What do I need to pay monthly on student overdraft?

jen85_2

Hi, this is my first thread so sorri if its in the wrong section.

I have a student overdraft of £997... with Halifax.... and have had since my first year and I want to start paying it off.

I dont graduate til July, and finish uni in May.... so wondering how much I shoud start to pay monthly? Is there a minimum you have to pay?

I want to maybe pay £20 a month from next month (April) which would take me 20 months to pay off but when I begin propa working post graduation start to pay more?

I am able to do this, does anyone know?

Thanks in advance

jd87

Oh my god please let this whole post be a joke or troll.

jen85_2

jd87 wrote: »

Oh my god please let this whole post be a joke or troll.

Actual serious debt!

Bargin_bunny_2

hi,
its been a couple of years since i was an undergrad but correct me it I am wrong but your overdraft is interest free? if it is interest free I really wouldnt worry about trying to pay so much off a month it should still be interest free for up to a year after you graduated I know mine was £1500 interest free for a year after i graduated. if you are worried about how much you are spending just try to cut down your spending. When I finished Uni i was about £880 into my overdraft but when you get a job you will soon pay it off.

lonelycooler

Bargin_bunnys advice is terrible in my opinion.

You do not have to pay a particular amount a month, overdrafts don't work that way, however you should aim to pay overdrafts off asap if you can as they are repayable on demand and can be hell to pay back when you leave uni. It's good to see that you want to get it paid off and hopefully don't go back into it :beer:

[Deleted User]

jen85 wrote: »

Hi, this is my first thread so sorri if its in the wrong section.

I have a student overdraft of £997... with Halifax.... and have had since my first year and I want to start paying it off.

I dont graduate til July, and finish uni in May.... so wondering how much I shoud start to pay monthly? Is there a minimum you have to pay?

I want to maybe pay £20 a month from next month (April) which would take me 20 months to pay off but when I begin propa working post graduation start to pay more?

I am able to do this, does anyone know?

Thanks in advance

I hope you werent doing a degree in maths? £20 a months x 20 months = £400 £50 month x 20 months would be £1000 and that excludes interest.
why not get it converted to a graduate loan?

vaporate

Pay it off asap.

My tactic was by paying off a certain lump sum of it, and then pushing down the OD limit so that you are not tempted again to run it up.