Graduate overdraft halved with no warning!

spanner200

Hi
I have a natwest Student/Graduate account, and I just wanted to warn other graduates out there. As you are all probably aware, the interest free overdraft is halved every year for three years following completion of your course, however I had always thought that a reminder of some sort would be sent to me to ensure that I would not inadvertadly be over my limit. This did not happen however and promptly on the 1st of July my overdraft was cut in half and from that day onward I was charged the usual 17% for unauthorised borrowing. Luckily I had been putting money into a savings account until the time I would need to pay back the overdraft (in order to earn some interest as the student account is interest free), but I just thought this was a bit sneaky, and it was hardly a full year after the completion of my course! If I did not have a job with regular income (as many graduates are still finding themselves in) I think it was very sneaky for natwest to do this- I always knew this would happen but thought it would happen in September, so I had planned accordingly. I did not think I would suddenly have access to only half of my overdraft- with student loans and personal loans I needed to complete my MSc, my overdraft was literally a life saver!
SO BE WARNED!!

melancholly

they did exactly the same to me!
it's worth keeping the letter and seeing the date on that - I was so angry but even after complaining to them they refused to budge and charged the interest anyway....

skippie

phone up the debt collections centre, and ask why they didn't send you a letter.

Then complain and point out that the charges you are incuring are not your fault and you fail to see why you should pay.

Its worth a shout, has worked the last few times ive tried.

spanner200

skippie wrote:

phone up the debt collections centre, and ask why they didn't send you a letter.

Then complain and point out that the charges you are incuring are not your fault and you fail to see why you should pay.

Its worth a shout, has worked the last few times ive tried.

I know I should- but as I was only overdrawn for a day or two, the amount only came to just over £3- seems alot of hassle, though I know its the principal!