Student account free overdraft expiring - no job

lisaw87

Hi all

Ok so I have had a letter today to say that my student account free overdraft is ending in August. I graduated in July 2014.
So I have looked into getting a graduate account to cover my overdraft for the next 2 years however, they require you to have an income.
I do not have an income and probably will not for a while as I am currently a stay at home mum.
Are there any options for me? I cannot afford to pay off my student account and cannot get either Santander or Lloyds account as I have no income. What do i do?

Thank you in advance

Ed-1

lisaw87 wrote: »

Hi all

Ok so I have had a letter today to say that my student account free overdraft is ending in August. I graduated in July 2014.
So I have looked into getting a graduate account to cover my overdraft for the next 2 years however, they require you to have an income.
I do not have an income and probably will not for a while as I am currently a stay at home mum.
Are there any options for me? I cannot afford to pay off my student account and cannot get either Santander or Lloyds account as I have no income. What do i do?

Thank you in advance

Who is your existing student account with?

lisaw87

I am with the Cooperative

Lokolo

I don't understand how you've been a graduate for a year now and haven't even thought about this until now.

You need to sort out a budget ASAP. How big is the overdraft?

edit - does the co-op letter say what type of account your student account is going to be converted to?

lisaw87

Lokolo wrote: »

I don't understand how you've been a graduate for a year now and haven't even thought about this until now.

You need to sort out a budget ASAP. How big is the overdraft?

edit - does the co-op letter say what type of account your student account is going to be converted to?

No I haven't thought about it until now because I have had a free overdraft. I have only JUST received the letter. Not to mention it wouldn't have made much difference as I did not have an income after I graduated anyway.

I am aware I need to sort it out, hence this post. Thank you so much for your help.

My student account with a free overdraft is ending in August and will be transferred over to a standard current account.

Ed-1

lisaw87 wrote: »

No I haven't thought about it until now because I have had a free overdraft. I have only JUST received the letter. Not to mention it wouldn't have made much difference as I did not have an income after I graduated anyway.

My student account with a free overdraft is ending in August and will be transferred over to a standard current account.

Right from opening your student account you should've known that with the Co-op account the overdraft lasts for a year after graduation (it's all in their terms and conditions).

If you'd have opened a student account with another provider (e.g. TSB, Santander, etc.) you'd have been converted to their graduate account instead and the interest-free overdraft amount would've gradually decreased over a 3 year period.

karlie88

lisaw87 wrote: »

No I haven't thought about it until now because I have had a free overdraft. I have only JUST received the letter. Not to mention it wouldn't have made much difference as I did not have an income after I graduated anyway.

I am aware I need to sort it out, hence this post. Thank you so much for your help.

My student account with a free overdraft is ending in August and will be transferred over to a standard current account.

Surely you would have read the basic literature of the account before and after applying?

Even if you didn't have the time to read the account T&Cs, did you look at the FAQ section before applying?

http://ask.co-operativebank.co.uk/help/current_accounts/overdraft_graduation

Either way, I'd start to pay off the overdraft now. Looks like you'll just have to take the hit with their interest on the overdraft...

Lokolo

lisaw87 wrote: »

No I haven't thought about it until now because I have had a free overdraft. I have only JUST received the letter. Not to mention it wouldn't have made much difference as I did not have an income after I graduated anyway.

I am aware I need to sort it out, hence this post. Thank you so much for your help.

My student account with a free overdraft is ending in August and will be transferred over to a standard current account.

Yes but if you had mentioned to us on this forum that "I have just graduated but my interest free overdraft ends in 12 months, I need some help to get it down before then", then I would be sympathetic. The fact you are coming to us now in desperation is why I am not being sympathetic.

The current account charges are

http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/common/account-charges.pdf?int_cmp=CA_student_s-tandc_account-chargespdf_accountcharges

There is a 18.9% AER charge for current account overdrafts. There is also a £10 monthly informal overdraft charge.

How big is the overdraft currently? What is your income and expediture?

It may be best to post this in the Debt Free Wannabe board, they can help with your income and outgoings to cut down, and get rid of the overdraft. http://forums.moneysavingexpert.com/forumdisplay.php?f=76

lisaw87

Ok everyone you are not being helpful. I cannot change my past, only look forward.

When I took out this account 4 years ago, I did not foresee that I would not be working. Therefore I would have been fine to apply for a graduate account with another bank. My personal circumstances have now changed and to which that it nobodies business. I am not asking for sympathy.

I am clearly asking for your help to see if I have any other option, I was not asking for anybodies opinion on my life and why I have done what I have done. I, myself have no income. The job I was offered, got taken away from me and since this point I now cannot work.

Lokolo

lisaw87 wrote: »

Ok everyone you are not being helpful. I cannot change my past, only look forward.

When I took out this account 4 years ago, I did not foresee that I would not be working. Therefore I would have been fine to apply for a graduate account with another bank. My personal circumstances have now changed and to which that it nobodies business. I am not asking for sympathy.

I am clearly asking for your help to see if I have any other option, I was not asking for anybodies opinion on my life and why I have done what I have done. I, myself have no income. The job I was offered, got taken away from me and since this point I now cannot work.

None of us can grow money on trees and give it to you. I have asked twice now, how big is the overdraft?

You need to have a different plan, at the moment your plan of "getting another current account with a free overdraft" is not going to happen. Simple as. You have decided to be a SAHM rather than work so you need to work out how you can do that and afford to pay the overdraft. What is your income each month and what are your expenditures?

lisaw87

I have decided to be a SAHM because the income I would earn does not cover my childcare costs. I have no other choice. I am looking for work I can do from my home but this is difficult to come by.
I have no income spare, no expenditure for this account and my overdraft is maxed out £2000.