advice about an offer a recieved from the bank about my OD?

littlepinkstars44

So i have an old student overdraft, which when i moved from college to uni was taken off me. I was originally only going to be at college for 2 years, then realised with my HND i could get into uni. So they would not extend my overdraft for the full period which i would be studying, and even though i am still a student they have been making me pay it back.

So it was originally at £1500, and i have been paying £15 a month to it, and have got i to £998 odds.
Today i recieved a letter asking to phone them about an offer, so i did. And they said they could arrange to close the account if i paid £791.18.
I can't afford that, so i told them no, then they asked if i could pay more than my £15 a month, again i said no.
Then she asked me to send her a income and expenditure sheet, so they can decide if i can pay more.

I'm really comfused, do i have to send them this?

Tixy

Well you don't legally have to send them the income & expenditure statement but they don't have to let you repay a closed account at £15 per month.

They could for example decide to take you to court to reclaim the whole £998, you would then have to show the judge your income details etc and end up with a CCJ. Whilst they may not take you to court they could.

Its pretty normal to request an income & expenditure statement and pretty reasonable to send it if you want to keep on paying this off in installments.

EDIT - just remembered you are in Scotland so it wouldn't be a CCJ, but rest of the advice is the same and they could still take you to court.

littlepinkstars44

thanks, at first i had no idea what she was asking me for, i had to get her to explain it.
Well since it is now summer i don't get my student loan again till sept (if they let me back for 4th year that is) so i am only living off my wages atm, which will show them i can't even afford the £15 atm without my loan every month,

Tixy

Can you get more hours at work now that you have broken up for summer? To cover other people's holiday hours etc? have you told your boss that you are willing to do as many hours as they have?

littlepinkstars44

I've been telling my checkout manager, 2 line managers and the store manager for months now. Especially as alot of the checkout staff are at college, and don't finish till June so i was hoping to get some hours. But for the past 3 weeks we have only been doing basic contract hours, and i am only contracted for 9 hours a week.
One of the boys who does the trolleys died last week, and i got his shifts, how bad is that!! Seems like the only way to get extra hours around that place.
I've applied to work at T in the park this year, still to hear back from that. But if all fails i might have to end up working with my mum in her shop on a Friday and Saturday (and just hope it doesn't clash with any of my morrisons shifts)

littlepinkstars44

does anyone have a template at all, or do i just print out an soa and send that?

DarkConvict

I would use the NDL monthly sheet - http://www.nationaldebtline.co.uk/england_wales/budget_sheet.php?country=england_wales

Other templates here - http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#6

Tixy

You want a similar format to the SoA but I would suggest you don't include a list of all your debts. Instead just add them all up and put them down as 1 figure called 'unsecured debts'.
And miss off the section about assets etc.

Happytogetdebtfree

All th ebest with the overdraft, good luck at paying it back x

littlepinkstars44

thanks, i have took your advice Tixy and just listed them all as a lump sum.
Now just to find an envelope, lol!