i've gone £200 over my overdraft limit- what gonna happen to me?

saver2006

im really worried- i've been forced to go £200 over my overdraft limit (i have a lloyds tsb student account)- is my credit file totally ruined now, can i ever get another bank account? also- how much will i be charged? say i put money in will it automatically pay the interest and charges?

Morn

Don't panic!!

If this is the first time that it has happened then I can assure you that there will be no permanent damage done.

Pay some money into the account and it will bring you out of the red and back into the black. It will pay off the amount owed to the bank and any fees that you have acquired first and the remaining amount will be credited in your account.

£200 pound seems to be a rather low amount for overdraft in a student account to me, if I was you (and in my experiance) takes the highest overdraft you can and just make sure that you are never maxing it out.

One last thing, if they try and charge you a penalty I would mention that this has been a one off and that you will ensure that it never happens again.

If this fails you could suggest that based on the fact that so many people are getting payback for penalty fees at the moment, it may be in their best interest to not charge you.

Good luck

teeb

Morn wrote:

£200 pound seems to be a rather low amount for overdraft in a student account to me, if I was you (and in my experiance) takes the highest overdraft you can and just make sure that you are never maxing it out.

I may have misinterpreted but I think what the OP meant was that they'd gone £200 beyond the limit of their overdraft, not that their overdraft is £200.

Bokken_2

Phone up and book an appointment with the personal banler go in and appologise (make a reasonable excuse, you had to buy Killers tickets in Paris etc) and ask for a raise in the overdraft limit as clearly the present one isn't high enough and it won't happen again promise.Oh yeah "and don't stiff me for your bank charges or I'll go some where else and I'll claim 'em back from you anyway"
Obviously you would speak clearly in the Queens English and listen politely smile and nod a lot.

milk

this happened to me recently (Natwest) I phoned them and it was agreed I would get back to my limit in a certain time and everything was OK. If you get a student tell them your next payment is due at the beginning of the year and it should keep them happy. Remember don't ignore it go and talk to them they are usually nice people and willing to help.

saver2006

2 things guys

- my present limit was £1500 which i had maxed out
-i didnt go over £200 in one go- this was on 10-12 different situations

does this change my situation?

ps. my next student loan is coming jan 15 (over £2000)- will it help telling them this?

si1503

saver2006 wrote:

2 things guys

- my present limit was £1500 which i had maxed out
-i didnt go over £200 in one go- this was on 10-12 different situations

does this change my situation?

ps. my next student loan is coming jan 15 (over £2000)- will it help telling them this?

You need to talk to your bank ASAP and explain to them exactly what has happened.

If you've had 10-12 seperate transactions in an unarranged overdraft you could have potentially 10-12 separate £20-30 charges on your account.

Yes tell them everything. In future going over your arranged overdraft limit is a big no no, you would have been better taking out a credit card and paying the balance off at the start of next month. Or (perhaps more favourably) opening up a 2nd student account.

If you are having financial difficulties then there is also an access to learning fund you should be able to apply for from your universitys finance department.

Good luck in resolving the situation.

foreign_correspondent

milk wrote:

Remember don't ignore it go and talk to them they are usually nice people and willing to help.

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