Chances of icnreased overdraft? (Halifax)

bradjj

Got myself a halifax student account with £500 overdraft at the start of the year for uni. Dad has started to budget me! So all the money i had available to me overdraft and all was taken out and put into a higher interest account, then a monthly budget put across to my current account.

Yes, i can see how much im spending and easier to budget etc etc. But... a lot easier to go over the set overdraft if i dont keep an eye on it, well i went over and was punished with bank charges, not what i needed when a parking ticket also needs to be paid. (Note to self, avoid parking tickets)

Anyway were half way through February and i have less than £20 to last me till March. :eek:

Planned on just getting my overdraft extended to help cope with this thinking that there shouldn't be a problem getting it put to a grand, but by going over my overdraft have i scuppered any chances of this? I will be trying in the week by phone, or will going into a branch increase my chances?

Thanks for your help, will be keeping an eye on my spending from now on!

Brad

atypical

This has been discussed previously here. Looking at the poll you can see that most have an overdraft of £1k to £2k. The fact that you went over your limit will probably count against you though. The only way of knowing is by asking! It's probably marginally better to do it face-to-face in branch.

As the interest on £500 is at maximum likely to be only around £15 I'd think he has done it as a way of forcing you to budget. In which case increasing your overdraft makes the whole point of it useless. Might want to discuss it with your Dad first?

MrsManda

Did you pay off your bank charges? I've never had any trouble increasing my OD with Halifax but many people have and the fact you have exceeded your OD isn't going to do you any favours. However this does not mean you won't get your OD extended, all you can do is ask. If you have a branch near your university you're likely to get a better response as they'll have experience with students otherwise I've had bette experiences calling Halifax than going into a branch.

From a budgetting point of view you really are better keeping your OD in your bank account and ignoring it as that means it's there as a fall back should you need it due to unexpected costs. Putting it into a high interest account is only a good idea if you can be certain that you will never go over your budget.

bradjj

Probably the best way, won't be happy with the parking tickets though.
Thanks