Paying off overdraft

supersupreme

Hi,

I really don't know if this is the right place in the forum, but I'm sure it can be moved if I'm mistaken!

I am currently a Masters student whose degree finishes at the end of September, with an overdraft of £1500, of which I am around £900 in to. The account is my only account, and is with Santander (formerly with Abbey) who told me when I got the account that after I graduated my 3 year undergrad degree I would have a year of interest free overdraft to pay it off if I was in it.

Obviously I find myself coming to the end of that period, and although I work to supplement my studies, there is no chance I can pay off the remaining balance in a month and a half.

How likely is it, as I have still been a student for an extra year, that Santander might extend the interest free period? They can see I regularly get paid into the account, and the amount I can earn will go up significantly once my degree has finished, so what are the chances they will agree to this? Surely this is better than being dragged back to the end of my overdraft which they will be waiting considerably longer to have returned to them?

danothy

I can't speak for Santander specifically, but I have been in a similar situation with NatWest, first extending my 3 year undergrad course to a 5 year incorporated masters then adding on a 3 year PhD program.

Each time taking the proof of enrolment was enough for them as the policy seems to be "as long as you're a student you can have a student account". It might be worth checking to see if Santander are that flexible.

Triggles

Best thing you can do is speak to them. Don't ask, don't get, and all that, right? It can't hurt to ask. We called and made payment arrangements with them for ours, and they agreed to stop the interest and fees as long as we stuck to the payment agreement. It's been such a relief for us.