Student Overdraft help needed

jo6526_2

Im in a bit of a panic.

My student overdraft is due to expire on 1st July.

For the past few months I have attempted to negotiate with the bank about ways in which I can pay it off. I have asked for my £2750 overdraft to be upheld in a current account and I will pay the interest.

All they seem to do is send me generic letters back stating my overdraft will expire on 1st July and I have to contact them to get another overdraft.

I know they will not offer me an overdraft for that amount therefore I will be in unauthorised overdraft and face charges, I have no way off paying a big chunk of this off any time soon, I cant get a loan with them to pay it off either.

When I phone them they state that they cant deal with this until my student account drops by this time I will be facing charges something I wish to prevent.

Does anyone have any suggestions of what I should do? I would really like to sort this out but feel Im getting no help from bank at all and really worried about this.

Can they get away with not dealing with my queries and waiting until I am £2750 into an unauthorised overdraft?

GeorgeUK

Rather than trying to deal with this over the phone or in writing, i would suggest going to the branch to talk to one of their advisors.

This is about the only time i would recommend this, but as you don't seem to have any othermeans of paying this off right now, it might be the best option.

jo6526_2

My branch is in scotland and I am living in england, may have to find a branch down here to chat to someone.

it seems really unfair that they are not going to help me in prepartion for the overdraft being dropped

jo6526_2

Any other suggestions about what I should do when they take the overdraft away and I am left with £2750 of debt?

Should I follow some kind of procedure in an attept to come to an arrangement with them to prohibit me from incurring charges?

talana

jo6526 wrote: »

Any other suggestions about what I should do when they take the overdraft away and I am left with £2750 of debt?

Should I follow some kind of procedure in an attept to come to an arrangement with them to prohibit me from incurring charges?

What you haven't told us is whether you're now earning, or soon-to-be earning.
I'm assuming you've been a full-time student till now.

It might be possible to come to some arrangement with them, worth a shot anyway, but do you have disposable income? Are you in a position to pay off a certain amount every month?

Income, income, income seems to be the priority.

jo6526_2

talana wrote: »

What you haven't told us is whether you're now earning, or soon-to-be earning.
I'm assuming you've been a full-time student till now.

It might be possible to come to some arrangement with them, worth a shot anyway, but do you have disposable income? Are you in a position to pay off a certain amount every month?

Income, income, income seems to be the priority.

Oh I forgot to mention that I am earning, clear about 1500 per month. I asked in my orginal letter to them that I could pay £100 a month but they never mentioned that in their reponse.

I have been trying to enter discussions with them but they dont seem to want to discuss my account until the overdraft drops, i think this is really unfair because then I will owe charges.

RosaBernicia

Hi Jo6526

I would go in and see someone, make an appointment if necessary so they can't avoid it. Just don't sign anything while you're there if they offer to convert it to a loan etc - say you will think about it overnight so you can check whether it's reasonable. (When something similar happened to me several years ago, I took a loan to pay off the overdraft. At double the market rate and with no flexibility to pay early. Still :mad: !)

Hope it all works out for you.

Rosa xx

talana

Could family not help you out if the bank won't budge?
Borrow £2750 from them with an arrangement to pay back £xx per month?

jo6526_2

Thank you for your replies.

I will try and make an appointment, im back in scotland next week.

I know they wont offer me a loan as ive just recently moved and missed few payments on a now cleared credit card when I wasa student.

No chance of me borrowing £ from family either.

I really hoped the bank would be willing to help me

GeorgeUK

If they don't give you an overdraft, an alternative may be to try to get a "super balance transfer" (SBT) creditcard such as the Virgin money one. This would allow you to transfer funds to your current account and pay off the overdraft (if the limit is enough). There would be a 4% transfer fee but with 16 months at 0% APR, it might be a possibility - especially if you are earning.

Stinkybell

Providing your credit score is reasonable and you don't already have any MBNA cards do as George says and carry out the following steps ASAP

1 - Apply online for a Virgin credit card
2 - Pray for decent limit
3 - Wait a few weeks whilst everything gets sorted (I applied 14th April, cash hit bank account on 8th May)
4 - Enjoy 15 months at 0% with a £25 min payment
5 - DO NOT MISS OR MAKE A LATE PAYMENT EVER!!!! (If you do they will take away 0%)