Graduate account overdraft fees!

Fay_elizabeth

Hi All.
I was hoping someone might be able to help me, I graduated from university in the summer 09 and so my then Barclays Student account has now automatically switched to a higher education Graduate account. I have a massive overdraft (£3000) because I was basically a wreckless student.
Now I'm a graduate Barclays have started charging me interest on my overdraft that comes to about £22.00 per month. This is a lot of money to me as I am desperately trying to pay off my overdraft before I even consider doing an MA.

Is there anything I can do?
I was wondering if it may be better to open another current account elsewhere and split the overdraft between them, perhaps decreasing the overdraft charges.

What would you do in my position?
Many thanks in advance!

dancingfairy

I think you can switch graduate accounts - might be worth looking into - approach one of the other banks and see if they will give you a graduate account with the overdraft facilities. I know Natwest decrease your overdraft bit by bit each year which would help. I'm surprised Barclays expect you to clear it straightaway - I would have thought they might give you a year to repay it or something - they have got the fact right that you graduated this year haven't they? if you did a course longer than they expected they might have thought you graduated last year and so now be charging you - worth checking as I had this issue with Natwest - they thought I was graduating but it ended up taking an extra year so I had to get in touch with them and they sorted it.
Good Luck
df

dancingfairy

Even a 0% credit card would help possibly? or like you said maybe try and split the overdraft etc. If you can't pay it all off then you need to try and get the cheapest interest rates you can for it - although a loan will cost you a lot more in the longer term so a 0% interest card or low interest card will probably be your best bet.
df