feeling overwhealmed ... bank charging interest and ALF

top_drawer_2

hi all,

This is the first time I have posted ... but I have a bit of a problem.

I have been with HSBC since I was 11 and they have now started charging me interest on my o/d of around £1, 500. I have been doing everything I can and more to address this but I have been ill this past year or so with depression and I have been forced to defer all my exams until the next round in January ... So I guess I havent actually graduated as I havent done my exams ...

I dont know whether to change a/c to someone else and use that OD to pay of the HSBC one or what ...

Also I have been reading some of the stuff on the Access to Learning Fund and was wondering if there's a possibility I may be entitled to anything as I will be a student technically through the hols etc...

Thanks for any input,

Jen

Savvy_Sue

I would think your first step would be to contact HSBC and say that you are still a student, so why are they charging interest on your overdraft? They may be assuming 3 year course, but many courses last four years.

If you've done that and they're saying you have to pay then it would certainly be worth seeing if you CAN get better terms elsewhere, but you may struggle to find somewhere, I don't know. I would expect that getting another student account so late in your degree would be difficult if not impossible but I can't say for certain - however if you just get a 'normal' current account some are far better than others in terms of what they charge for overdrafts.

And you may be entitled to help from the ALF, there is a long thread about it here, but the first post should give you a starter if you're not up to reading it all!

karatemum_2

My bank automatically upgraded my account from student to graduate, which also includes and interest free o/d. However, if you are still technically a student and have a letter from your uni/college to confirm this then either contact HSBC to get the interest free o/d back or see if you can get a better deal somewhere else. Don't forget to claim back any interest you end up paying though.

guardianangel

You need to contact them to and tell them that you are a student still, you may need a letter from your university to confirm this. I have had to do this as I had to complete an extra year at uni. They only asked for a letter and so extended my student account. The only problem is now, if I hadn't told them last year I would have still got an interest free overdraft but because I finish this year, I fall under the new terms and conditions - it sucks!!!! Good luck anyway!! Get better soon!

student_advisor

Definitely apply for ALF if things are sticky financially. Applications can be made over the hols as long as you're still a student.

Don't be put off by the financial statement you'll need to provide and make sure you're as honest as possible, giving as much detail as you feel comfortable with as your application may go to panel for a non-standard award.

If they can't help you, they should be able to point you in the right direction for any other help out there (e.g. charitable support)