Can I ask to have my overdraft reduced?

Neato

I have a £1600 0% student overdraft and I seem to max it out every term, although I think I could easily live on less if I had to. If I go into my local branch can I get them to reduce it, so that it's not there for me to use?

I'm aiming to have no overdraft when I graduate and I'm in my final year so I think this would help a lot.

Thanks

rising_from_the_ashes

Sure you can. How much "spare" is there in it?

If you're close to the max, I'd try paying a bit off for a couple of months first - the last thing you want to do is reduce it, go over the new limit and end up with charges.

Shoe_Gal

I don't see why not - the bank may try to persude you to keep it so they can charge loads of fees at a later date :mad: but be firm and I'm sure they will

Neato

lilylass wrote: »

Sure you can. How much "spare" is there in it?

If you're close to the max, I'd try paying a bit off for a couple of months first - the last thing you want to do is reduce it, go over the new limit and end up with charges.

I've just received my student loan so I'm currently in credit and not in it at all. Essentially I have a really short term this term and even if I spend £100 a week that should only total £800. I also work two jobs. So bringing it down to £1000 should be more than I should ever need to use.

redrach

When I had a Llyods overdraft they offered to reduce it by £30 each month, so slowly I paid it off and the fees each month got lower. Its worth calling them and seeing what they offer but if your not in it they should just take it straight off.

dreamdreamer

I was with Lloyds and in my last year I had it reduced by £250 a month for the year, so that I was debt free when I graduated (and then 2 years later was back into it and more, long story!). Go into branch and ask.

Lemon_Tree

i was able to reduce my overdraft through my online banking. I'm with Abbey/Santander. I reduced mine in £50 blocks to start with until i could afford to drop it by larger amounts.

ironlady2022

As it is a 0% student overdraft, I would summise it is a standard amount for an overdraft. I'd be surprised if they can reduce it as it is a 'feature' of the student account.

Neato

Hi,

Just for future reference if anyone is wondering the same thing, I sent a secure message to smile and they sorted out within 24 hours.
Also, as another note, if you do have a smile student account they have no 'graduate account' option so the switch you to a smile current account with a £500 overdraft, so if you have an overdraft over £500 and you can afford to start paying it off, it's in your best interests to!

Neato

Flyboy152

Check first that you can re-instate it as well, if necessary, in case of emergencies.

honeybear68

I have just reduced mine for the first time in a year from £784 to £700, you should be able to reduce it by which ever amount suits you.

good luck.