2nd year student being refused student accounts..help.

James0123

Hi, I'm a second year uni student with a santander current account and having a big problem with overdraft fee's. Being a student I get my loans once every 3 months and have no other form of income, I became overdrawn because of a direct debit and could not put anything into my account for another 2 months until I got paid, during these two months the bank charged some overdraft fee's that kept rising. In the last 2 years the bank told me I've been charged over 600 pound in overdraft fee's because I have no way of paying it off until my loans come in.

Ive been in contact with the bank who recommended I get a student account as this would help with my overdraft, unfortunately when I applied I was told that its only eligible for first year students or students switching from another student account. I've applied for a few student accounts from other banks but keep getting refused as I assume my credit rating has suffered from these overdraft charges, is there any advice anyone can give me, as I cannot afford to keep paying these charges. Thank you

agrinnall

I think your first step should be to check your credit files to see what impact the overdraft is having. Use the MSE guide here

http://www.moneysavingexpert.com/loans/check-free-credit-report

Report back when you've done that (if you go the free trial route you must make sure you cancel before the end or you'll just be adding to your debt).

In the meantime, does your student union offer advice on financial problems? It may be worth speaking to them as you can go into more detail than it's feasible to on a forum.