Student Overdraft Expired

Bobby1985

Hello,

I’m a little bit panicky here. I’ve just received a letter noting that my student overdraft will expire on April 2nd. It’s currently at £1000.

I graduated a year ago and haven’t paid this off due to it taking so long to find employment. It does say that I can apply for the overdraft again but they will look at regular payments etc. There isn’t any.

Any advice please? I can’t afford to pay this off at the moment.

paulmcerlean

Are you employed at all?

Bobby1985

Nope, not at the moment.

Bobby1985

Anybody been in the same situation, any advice please?

crispy_chris

unfortunately banks can immediately withdraw overdrafts at any time.

once they remove the overdraft and you drop into arrears you will have to deal with their collections department who will come to an arrangement with you as to how you are going to bring the account back into credit.

good luck with the job hunting

scottishblondie

I would contact them, explain the situation and perhaps offer token payments from whatever income you do have in the meantime. A lot of the time you can negotiate to pay it off in installments. In my opinion your priority at this point should be to avoid a complete withdrawl of the overdraft so that you don't get hit with unauthorised OD charges etc, which will just make the problem a lot worse!

Good luck

rb10

Do you have any benefits? They would be counted as regular payments into the account, and so would help the case for having the overdraft renewed.

Have you actually asked the bank whether they will remove the overdraft or not?

vaporate

Don't worry about being unemployed 1 year later. I have been too for 8 months now due to the dire job market.

I recently went to an interview and met two others who went to good universities and are in the same position as me, one studied software engineering and the other politics.

Anyway about your OD, you are allowed a graduate account with three years after graduation. Natwest do it which is interest free.

Try natwest graduate account.

hopefully you can transfer the od over? all you need is ID, proof of graduating. You may have to pass a credit check though.

vaporate

rb10 wrote: »

Do you have any benefits? They would be counted as regular payments into the account, and so would help the case for having the overdraft renewed.

Have you actually asked the bank whether they will remove the overdraft or not?

The OP should have JSA going in.

Bobby1985

JSA indeed.

Ill contact the bank tomorrow and try to come to some arrangement.

Thanks

vaporate

Bobby1985 wrote: »

JSA indeed.

Ill contact the bank tomorrow and try to come to some arrangement.

Thanks

You're welcome. Best of luck.