Help getting out of overdraft advice

Bumble_Bee_zee

Hi,

Basically I went to Law school, and then continued on with the Bar, to become a barrister.

My parents funded most of the £11000 course, with me having to dip in to my savings and fund £2500 of it.

Unfortunately this meant that I had to go 1500 in to my Natwest interest free overdraft... but I have only found out recently that they have decreased my limit on the overdraft to 1000. The email they sent me to let me know was sent to my junk mail folder! This was something that was sent a two months ago and I'd seen today.

In any case, I have been looking for a job, and have finally landed one but I don't start til the end of November. I'll be earning £20000.

I don't spend on anything if you're wondering- no going out/no new clothes/ no wasting! I was thinking about getting a graduate loan, but its all a bit confusing. I have heard that they are difficult to be accepted for also.

I don't want the charge to keep increasing and I can't borrow money of my parents which I normally could have done. Any advice would be helpful! I'm thinking of firstly going in to the branch and seeing what they can do. Thought it was the best starting point.

Thank you!

ReadingTim

Given the short period of time and the relatively small amount (£500-1,000), you're probably best off just sticking with paying the overdraft fees on any amount over £1,000 between now and when you start work - your bank certainly won't increase the interest free overdraft again, and may even try and sell you an exensive loan over a number of years, which isn't what you're after.

Alternatively, try and earn something to reduce your balance to within the interest free amount - sell stuff on E-Bay, do some temp / evening work etc

jayss

Have you got a letter confirming your job?
Could you ask the bank to reinstate the overdraft limit based on the job offer?
Have you got anything to sell? Textbooks from your course? Old phones?
How are you going to pay for travel/food/rent until you get paid?

Bumble_Bee_zee

ReadingTim wrote: »

Given the short period of time and the relatively small amount (£500-1,000), you're probably best off just sticking with paying the overdraft fees on any amount over £1,000 between now and when you start work - your bank certainly won't increase the interest free overdraft again, and may even try and sell you an exensive loan over a number of years, which isn't what you're after.

Alternatively, try and earn something to reduce your balance to within the interest free amount - sell stuff on E-Bay, do some temp / evening work etc

I've sold almost everything I could sell over ebay/amazon throughout the year as I've had to travel between two cities for my course.

I'll see what I can do in regards to the trying to pay it off further!

Bumble_Bee_zee

jayss wrote: »

Have you got a letter confirming your job?
Could you ask the bank to reinstate the overdraft limit based on the job offer?
Have you got anything to sell? Textbooks from your course? Old phones?
How are you going to pay for travel/food/rent until you get paid?

I have an email confirming the position yes.

Unfortunately I've sold most of my old text books and miscellaneous items.

I live with my parents and they thankfully do not charge me rent/for food. Money for travel on the other hand is money that I will have to come up with. Joy!

bargainbetty

If you have completed the course and are now starting pupillage, then you may be able to ask the Chambers concerned for a draw-down against your annual stipend.

If this is a job, and not pupillage, then the offer letter may be enough to convince your bank to review the overdraft amount.