Student Overdraft help needed

Fire_Fox

You need to try to stop panicking and start budgeting. Fill in one of these and post here for comments. I bet we can find some wiggle room:
http://www.makesenseofcards.com/soacalc.html

jo6526_2

Fire_Fox wrote: »

You need to try to stop panicking and start budgeting. Fill in one of these and post here for comments. I bet we can find some wiggle room:
http://www.makesenseofcards.com/soacalc.html

Thank you, ive already completed one of these.

I know I can comfortably pay back 100 a month to reduce the overdraft. My initial problem is that when BOS take it away it will leave me over 1000 in debt to them which means I will be incurring charges on this that will have an effect on my credit rating.

I was hoping to sort something out with them before 1st July, but they dont seem to be able to discuss the matter until the overdraft has been dropped and I am then 2750 into an unauthorised overdraft.

I was looking to come to a payment arrangement befor 1st July but I dont think they will do this.

jo6526_2

*Update*

I have meeting with my branch tomorrow. Checked my account this morning and it is no longer a student account, phoned up to ask why because for the past 2 years all my correspondance has said student account would expire on 1st July.

Was directed that I will now be charged interest and the overdraft will expire on 1st july.

I am rubbish at calculations, does anyone know how much interest i'll be paying a month on 2750?

Crossing my fingers something can be done tomorrow but not feeling hopeful.

GeorgeUK

Can you tell us the interest rate?
It should probably have it on your statement - possibly on the back.

If they suggest a loan, unless it is a 0% loan then walk away. Tell them you need time to think about it? Don't feel obliged to sign anything at the bank - you need to give yourself time to think.

If it is the bank of Scotland, a basic current account averdraft is:
If you...0000000000000000000000000000000000000000 then we’ll charge you...
use an arranged overdraft up to and including £2,500 000000 £1 a day
use an arranged overdraft over £2,500 000000000000000000 £2 a day
use an unarranged overdraft 0000i0000000000000000000000 £5 a day

So it looks like for the 2,700 they will charge you about £60pm - If they allow you this much of an overdraft. (29.56% APR)
If not then you may charge £150pm. (89.14% APR)
If you can get the amount below £2,500, then it will be £30pm (13.91% APR)

jo6526_2

**Update**

Had meeting at bank, complete waste of time. I explained my situation when I booked appointment, the advisor phoned a couple of time to check I was still ok to make the meeting.

Turned up and it was evident she was getting examined by her supervisor as part of his training, she was lovely but tryed to sell me insurance, credit cards, mortgage!! No relevance to my situation!!!

I knew from the off this was no going to benefit me in anyway and mae me realise im very much a business rather than a personal bank, they dont have the power to do anything!!!

The man who was observing the advisor as part of her assessment was nice, He asked to meet with me at the end of the meeting. Bascially said that his advise would be to wait until te overdraft is taken off then to wait until it goes to collections, the account would then be closed, then I can agree with them to have a payback plan.

I cannot believe that this bank will do nothing for me just now they will wait until they can get money out me in charges!!!

Its as if they offer massive overdrafts to students knowing the only option they will have is to take out loan or credit card to pay it off. They will not offer any alternatives!!

Really worried about how this will effect my credit rating and worried about the collection letters etc when they start coming through.

Also, I noticed they had my national insurance number in my personal details... can they do anything with this information to try and get there money back????

Rant over.

James3891

HI,

Sounds a nightmare for you, have had a student overdraft since 2004, then in 08 when i finished Barclays automatically swapped it for a higher education account and let me keep my 1500 interest free despite me working full time and still not heard a word about it and thats with me running it up to 3000 getting my card taken, put on special instruction to repay at 250 a month and 2 days after i got a penny under 1500 i got a new card and same deal as before.

Maybe its just BOS who are a bit cack handed with students or the people you speak to aren't trained with them well.Classic example was i spoke to a normal adviser at a branch and i had to beg to go up to 400, went for a day out in london spoke to a student adviser and he said you'll need more than that, here i'll put it from 200 to 1650 for you right now.

I am now getting in a position to try and clear it incase it goes soon aswell as my Barclaycard which often they drop to 100 when u finish studying but mine they let me keep so just grateful for that.

I think their must be some kind of account like a graduate one you can have or if not ask another bank if they can give you a graduate account and explain whats happened and that you've got decent income.Maybe they'll take a customer off of BOS if your lucky.The 0% card might be worth a couple of applications anyway.Good luck.

GeorgeUK

Have you checked you credit file?

When were these late payments that Virgin turned you down over?
How many credit checks have you had in the last 6 months?

Are you on the electoral roll at your current address? This can impact your credit score quite heavily.

jo6526_2

Hi george, last payments were from May - AUgust last year, I had just graduated and was out of work, just kind of buried head in the sand. Got it all sorted out in August 08.

IN last 6 months my credit file has been checked maybe 4 times (1 by me, 1 for upgrade on phone contract, 1 applying for virgin card and finally last week trying to get a loan with my bank) Im also on elctrol register at my current address.

At the meeting the other day, the advisor tryed to get me to apply for loan but I told her I tryed last week in a panic and it was refused. She said on her system it looked like I had a good record with bank i.e decent salary, been with them for 12 years.

When I came home I thought that she wasnt bothered about helping me it was all abo9ut her selling a loan to me. If I got a loan I would be paying over a grand in interest and i realloy thought they would have helped out more allowing me to pay it off month by month. If i cant get a loan from them they have nothing else to offer JUst seems really unfair.

GeorgeUK wrote: »

Have you checked you credit file?

When were these late payments that Virgin turned you down over?
How many credit checks have you had in the last 6 months?

Are you on the electoral roll at your current address? This can impact your credit score quite heavily.

jo6526_2

jo6526 wrote: »

Also, I noticed they had my national insurance number in my personal details... can they do anything with this information to try and get there money back????

Can anyone shed some light on this?

GeorgeUK

The missed payments will impact your credit score for about 2 years, but after 1 year the impact will be negligible.

The credit check by you will be a soft footprint type which means that creditors will not be able to see this. They can only see where you have actually applied for credit so this will include the phone.

You will need to wait until at least one of these is off your history - how long ago was the phone one?

If you were to open another current account elsewhere, does anyone know if they might be offerred an overdraft? (preferably free)