i can't pay my Halifax student overdraft off. HELP!

mycoverband

Hi guys,

I made the stupid mistake of listening to my bank (halifax) 4 years ago and got myself an overfat to live off whilst at Uni.
(News flash, not everyone can afford to live away when their parents dont earn enough to look after themselves, nevermind funding my choice to study and make something of myself) unlike most other students that get help.

However, it is all my own fault. I took it out with the risk of not getting a job (however you think you will get a job if you try so hard)etc.
I am fully aware that i am to blame for doing it.
But.. i needed it and it saved me,
so i dont regret it. I did what i did to get by the best way i can.
Which was inteterest free money for 4 years.


Now obviously (with my luck) i now have the dialemma that i dont have a job but have £2,000 to pay back.
Before any of you judge hahaha i shall let you know that i have had jobs..
Part time jobs.
Temporary full time jobs.
Aswel as i run my own business.
I have experience of working in
-Admin
-production line/warehouse
-retail
-call center
I did all those jobs at the same time of doing my college and university.
But yet.. its still not enough to get a job after uni? God knows why.
My degree is in music production. Sadly there arent many music jobs out there, you need lots of experience and contacts first.
so i started my own busines to do so thats my music career plan to land a decent job one day in the future after years of hard work myself...
but i am STILL looking for a normal job despite my passionate career plan.

Anyway.. back to my overdaft
The Free interest is going to run out in june... i just want to know what happens if i cant pay £2,000 back when im on the dole?
I know you get £1 a day interest in a monthly bank charge, which i can handle.
i just obviously cant afford to pay back the actual overdraft money
UNTIL I GET A JOB.
what happens?
They must know that some people arent going to b lucky to pull a job after Uni..
and will end up on the dole.. so what is their plan for those people?
Do the bayliffs come round?
I havent a clue.

any help, advice, info would be greatly appriciated

Many thanks.

[Deleted User]

Hey (relax, this can be sorted)

Get in touch with the CAB - they should help with what you are entitled to or with coming to agreement on repayments

Grab any national minimum wage job so you can pull yourself up
(doesn't have to be long term) and you may also find it extends to some leniency

Be careful with your thinking of parents help solves everything, mine ended up far angrier that I didn't ask for help and they are totally against benefits! - try living with that as my biggest debt would now be to them x

sourcrates

Hi,
So are you claiming some kind of JSA ? I would think as long as you have some kind of payments going into the account on a monthly basis, and you can cover the bank charges, nothing will happen, the account will run as before, you could contact the bank and explain your situation, see if they can wave the charges for a few months as a temporary measure, if you ask, you don't get.

Overdrafts can be recalled at any time by the bank, its a risk everyone with an OD runs, but unless the bank asks for its money back, then its business as usual, i think you are worrying about something that may not happen here.

"Do the bailiff come round?
I haven't a clue." ?

Err..........no, that's not how it works, if the OD were recalled, you would simply make an arrangement to pay the money back at a rate you could afford, whatever that may be, bailiff involvement is the last in a long line of legal tooing and froing, a creditor has to go to court and obtain a CCJ first, then you have to default on those payments, before a bailiff can be involved.

Google is your friend here, there is lots of information out there on the web about what creditors can and cant do in specific situations.

andyfromotley

hi,

speak to your bank now. They must have encountered this thousands of times, they may be able to help with reducing charges or some such. Either way getting them onside will definitely help.

Westie983

Hi ,

Speak to Halifax bank account team at head office 08457203040, arrange a payment plan to settle your OD, you will be charged £1 a day but as long as you have a payment in place they won't remove the overdraft as if they did this it would cost you £5 a day but this may happen if there is no finds or sign of repayment going into the account. This is common with student overdrafts but as long as they see funds or the expectation of repayment you will be okay...
Hope this helps to settle your mind a bit

andyfromotley

oh and any job at all, bar tending, flipping burgers, whatever will demolish this debt in double quick time.

Not ideal i grant you, but sometimes needs must, and at least then you shall be free of it.

sourcrates

You are all surmising the Bank will immediately call in the debt at the end of June, when the interest free period ends, this may not be the case at all.

I assume the OP will have some kind of income, benefits, or the like, as long as something is going through the account, the Bank has no reason to call in the OD.

The charges are a cause for concern though, if the OP writes to Halifax explaining there current financial position, as a gesture of goodwill, they will more than likely freeze interest on the OD for 6 months, that should give plenty of time to (hopefully) find some kind of work.

It would be pointless the Bank demanding back its money straight away knowing the OP had no stable income with which to pay it, everyone seems to be predicting meltdown, when it may not happen.

andyfromotley

Agrees Sourcrates.

No i wasn't assuming that. Graduate can't find a job and repay od is hardly an unusual situation. I didn't expect them to call in the OD and pursue him as a defaulter.
I was thinking that the bank may be in a position to alleviate charges or move to an alternative product with lower charges.

mycoverband

Deleted%20User wrote: »

Hey (relax, this can be sorted)

Get in touch with the CAB - they should help with what you are entitled to or with coming to agreement on repayments

Grab any national minimum wage job so you can pull yourself up
(doesn't have to be long term) and you may also find it extends to some leniency

Be careful with your thinking of parents help solves everything, mine ended up far angrier that I didn't ask for help and they are totally against benefits! - try living with that as my biggest debt would now be to them x

Thanks ''Deleted User''

Yeah, i am trying my best to get a job. Still waiting and Hoping.

My parents are very supportive, I have always shared my money issues with them, but sadly they don't have enough money to help me out. They feel helpless about this, but i assured them that it is my mess, dont worry about it. They want to help, but cant afford to.

Thank you for your help, i will contact the CAB and see what they know about my situation, im certainly not the first haha

Cheers

mycoverband

sourcrates wrote: »

Hi,
So are you claiming some kind of JSA ? I would think as long as you have some kind of payments going into the account on a monthly basis, and you can cover the bank charges, nothing will happen, the account will run as before, you could contact the bank and explain your situation, see if they can wave the charges for a few months as a temporary measure, if you ask, you don't get.

Overdrafts can be recalled at any time by the bank, its a risk everyone with an OD runs, but unless the bank asks for its money back, then its business as usual, i think you are worrying about something that may not happen here.

"Do the bailiff come round?
I haven't a clue." ?

Err..........no, that's not how it works, if the OD were recalled, you would simply make an arrangement to pay the money back at a rate you could afford, whatever that may be, bailiff involvement is the last in a long line of legal tooing and froing, a creditor has to go to court and obtain a CCJ first, then you have to default on those payments, before a bailiff can be involved.

Google is your friend here, there is lots of information out there on the web about what creditors can and cant do in specific situations.

Thank you, ''sourcrates''

Yes, i am currently on Job Seekers Allowance at the moment, sadly. I wish to be working to earn more, but at prensent that is my income situation.
Yeah i shall ring or go into Halifax and simply tell them my situation and hope they love me enough
hopefully having some form of income to afford the monthly interest charges, plus paying back bits of the OD will be enough for them.


hahaha As for bailiffs, I am glad to hear that. :P
My current address is my Nan and Grandad's house, and the last thing i would want is getting them involved with my debt mess.
So i'm glad they don't rush to bailiffs quite a quickly as i was imagining.
Thanks for the re-assurance

Thanks a lot for your help!! Appriciated.

mycoverband

andyfromotley wrote: »

hi,

speak to your bank now. They must have encountered this thousands of times, they may be able to help with reducing charges or some such. Either way getting them onside will definitely help.

Cheers for the advice ''andyfromotley''

Yes, i am certainly not the first or last ex student to encounter this issue, but still i am very embarrased that it has been this way, so i just wanted to check on forums firstly.
The situation is not what i wanted/expected after Uni, but hey ho.

I shall contact them, to see how they can help the load off my shoulders.
Thank you for helping