temporary ovredraft?

intuition570

Hi I am banking with natwest and have a student account with a £1250 overdraft limit.

Since starting university in september Ive been struggling with money and have already used up my regular overdraft. I've been desperatly searching for a job as Im falling behind in rent and as of now have no money for food, rent, bills let alone christmas presents.

I did get a job on tuesday and I was really happy, it was nights at a burger factory and meant that I had to put university on hold for a while just until I got caught up on rent. However I got sent home last night and told not to return coz I accidently dropped by biro pen in the meat and it went through the system and brought the factory to a halt (I've never been more embarressed!).

Now I'm screwed and finding another job means doing the search again, applying, waiting for an interview dates, going for interview, waiting to see if I have the job(s). Which could take another few weeks coz it took me ages to find that one.

I'm just wondering if it's possible to get a tempororary extended overdraft until january until my next student loan comes through. If so, what can I do to increase my chances? I've always felt that banks couldnt care less about situations and just want to make money. Should I offer to pay extra interest, take proof of my loan, beg them etc? And how much can I get if they do agree, would it just be a couple of hundred or the full student loan amount?

CLAPTON

They will probably be mainly concerned about how you will pay them back.

From what you say you have used your student loan and 1250 OD this term so why will it be easier next term... bearing in mind you may have to repay their temporary OD.

Have you worked out a detailed budget for Uni... can you actually afford to attend?

Sigur_2

Sign up with a job agency you'll get work much quicker without application forms or interviews.

Go talk to your bank manager, face-to-face is better than over the phone. He might even have a kid in university and can empathise (okay, not that much - he's probably very well paid and pays everything for his daughter) . They won't double your OD limit, but they might give you an extra £500 temporarily.

Go talk to the Financial Support people in your university - they can give you emergency funding or access to learning funds.

saver2006

as long as you haven't gone over your overdraft limit too many times and depending on how long you've had this overdraft (longer the better) there's a chance you'll get it

to increase your chances of getting it:
1) take proof of your student loan (schedule letter would be best)
2) tell them you need it for rent
3) tell them its temporary

adidas

I agree with Sigur, go and speak to the financial support team at your Uni, you may get access to learning funds or hardship funds.

roxalana

I think the above posts give good advice about going to your bank and Uni welfare dept.
However, what concerns me about your post is that you appear to have spent your student loan entitlement plus £1250 overdraft in the space of 3 months. Please make sure you do a budget plan asap to take into account all your expenses next year including any repayments you need to make!

I'd also recommend signing up to employment agencies - data entry tends to pay more than factory and fast food work! Plus as it is agency work you can do more when you are able and less when you are busy - unless you prefer the security of a regular income?

intuition570

Thanks for all the above posts. Went into the bank today and they gave me the "computer says no" spiel. But it didn't say no it said refered and they have sent it off to the lending dept. or something. I got a £300 from the access to learning fund at uni for similiar troubles last month so I've exhausted that avenue. Hopefully the bank will help me out.

But roxalana you're right, no amount of money they give me is going to solve the fact that I have a serious problem in terms of budgetting and spending, and for the long term I really need to work on that somehow

intuition570

They said they will give me £140 ontop of my overdraft. Which will pay last weeks rent and abit of food. But I have to contact the student finance so they can send a letter as proof. I have ADHD and I am estranged from my parents. I have gotten £300 from access to learning fund and been turned down for a crisis loan. I am lodging so I live with my landlord which makes the rent arrears I'm in awkward everyday. I thought I could prove everyone wrong by getting a degree but I've never felt so hopeless. I really really really don't know what to do or where to turn. I know this is my own fault. I know I didn't budget correctly. I know that.

I do!

roxalana

intuition570 wrote: »

They said they will give me £140 ontop of my overdraft. Which will pay last weeks rent and abit of food. But I have to contact the student finance so they can send a letter as proof. I have ADHD and I am estranged from my parents. I have gotten £300 from access to learning fund and been turned down for a crisis loan. I am lodging so I live with my landlord which makes the rent arrears I'm in awkward everyday. I thought I could prove everyone wrong by getting a degree but I've never felt so hopeless. I really really really don't know what to do or where to turn. I know this is my own fault. I know I didn't budget correctly. I know that.

I do!

Have you applied for DSA with your student finance in relation to your ADHD? DSA doesn't give you money but it might provide you with equipment and/or some kind of helper (depending on what is recommended for you).

From your post it sounds like your realise you did wrong and need a way out now (there's nothing like the threat of homelessness for providing a light bulb moment - it's certainly what did it for my other half!)

I would recommend blitzing the employment agencies and also approach any local restaurants and pubs to see if they want an extra pair of hands over xmas (perhaps your Uni could give you a reference or even your landlord - its in his interest - if you are struggling for that because of the last job). You may find it necessary to work days like boxing day and/or new years eve and new years day especially as these tend to pay more than other days (Just think although you will be missing out on social stuff - this would enable you to have a better life in the new year).

Does your landlord know of anyone who wants odd jobs doing - perhaps if you involve your landlord in your search for work he will be more sympathetic towards waiting for your rent - then he can see you are making an effort.

If necessary speak to your University to see if you can get extensions on your deadlines once you find work if you cannot do both.

Also I'd recommend seeing if your University needs people for experiments (not usually as bad as it sounds!). These usually pay about £5 for an hour and say £1.50 for 15mins and often only involve filling out a questionnaire or something - if you are on campus anyway it can be a good way to get extra food money.

Lastly, if your overspend has involved buying things like DVDs, games etc and anything else you can sell. Perhaps sell them? You can take them to places like Computer exchange, gamestation, cash converters or sell them in places like the friday ad(free to advertise stuff less than £53) or gumtree. Make sure you balance your need for cash with getting a decent price for stuff though. THe computer exchange website will give you current cash prices for things to give you an idea of value (or check how much they are going for on ebay).

I would recommend making sacrifices like these now, before you get into too much debt (and the trouble the interest brings) or you end up with housing problems.

Also check out martins budgeting guides and maybe post a statement of affairs on the debt free wannabe board - they are good at advising you what is a proper amount to spend on stuff according to your income.

Let us know how you get on!

sazzywoo

My experience....

I used to have a student account with HSBC and they were very helpful when it came to temporary extensions on my overdraft.

I now have a student account with Natwest and they have always rejected my request for an extension. They have always said to me that they only increase the overdraft with each year of your studies i.e. you are entitled to a bigger overdraft in you 2nd year than in your 1st etc.

Maybe you will have better luck than I have had. You've got nothing to lose by asking.

EDIT: sorry I just noticed your more recent post. Have you spoken to you Student Union to see what else you may be entitled to?

katiep_2

This doesn't help your immediate problem, but after christmas, is it feasible to ask your landlord if you can pay your rent for the term up front. I know it's a large sum to pay out all at once, but at least you'll have the security of a roof over your head for the term! It might make your landlord more willing to defer the rest of your rent until after christmas?

Could you offer to do the cleaning in the house in return for a reduction in your rent?