How can I keep my overdraft?

gregrichards

Hi

I wonder if anyone can help me. I have been with bank of scotland for ten years and had a student account with them since 2002. I have an overdraft with them for years but when I was a student this was increased to £1000. I got my degree in 2005 but got to keep my overdraft till now even though I wasnt a student. I am paying in more than what I was when a student.

I have only been up to that amount once, it was fully repaid and my account is now in the black. I also have had a halifax one credit card with them for the past three years, it has just under a £1000 on it and have never missed a payment and I have always paid more than the minimum.

My overdraft is up for renewal on the 7th of January and I will have the £1000 overdraft till the 7th of February. I make regular payments into the account of at least £400-£500 a month. I am ill having had two ops in the past 6 months and am on income support, my parents help me out and I do a little typing work from my bed but not enough to affect my benefits.

I dont need a £1000 overdraft but I need a bit more than the £300 that it will go to, as a buffer just in case. I still have my credit card payments, my mobile phone and car finance to pay even though I cant drive.

I phoned the bank and they said I should contact the head office and explain my circumstances but I dont know what to say to them in a letter. How do I go about getting them to give me say an overdraft of say £500? I do intend to go back to work once I am better. I dont have any bad credit history and dont want to leave the bank but will have to if I dont get an overdraft.

Thanks for your help in advance.

Chutzpah

I would write to them explaining just that - invite them to look at your account history and they'd see that you've been a reliable borrower when you have been overdrawn. Futhermore, do a little research and be ready to warn them that you can go elsewhere for a similar deal, but note that you'd prefer to stay with them.

jimladin

I was a student 1999-2003. During that time i had a student account with the Bank of Scotland with a quite sizeable overdraft... around £3k if i remember correctly.

Just before graduating i paid most of the overdraft off and reduced the limit to £750 to avoid temptation. To this day i still have a student account with the £750 overdraft. Each year they ask for details about my course and i just don't bother to reply to the letter.

It's not my main account any more and i never use it. However, it's nice knowing that i can borrow £750 interest free at a moments notice if i so desire.

So in summary, i seem to have stayed beneath their radar.

gregrichards

Thank you both for your advice. I will warn them that I can go elsewhere and actually have been offered an overdraft with a rival bank.

I havent moved banks because I hope to get a mortgage with my mum to buy a house when I'm well again, so want my history to be constant.

jimladin - thats amazing you have managed that. Its amazing that you got £3,000 and have managed to get £750 for this long.They have been charging me interest on my overdraft, I think they are probably allowed to do that, even though they never bothered to inform me.

jonesMUFCforever

Threatning to leave unless you get your way will not infuence the bank in my opinion.
Stick to the facts that you have constantly run your account within your o/d limit and ask for a higher limit.