Anyone been declined their student overdraft?

lil_lisa

Hey guys!

I'm going into my third year at uni and I'm trying to sort out the OD on my student account. I'm with Natwest which should allow me £1250 in my first year, £1400 in my second year and £1600 in my third year, I applied for the max in my first year but didn't bother changing it in my second year so it's still at £1250.

I took a gap year so had already sorted out my student loan before it was time to get a student account. This means the loan went into the account I already had (with HSBC) and I didn't really want to change it over incase it ended up delaying the loan payment. So.... for the past 2 years I've kind of followed the same pattern of getting into the OD during term time and then paying it off with whatever I earn during the holidays.

Last year I didn't bother bumping up the OD because the most I'd ever needed was £1000 and it was every year it's been paid off so I didn't really feel the need to but now this year I want to make the most of the OD by putting most of it into an ISA and gaining a bit of interest on it. I applied to increase the OD online but it wouldn't let me although it didn't technically say no so I rang up Natwest telephone banking and was told after a lot of umming and ahhing that I was going to have to talk to a 'specialist' but after 5 minutes on hold I hung up (on my mobile so costing me a fortune!) so I didn't get to speak to the 'specialist'


I was just wondering if anyone thought that not getting my loan paid into the account has worked against me or if anyone else has been declined for their student over draft? It can't be bad credit, I'm a student ! They should expect it! :beer:


(BTW, I was only applying for the £1400 second year amount which I should definitely be eligible for!)

BWZN93

Its most likely been declined on the basis that your student loan isnt going into the account!! Thats normally in the terms and conditions of a student account and the overdraft should never be viewed as guaranteed, unless otherwise stated. They may well bump it up if you actually pay the student loan into the account first though.

Jo x

Perversia

Yep, you won't be getting it because of not paying your loan into it.

Halifax won't give me more than £1250 (I'm now in my 5th year with them). The last time I tried to increase it, it was rejected due to a couple of bank charges.

smallvillex

Perversia wrote: »

Yep, you won't be getting it because of not paying your loan into it.

Halifax won't give me more than £1250 (I'm now in my 5th year with them). The last time I tried to increase it, it was rejected due to a couple of bank charges.

That just happened to me....was hoping HSBC would bump it up...but it got rejected...so am well gutted!!

lil_lisa

Do u think if I swapped it so that the loan now starts going into the Natwest account it would make a difference or do you think it's too late at this point? I've had a well paying job throughout the summer so I'm in the position to be able to go without the loan for a few weeks if it delays it.

BWZN93

It depends really, you would need to contact Natwest directly for a definitive answer.

Jo x