Paying back my Halifax Student Overdraft

loppi

Like I said, same thing happened to me, my account changed from student to normal current account and my wages were paid in there, nothing changed except the monthly charges were added to my account at the end of the month until I cleared my balance and asked them to withdraw the overdraft facility.

That would make the most sense I think. Either way I don't think I'll find out until it expires on the 13th!

I went and opened an HSBC current account (just incase) and another Halifax one :S.

Even if it does work out that I'll be fine using the same account, I think I will start using my new Halifax one for my wages etc so I know exactly where I stand (although I have a standard cash account which would have done the same job ), and keep the HSBC one for emergencies.

Thank you on the advice on loans too, guys... generally when I hear that word I run a mile anyway :rotfl:. I have enough on my plate paying off the ol' student loan.

loppi

Well today I got a letter telling me they can't open a new bank account for me and also that they can't continue my overdraft. I've no idea what prompted this because I've never had any problems with them or anybody else in the past. What does it even mean? The letter tells me nothing... all I know is that I don't have £3000 to pay back all at once.

I'm panicking right now and I have no idea what to do my parents don't know and the last thing I want is for them to worry about it.

BeautyandtheBeast_3

who wont open the account hsbc or barclays?
i know this wont go down well with some posters but could you take out a small loan or cc to pay the 3k off if the halifax want it all in one go? could you pop into the branch and speak to the manager/get something in writing? xx good luck

loppi

Sorry, Halifax won't open the new account (although I'm not too concerned about that as HSBC have let me open one and I plan to direct my salary into that).

I've calmed down a bit since last night thankfully, and called Halifax again. The guy told me that the best course of action would be to call their head office and basically tell them I want to set up a payment plan. I can afford to pay back a very reasonable amount each month so I hope they accept .

If not I'm stuck with £5 A DAY fee for an unauthorised overdraft... in which case it actually would be better to just get a loan or something as the interest would be far less. I can pay it back within a year.

Omg why do they have to keep !!!!!!!!ting me... I need to speak to a member of staff who knows what they're actually talking about!!

DarnIt_3

loppi wrote: »

Omg why do they have to keep !!!!!!!!ting me... I need to speak to a member of staff who knows what they're actually talking about!!

In the Halifax? GOOD LUCK!

beadgirl87

Hey
I just wanted to say good luck with getting it sorted. I've finished uni and now trying to sort out my overdraft etc aswell.
It does seem like you are earning quite a bit, hopefully if you got higher to head office or something they will listen to you. As you say you will be able to pay off quite a bit every time.
maybe the 0% credit card would be useful, spend on that and have your whole salery pay off the overdraft, then pay back the credit card, you wouldn't be panicking about the £5 daily charges then.

loppi

That's a good idea... sadly I already have the Halifax 0% card and have done for a while now so the 0% period is up (I've never been late for a payment and I pay it off in full before being charged interest though... just for emergencies!). I assume there are other banks that do similar deals?

loppi

Alternatively I could take out a £3000 loan from Halifax and pay back £290 per month for 12 months. That actually sounds very manageable to me, but it would cost me slightly (Like, £150) less overall if I can just get them to allow me to repay it as an overdraft. Is it recommendable to take out a loan? Or is that a terrible idea?

Any of these options are far cheaper than £1800 or so interest I would rack up over a year on an unauthorised overdraft.

BeautyandtheBeast_3

How about a virgin cc??? xx

loppi

I don't think credit cards are the best option for me as there will always be times where I need cash in my purse and also it might make paying things like direct debits very difficult. I think either getting them to agree to a payment plan and failing that, a loan is the best option