First post, need help!

TommyMurphy

Hey guys, in a bit of a sticky situation at the minute in terms of student/graduate account overdrafts.

Currently I've got an RBS graduate account (I graduated 2nd July 2008) sitting at negative 1800 with an arranged interest free overdraft of 1800 - so available cash = £0.00.

I have just received a letter from RBS saying that they're changing my interest free overdraft limit to 1500 (starting from 29th July 2009) so I am going to be 300 over...

I also have a student account with Halifax with an overdraft of 1500 and have also maxed that out. This is my main worry, I've hardly paid anything into the account and have a few letters telling me to make a deposit (when I got those letters I always deposited a small amount). According to Halifax's terms, I've got the overdraft for a year after graduation, which has now passed (but they have not contacted me or made any changes to overdraft limits).

Other debt I have is ~£400 on a capitalone credit card (the basic "get back on track" with terrible interest rates)

The only good news is that I've been offered a job which I've accepted (£18k per annum) starting on the 10th August 2009. I'm told I'll be paid in monthly arrears by bank credit transfer on the 28th day of each month... I hope that means that I will get paid on the 28th August for 18 days work with my first full month's pay on the 28th of September, but it might be that I don't get anything until September 28th.

Today I went to RBS to discuss an interest free overdraft repayment loan and a graduate loan. On their site they advertise that you can apply with just a firm job offer (which I had proof of) but today I was told I had to wait until I had a contract and also until my 3 month probationary period ends...

So basically, I'm totally strapped for cash just now until I get paid and am panicking that Halifax cut my overdraft and I have no way of paying them.

What I want to do is slowly lower my RBS overdraft when I start working, I can keep it at £1000 for at least another year or so, and get a credit card to put my Halifax overdraft onto (interest free hopefully) as well as a balance transfer for my capital one card, then monthly I'll pay a bit of my RBS overdraft, lower it and pay into the credit card... but I can't do all that until I've got some cash.

So just a bit stuck really.

I'm scared to contact Halifax incase it just alerts them of my situation.

Any advice would be greatly appreciated, thanks!

slig

Just bumping you up to the top in case anyone can help.

It sounds like one you get paid you'll be fine (maybe fine isn't the right word, but you'll be able to steadily reduce your debt without incurring fees etc), so the immediate problem is the reduction of your RBS overdraft and possible reduction of your Halifax overdraft? Is that correct?

Would your parents sub you £300 for a month for the RBS account, which you could pay back with your first paycheck?

Have you checked what fees you will incur for being over your overdraft limit?

Do you have anything to put on ebay? If you could make some extra cash it could help you get through the month.

Post an SOA too, as you'll want to work out a budget for once you're earning and people here will be able to help you with it.

Katy_M_2

As slig said above....first post your Statement of Affairs

http://www.makesenseofcards.com/soacalc.html

Then everyone will be able to advise you based on all of your financial affairs. You've come to the right place, everybody here is very helpful and friendly

TommyMurphy

Thank you for your reply slig.

My main concern is my halifax overdraft since it's been sitting at -1500 for a while now with pretty much nothing going in (RBS is my main account) (plus I'm not even allowed 2 student/graduate accounts) and since I have been a graduate for over a year now I shouldn't have any interesft free overdraft with halifax.

My RBS overdraft isn't so much of a problem because I have just under 2 years left to use the interest free overdraft. It comes down to 1500 in the 2nd year of graduation (which has just happened) and then 1000 in the 3rd year of graduation. So basically I have until July 2011 to pay off the overdraft completely.

Borrowing from my parents unfortunately is not an option.

Will look into the eBay option.

When would be the best time for me to apply for a credit card that I could use to pay off my Halifax overdraft and capitalone card? After a few months worked and my balances are looking slightly better? I just wish so much I had the halifax overdraft on a credit card (without using the credit card for anything else) so I could pay it off interest free without the worry of them chasing me for it.

Will also post a SOA.

Cheers

RAS

Hi

There are a number of things you can do

1. E-bay, amazon or car-bootsale for things you no longer use. Could you sell your old books on campus in the autumn?

2. Explore the joys of on-line surveys, mystery shopping, clicks per day and reviews.

3. Head over to the old Style Money Saving forum and see what you can do with the contents of your store cupboard. There is one OP living on 50p per day whose ideas might help as well.

4. See if you can sign up with a few agencies to get work in the next fortnight or even the odd shift after you start working. Any previous employer who might appreciate a bit of holiday cover?

5. Odd jobbing?