Student Overdraft Running Out

Kingoid

Hello

I have read the forum and main site for the last few weeks but would like a personal response as i am now worrying.

My student bank overdraft stops being interest free in July this year but i am still 1000 overdrawn. (HSBC)

I noticed there are 0% overdrafts out there but wondered which would be the best for me?

Any advice would be much appreciated. Pardon my naivety but im relatively new to this banking malarky...

Edit: Sorry i must !!! that my income as of this friday coming will be £0 as i have bene made redundant (Hence me worrying)

agsnu

From what you're saying, it sounds like it has been 2 years since you graduated? If that's the case, I don't know of anywhere that will give you a £1000 interest-free overdraft, I'm afraid. The only thing which springs to mind would be a 0% balance transfer credit card, but if you have no income you will probably find that they won't accept you.

Best thing I can suggest is see if Natwest will give you a graduate account, which will give you a £500 interest-free overdraft. You could also then take a graduate loan, which might absorb some of the pain (interest rate would be 12.9%, and you can take a 4-12 month payment holiday at the start). But realistically, you are going to have to start paying interest on your debt wherever you go.

You should try the Debt-Free Wannabe forum for advice on how to reduce your debt.

Kingoid

Excellent

Thanks for the swift response. I will speak with Natwest right away regarding the £500 graduate account

agsnu

Depending on income it looks like you might be able to get 0% for a year from A&L or Abbey:

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#overdrawn