I don't have the money to pay my overdraft with RBS

AClarke0905

Hey,

I took out a student overdraft about two years ago and it was interest free for a year. I never had the money to pay it when the interest free year ended and the interest started to build over months. I've recently received a letter for RBS and they have given me 28 days to pay my overdraft but I don't have the money.

On the letter it mentions that I "can apply to the court which may make an order allowing you any surety more time" I don't know what this means and I don't really know my options. My original plan on paying the overdraft was using the money from the full time job I start on the 6th of March but I need to pay it all by the 5th of March.

I really don't know what to do and I'm in a bit of a panic and I'd appreciate the help.

Thanks.

[Deleted User]

Contact them directly and discuss your options.

Pixie5740

The first thing I would do is open a new bank account completely separate from the RBS banking group and have any income that you receive paid into the new account.

Then I would contact RBS and explain that you can't afford to repay the money by 5th March but do try and come up with an affordable repayment plan. RBS don't want to have to chase you through court for the money so it's in both your interests to negotiate a repayment plan. You could even ask them to freeze the interest as part of the repayment plan.