Help - Extending Overdraft

punk_football

Hi, I'm a second year University student and I currently bank with HSBC. At the moment, I have a £750 overdraft limit and I am pretty much at the limit. When I signed up with HSBC I was told that when I was a second year student I could increase my loan to £1250 if need be. Up until this moment I have not needed to extend it. However, I need to pay my deposit (£250) for accomodation next year.

So I went into the bank today and asked whether I could extend it so I could pay off my deposit for a flat next year. The lady who I spoke to did an application of the computer for me and said "sorry, that she couldn't do it". I asked her why, but she mumbled quite a bit and didn't really give a definitive answer.

The reason why I am so far into my overdraft is because I have had to pay for a Camp America style programme where I pay circa £800ish on fee's yet I get them back at the end of the summer. It's also frustrating as I will I have my current deposit back at the end of July.

So I am wondering what my best option would be? Would it be better returning to another bank and trying again (and if refused kick off a bit)? Would I be able to open another student account and use the overdraft on it to pay off this deposit? I don't really want to open a credit card, so does anyone else have any other advice for me?

Cheers

MrsManda

Have you put your student loans in to the account/other regular payments throughout the year?
Which branch did you go into? Branches which are not on a university campus often don't know how to deal with student accounts. I was turned down for an increase of my OD (not HSBC) in my local branch but when I called the customer services they increased it (once I pointed out that it was a student account - they were a bit confused on that for some reason...)

Stubert

In my second year banking with HSBC I managed to get £1250 although only £1000 of that was interest free. Each subsequent year of my study (I did four years) I managed to get it increased £250 higher (but I had to pay interest on that last bit).

I never went into the branch, I just sent a message on the online banking bit and they provided me a number. Processing it on there was really quick and simple.