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

mycoverband

Westie983 wrote: »

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

Thanks ''Westie983''

Yes i will have the interest charges covered each month for the £1 a day interest, aswel as bits getting paid off the actual Overdraft amount. As much as i can
as you say, they will be able to see some form of repayment happening, so hopefully they will go easy on me.

Everyone has helped my state of 'panic', so yes thanks for your comment my mind is settled a lot more, and i know that i just need to explain my situation with Halifax haha
Thank you

mycoverband

Thank you, everyone, for helping

I hope i responded to all of you amazing people.
my mind is less stressed, but It's still an urgent priority for me, so i will work god dam hard to get a job and pay it off, so i can actually START my life, and see my income as a wage out of the red. haha

I knew it could be tough on some students, as there aren't as many job opperunitues as there was yars ago, but ican safely say i never expect it to be this bad. I wouldn't have bothered with Uni if i knew the current state of the job world.
IT will be okay, one day

Thanks again guys!!!

Kite86

What about getting a graduate account? This is what I did after uni, as I also didn't have enough money to pay my student overdraft off for quite a while! These usually offer overdrafts of £2,000ish, reducing gradually over 2-3 years to give you a chance to pay it off. You don't necessarily need a job to get one, just an ok credit rating and proof that you graduated in the last 2 years.


Good luck with the job hunting - you will find something great if you keep looking!!

NICHOLAS_2

I know from experience halifax used to give out overdrafts to almost anyone even if they had bad credit history.

I had one and i had to let it go pearshaped i think it was 2,100. I was jacking my job in due to being bored to death of it so set up my own business and ended up not paying any of it back and have never made contact with them since. This was about 5 years ago now.

If they accept an agreement pay that to avoid damaging your credit history but if they default you and basically trash your file for 6 years then i would just ignore them until it drops off your file.

Mine wasn't interest free, i was struggling and would bet that i'd given them a grand in interest and bloody overdraft fees at 35 pound a time whether they paid the bill for you or not, cheeky so and so's. They made a loss out of me in the end though.

Bern24

I'm in the same boat. Through googling it to death it's ok if you pay the fees then sort it out when you can.

It's not ideal but we're young and dumb! Yeah if you default it may affect your credit rating but there's other ways to build it up and life goes on!

I'm trying my to worry and I'm going teaching abroad for 5 months so won't be putting much in my account.

I spoke to my bank and they don't do payment plans and advised I got a loan instead but that seems so dumb (debt for debt). I'm going to wait until I come home and pay off my overdraft or get a full time position over there for the same.

At the end of the day as long as you pay your interest, the bank are getting some money off you! (I'm really trying not to panic ha)

Sharon87

I would look into these graduate accounts Martin Lewis recommends:

http://www.moneysavingexpert.com/students/graduate-bank-accounts#graduateoverdraft

Just prove that you're graduating and ask for the largest overdraft they can give you. Hopefully you'll get the full 2k, because otherwise it's still £1 a day, which is why I hate the new overdraft fees. I prefer an interest rate, so you'd pay less if you were using less of your overdraft.

I know Natwest, Santander and Lloyds can offer up to a 2k 0% overdraft for the next year, steadily decreasing the 0% portion over 2 or 3 years. Look into these and apply for one of them.

If you don't get the full 2k, look into a credit card that allows money transfers with a 0% deal. You may not get accepted for money transfer cards, but if you use a credit card with 0% on purchases, then you can use this for every day spend and use the JSA/wages to pay off the rest of your overdraft - this is only if you are disciplined though!