What should my next steps be on my bank account

joshthebrave

Hi, I am having a problem with my bank and don't know what to do.

I got a Halifax student account with a £1300 overdraft when I was in a Welsh university approximately 2011.

It didn't take long to max out the overdraft, and it's debatable whether or not I finished university (my tutors said if i did not complete an assignment I would get a degree, I didn't complete the assignment, never contacted nor was contacted by the again, placed head in sand).

So in 2012 I left my university city and moved to my parents and different friends, I never informed Halifax of my situation and kept the original address which was my mothers house, where I was sent mail.

Then I decided to move to Scotland for work in mid 2013. I found a full time job late 2013. Since then I have been paying in and withdrawing from the account on a regular basis, which is still titled a 'student account' online.

I never really informed them of my circumstances in the fear that they would change things so that I was paying interest I've never really been in a position to afford.

Well, now the problem comes in because my card is soon due to expire and I don't know what to do.

In order to get a new card I'll probably have to tell them I'm living in Scotland and I am no longer a student. I'm not sure if this might make me pay back interest or something which I couldn't pay. It would also presumably take some time and a lot of hassle as I can't easily access mail.

Another option I'm considering is just creating a different bank account with another company and occasionally transferring money into my old account until gradually the overdraft is paid off.

What do you think is the best way about this situation?

Thanks!

DCFC79

The best way is to be honest/open with them, explain you can only afford so much a month to pay it off.

Why cant you give them your current address ?

solentsusie

As your average university course is three years long I would suspect they would have an idea that you would be ending your course anyway and going into graduate level banking.

That said, have they not queried student loans etc. not going into the account?

What funds have you been paying in?

I would suggest contacting them and speaking to them. Then you will know what the situation is at least. Graduate accounts also have an interest free period so you won't have to go straight into paying interest.

jonesMUFCforever

The student account is due to be converted anyhow this month as you have had 3 years on student terms.
They can see who has graduated and who has not by using data from UCAS - so the worst case scenario is that they wont offer you a free interest graduate account but change it to a fee paying account at some time in the future.
So what is better for you? - Paying daily fees for using an overdraft or asking them to put the overdraft on a loan for you. I can't answer this for you.

[Deleted User]

joshthebrave wrote: »

...
It didn't take long to max out the overdraft, and it's debatable whether or not I finished university (my tutors said if i did not complete an assignment I would get a degree, I didn't complete the assignment, never contacted nor was contacted by the again, placed head in sand)....!

I don't think there is much to debate here.
You did NOT finish University.
But I strongly suspect the University finished with you.

Don't believe me?
Try turning up for lectures and see how far you get

anoncol

Your next step should be getting a job and paying your debts back, otherwise they will increase.

GingerFurball_2

jonesMUFCforever wrote: »

The student account is due to be converted anyhow this month as you have had 3 years on student terms.
They can see who has graduated and who has not by using data from UCAS - so the worst case scenario is that they wont offer you a free interest graduate account but change it to a fee paying account at some time in the future.
So what is better for you? - Paying daily fees for using an overdraft or asking them to put the overdraft on a loan for you. I can't answer this for you.

Halifax don't actually do a graduate account. I can't remember the exact Ts&Cs on a student account but I've got a feeling you can keep it for 4 or 5 years.

jonesMUFCforever

GingerFurball wrote: »

Halifax don't actually do a graduate account. I can't remember the exact Ts&Cs on a student account but I've got a feeling you can keep it for 4 or 5 years.

It will depend then; on whether they check whether the OP graduated or not.
If he is very lucky he will get 12 months to repay his overdraft before charges kick in.

mgdavid

anoncol wrote: »

Your next step should be getting a job and paying your debts back, otherwise they will increase.

see post #1;

"....move to Scotland for work in mid 2013. I found a full time job late 2013."

anoncol

mgdavid wrote: »

see post #1;

"....move to Scotland for work in mid 2013. I found a full time job late 2013."

Where does that say pay back debt?:T

Thrugelmir

Convert the overdraft to an affordable loan. If you default you'll trash your credit record for the next 6 years and will struggle to obtain a mortgage from this banking group.