Student Overdraft help needed

jo6526_2

That would have been ideal but I have just spoken to them, its not going to happen as I missed payment a year ago and they would like to wait another 6 months

I feel really helpless with this all.

Have booked an appointment at my branch but I honestly dont think it will do any good, I feel as if the bank have me trapped.

I do think they will give me an overdraft but i think it will be about £1500 meaning I would still be £1250 unauthorised.

Thank you all for your replies.

jo6526_2

As a precautionary measure I am going to change my bank details so my wages get paid into another bank account I have with another bank.

Is there anyway that Bank of scotland can claim my money from another bank?

The account I will get it moved to is Barclays.

Tixy

Very good idea Jo.

No they can't get the funds from another bank.

jo6526_2

Thank you.

I just need to ensure my wages are safe to pay other standing orders and things (only have a few but have moved them over to new bank)

Hopefully I can come to an arrangement with bank next week abotu a pay back plan but I just dont seem them budging as Ive attempted to get this sorted for 3 months now.

emma18181

Hi jo6526

Are you in a position to pay off £100 at the moment? Bear with me while I explain.

I am a Bank Of Scotland customer and I have a Student Account and have done for years, however I haven't been a student since 2002. Now every year without fail I get the letter saying it's due to expire. What I do is, near that time, I call up at the weekend and speak to the call centre, and I ask them to reduce my overdraft by £100, obviously just after I've been paid so there is enough in the account to do this. When they do this I then get a letter through saying that my overdraft has been reviewd for another year. However this has to be done at the weekend, as when done during the week it is likely that your branch will only allow them to extend it a month, a Sunday is best. I did this only 2 weeks ago, and I now only have £200 left to clear :j and another year to do it. Plus because I reduced it I can't be tempted to use it again! Just incase you want to know my OD started at £1600 and I have paid no interest on it ever!

I was going to do this online, however it shows my guaranteed overdraft to be zero so I can't do it this way.

It may not work, if you've spoken to them they will have notes on the computer, however you said you are in a position to pay them £100 per month so it may be worth a try, the weekend call centre staff may not look at the notes too closely, and if they don't let you then it'll be £100 less on the balance. If it does it'll give you piece of mind for another year.

Hope it works!

jo6526_2

Thank you for your reponse.

I would try this as it would help so much having another year to pay off but I have been sending letters past few months regarding my account so there could be notes on the account.

I was hoping to come to an agreement with them so I could pay £100+ a month to get it reduced but this would have to mean I still dont pay interest on the account as it would never get cleared

I get paid on the 24th so will try paying a £100 over the weekend to see what happens, as you said theres no problem if it doesnt work as my overdraft will be £100 less.


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Does anyone have a suggestion about how i could come to a payment plan with the bank so they can stop adding interest when my account goes into unathorised overdraft?

Travelqueen

I had a 2,500 when I left Uni which was meant to be taken away from me. In reality they just gave it to me as an authorised overdraft (but with interest). You may find they are willing to do the same in your case too?

Otherwise, some banks, e.g. Abbey will take over your overdraft as long as you switch your account to them. Again, you will be paying interest on it, but better than unauthorised fees.

I also think the suggestion of the previous poster about trying to reduce your overdraft amount by £100 a month would be a great idea. It would motivate you to pay off your debts, and, as you can see by my signature below, we all need that!

elisebutt65

I'm with the Abbey and graduated 2 years ago but kept my free o/draft of 1800 by changing it to a Post Grad account - I'm not on a PG course though - they just took my word for it;)

Having said that it doesn't matter too much if they take it away as I've finally managed to clear it and I'm starting my Ma in September so will simply take paperwork in to get it reinstated - I kind of like having it - 'Just in case'.

jo6526_2

Thank you for all your replies, you are a lovely lot on here.

The reason I am worried is because I phoned a few months ago to discuss what was going to happen with my account when student overdraft expired.

I was not in a position then to pay 100 a month even though I was earning same wage. The thing is I enquired to how much they would give me as an overdraft on a normal current account. It was estimated I would get 1500 overdraft leaving me 1250 unauthorised.

I wish I could come to an arrangement with them and I am hoping speaking to them face to face at brach will hold better results that letters and phone calls have.

I honestly feel they are getting people in a no win situation as in they whisk the overdraft away not helping to come to an arrangemtn so they can charge me silly amounts of money in unauthorised overdraft fines

jo6526_2

Oh also, how much would I have to pay in interest per month if the overdraft is upheld?

Overdraft of 2750