Repaying Overdraft

mia321

I've recently finished Uni, and whilst there took out a student overdraft with NatWest of £1250. During my second year, there was a string of problems with my account, losing card and attempted fraud, so I switched all of my payments into a second account, and basically forgot about the student overdraft.
In around May this year I received a letter asking for the payment back, however with other stresses like exams, I simply ignored it. I received a letter this week threatening to pass the debt onto a DCA. My tenancy for this address ends this week, so I'll be staying with some friends, but have not got a job or any real income at present, so have no way of dealing with the debt. What can the DCA's realistically do in this case? Would they or could they contact my old address of my parents? Because right now my parents are under alot of stress and pressure financially themselves, so I wouldn't want them finding out and worrying about my situation as well.
In October I will have enough money to pay back this debt entirely (I have savings that I can't access until my 21st birthday). Is it a bad/irresponsible idea to ignore the issue for now, and pay it back as soon as I can? Or is there a much easier solution around this problem?
Thanks alot.

GeorgeUK

Have you checked your credit score?
Do you have a default on this account?

If there is no default (which stays for 6 years), then it may be worth dealing with it now - could you possibly get a graduate overdraft?

DCA's have no power, but they may try to get a CCJ. Even so, they would need to take you to court, get awarded the Judgement and then you would still have a month after this to pay the debt off in full. If you couldn't pay off the debt by then, you would have a CCJ on your credit file, which although quite bad, from what you have said, does not look likely.

I would first check you credit file (free at experian if you cancel within 30 days) to see what is on there.

downnotout

As George said!
IF you find that the account is in default, then I would start by sending them a letter to the tune of a 10% FULL AND FINAL, they will most defiantly refuse buy yourself some time, then haggle haggle haggle until October. Who knows you might find that you can settle the account for much less than you originally thought.