Student Overdraft help needed

jo6526_2

Well, the phone one was about january time, no problem got the upgrade.

Wish I hadnet bothered aqpplying for virgin or bank loan last week now. How long does it take for it for these details to come off my file?

I opened up an account with barclays to ensure that BOS wouldnt end up with my wages when this situation happened. The most they can offer me in O/D for first 6months is 300, this will not be interest free so havent bothered.

Im so frustrated thaqt the bank wont come to an agreement with me until my aqccount is in arrears and closed. Im worried about how they will deal with me before then i.e letters/phone calls.

GeorgeUK

You can have about 3 credit checks in a 6 month period before it starts to affect your credit score. It's better if they aren't all bunched together so that it doesn't look like your desperate for credit but if the phone check was in January, by mid July, it should be okay.

The credit checks will be displayed on your file probably for 6 years - the same as everything else, but after 2 years they would have no impact on your score.

With regards to how the bank deals with you, there is a good chance that they are just looking to lump charges onto an unauthorised overdraft. If they do this, i would make sure to reclaim them all once you do get the balance moved.

If they phone you, refuse to speak to them over the phone - only in writing.

Did they mention a graduate overdraft at the meeting? I thought most banks offerred this.

Edit: Just had a look at the Natwest graduate account - might be worth looking into others too.
http://www.natwest.com/personal/student-graduate/g2/graduate-account.ashx

jo6526_2

GeorgeUK wrote: »

You can have about 3 credit checks in a 6 month period before it starts to affect your credit score. It's better if they aren't all bunched together so that it doesn't look like your desperate for credit but if the phone check was in January, by mid July, it should be okay.

The credit checks will be displayed on your file probably for 6 years - the same as everything else, but after 2 years they would have no impact on your score.

With regards to how the bank deals with you, there is a good chance that they are just looking to lump charges onto an unauthorised overdraft. If they do this, i would make sure to reclaim them all once you do get the balance moved.

If they phone you, refuse to speak to them over the phone - only in writing.

Did they mention a graduate overdraft at the meeting? I thought most banks offerred this.

Thanx very much george, fountain of knowledge.

They dont have a graduate account at bOS, so this wasnt an option.

The meeting was waste of time, so much so I walked away with no overdraft even on the basci current account, so from 1st july im introuble.

Do you think my best option is to wait until it is sent to collections? I can then arrange to organise a payment plan with them? Then suffer the consequences i.e having couple of years with rubbish credit score?

Such a mess

GeorgeUK

I think my edit and your post crossed over.

Typical Scottish bank - so cheap!!

Natwest was the first site that came up when i googled it and it says "if you were a student within the past 3 years", and it also looks like you don't need to have had your student account there either.

Might be looking at other graduate accounts to see if they will be of any use to you.

I'd give a few of them a buzz to talk over the graduate account specifications and whether these recent credit searches will have any impact - i think the phone one will be old enough that it won't have much of a bearing, so here's hoping.

jo6526_2

Thank you George, I will look into this.

pre123

jo6526 wrote: »

Thanx very much george, fountain of knowledge.

They dont have a graduate account at bOS, so this wasnt an option.

The meeting was waste of time, so much so I walked away with no overdraft even on the basci current account, so from 1st july im introuble.

Do you think my best option is to wait until it is sent to collections? I can then arrange to organise a payment plan with them? Then suffer the consequences i.e having couple of years with rubbish credit score?

Such a mess

just a thought.. why not try the A/L current account which has 0% interest on overdraft for the first 12 months with no fees upto £2000
so if you got the account~ transfer wages, direct debtis etc plus upto the £2000 OD leaving just £750 with your current provider hopefully reduces the charges they may apply to your account
link to site is http://www.alliance-leicester.co.uk/current-accounts/premier-direct-current-account.aspx

jo6526_2

Im not sure if this is the right way to go about things but I think I am going to hold off and wait until my account has been sent to collections.

I was sent a response from BOS from a letter I sent few weeks ago saying they have noted the complaints ive made (I have made any complaints!!! The said they cant do anything to help me and wouldnt be able to offer me an overdraft for that amount so if I am unable to pay 2750 by 1st july then there is nothing they can do.

They said I should contact there financial managerment team so they could suggest ways I could manage my money better! Ahhhhh so frustrating! Its not about managing money, its about the fact I wasnt in full time employment until this year!!!

Anyway, I have already opened Barclays account and swapped all my salary, DD's etc and I think I will stay put instead of begging another bank to give me a massive interest free overdraft.

I will hold off and as soon as the letters start coming through I will request that I can enter into a payment plan with them, I have been requesting for months now to come up with a plan to pay back what I owe but they havent complied, just hope they are more willing to come to an arrangement with me when they try and collect £.

___________________________________________________

I am however worried about few things;

• Letter and phonecalls from them. Im a organised person and like things to be in order. I hate the idea of BOS chasing me for money and the anticipating of what they might have in store worrys me.
• As mentioned previously, they have my national insurance number does anyone know if they can intervene with my wages to get there £ back?

p.s you lot are great, its nice to have a support network knowing that other people have been or are in similar boat.

GeorgeUK

Did you try giving Natwest or any others a call?

Just worried about those charges if this remains as an unarranged overdraft. £5 per day = £150pm

How much can you pay towards reducing the overdraft each month?

Hopefully something will come from the House of Lords appeal that i think starts tomorrow for the charges. You've been left in limbo with these leeches.

jo6526_2

Hello george, hope youve had a nice day.

Thank you for replying again.

I havent contacted Natwest as im worried I wont get max amount in overdraft and this means I will still be in debt wit charges to BOS. I was thinking my best move (to get BOS attention) was to wait until account is in arrears and they will talk to me then. Do you think this is a bad idea?

I will pop into Natwest tomorrow and see what they say.

I can afford to pay £100 a month to reduce the account, maybe more in few months time.

greenmantle

late to the conversation, but just wanted to post and say I was outraged by this approach:

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!!

HSBC weren't quite as bad - they gave a long Graduate account wind-down period for the overdraft, and offered graduate loans too (not necessarily a great option, but still there).

Good to have the Barclays. Hopefully, the regular repayments will keep them pacified. Good luck.