Need Urgent Help with Overdrafts

katiedhollinshead

Hello,

I'm a student and am struggling to find money to pay my rent in January.

I have been to uni before (3.5 years ago) but only for one year and opened up a Santander Student 1|2|3 account with a £1,500 overdraft.
I used this overdraft and it still stands. I have used the account on and off over the past few years but now do not use it all. I recently found some letters at my parents' house stating that the account will be closed if I don't pay money in, in the next 10 days. I have no money to pay in, but also cannot afford to pay the overdraft off, nevermind the interest I'll get if the acc closes. I then also need to think about the £700-800 I'm short of for my rent in 3 weeks or so.

I've been looking for some options but I'm really stuck on what would be the best course of action. I have a few things open to me:

I can apply for a normal overdraft on my Natwest Current Account of up to £1,200. I would then need to pay interest on that overdraft if used and a £6 fee per month.

I can apply for a student account with Natwest, not telling them about my student account with Santander.

I can call Santander and let them know the situation I'm in, and that I am now still a student, see if I can keep it open and pay it off slowly. (I would still need to access more money to pay my rent)

I'm probably just rambling but those are the things I've thought about. I don't know whether to tell Santander? who to ask for more money? how honest should I be? what am I going to end up paying off if I tell Santander?

I'm a little scared and would like some advice from someone with a little more experience.

Thank you in advance,

Katie :eek:

*UPDATES* - Natwest can only give me a £100 overdraft unless I call them.

BorisThomson

how honest should I be?

Please just think about this for a minute, you're asking us if you should lie in order to get credit. There's a word for that - fraud.

Is there anything you could sell? Could your parents help you out? Do you have a job/ can you get one/ do some overtime?

katiedhollinshead

BorisThomson wrote: »

Please just think about this for a minute, you're asking us if you should lie in order to get credit. There's a word for that - fraud.

Is there anything you could sell? Could your parents help you out? Do you have a job/ can you get one/ do some overtime?

I'm not asking if I should lie, that's not what I meant. However, there are certain ways in which I might word things that put me at a complete disadvantage. This wasn't in reference to 'getting credit' but to how deep I'll be digging a hole with my existing overdraft.

I do work, yes, and my wages will not cover it. My parents don't have enough money to help me out and I don't own anything worth selling I'm afraid.

jonesMUFCforever

You say that you need to pay in some money - does the letter say how much?
If not stick a tenner (you might get something from Santa) in but try to put something in every month. You have got the letter because they are starting to think you are leaving them with a dormant debt.

sheramber

The Santander student account requires that you pay in your main funding to the account- student loans etc
Also
To remain eligible for the interest-free and fee-free overdraft, railcard and credit interest, you must credit your 1I2I3 Student Current Account
with a minimum of £500 each academic term.

xylophone

Book an appointment with a customer service adviser at Santander and explain your situation.

Dobbibill

money needs to be paid into the account ..... there isn't anything saying it has to stay in there.
Santander would expect bills to come out of your bank account.
Think about paying in as much as possible now out of your wages or money you have in your Natwest account. Pay your rent in January from the Santander account when it's due.

Having 2 accounts may help you to budget in the future too.

Thrugelmir

katiedhollinshead wrote: »

I can apply for a normal overdraft on my Natwest Current Account of up to £1,200. I would then need to pay interest on that overdraft if used and a £6 fee per month.

I can apply for a student account with Natwest, not telling them about my student account with Santander.

Your account with Santander would more than likely come to light. As a credit check would be run as a standard procedure.

DCFC79

Why has it been left to this late stage ?

Are you working, if not why not ?

Maybe you should find a job if your not working.

Superscrooge

Applying for a 2nd overdraft to pay off the first overdraft is not the answer.

There are lots of examples on these forums where people in debt have tried to solve the problem by taking on more debt and it rarely ends well.

Contact Santander, explain the situation and see what they suggest?

Mrs_Ryan

Thrugelmir wrote: »

Your account with Santander would more than likely come to light. As a credit check would be run as a standard procedure.

Not necessarily. I can’t speak for NatWest but Barclays upgraded my BBA to a Student Additions account complete with £500 overdraft with no credit check- they told me in branch they just change it over. Additionally they didn’t credit check me for my BBA- I had my Basic Current Account since 2001.