can get back on my feet. But will they give one to me without much income? Or will they suggest something else?

Thanks in advance for any help

Gumption_Brash

Right, speaking to the bank is a first good step. They want you to talk to them in these situations. If you leave it without saying anything, that's when they start thinking 'oh oh!'

Talk to them first and see in which way they can help you, if you get no joy then come back to us and we'll be able to give you some options. Best thing is to talk to them first.

It's less scary if you phone the bank than go and speak to someone face to face, but on the other hand, you are more likely to get a favourable decision if you go to your own bank and speak to the manager.

Gumption_Brash

Ooops, forgot to say as well, that a consolidation loan would be pointless if you're debts are with Barclay's alone. They will look at your income and make a decision based on that. Going so far as to giving a loan to cover your overdraft and CCard as one. That way you'll no longer have an overdraft/CCard but a loan payment that comes off your account. - That should be the logical route they take...

Good luck.