Multiple Accounts PLEASE HELP!!!

alice87

When I was in my first year of university I was stupid with my money and ended up with 2 student overdrafts. i use the 'main' one for everything, wages, loan, dds etc.

I'm now in my final year and had a missed call today, rang the number and it said i had been called on behalf of the bank and they would try again soon. It's about the account I haven't touched for 2 years - I graduate in 3 months.

What will they want? Will they want the £1000 back in 1 go because I simply don't have that kind of money lying around. Would they accept a payment plan of say £20 per month to be reviewed in 6 months?

I'm really scared basically, I know I have been SO stupid especially for burying my head in the sand about it for so long but any advice would be so honestly appreciated.

Thanks

emma396

wait and see what they say!! they might just be telling you that they're upgrading it to a graduate account. How much do you owe on the account u don't touch? 1k?

alice87

I doubt it's to say they're upgrading it, I haven't touched it for 2 years, I just assumed I could pay it back when I graduated the same as my main account.

It's £1000 on the overdraft and I'm terrified about the phone call tomorrow. What can I do if they demand it all back in one go?

I'm not exactly well off and the most I could afford to repay is like £20 a month until i start my graduate job.

What are the possible outcomes?

fortune87

I've heard that Natwest give you an extra 6 months to pay off your student account. As the previous person said, wait until the call then take it from there. They may give you extra time as in this case rather than demanding it back or adding stupid interest.

alice87

Just thought I'd let you know what happened.

When they rang they were incredibly nice and understanding, they really appreciated that I couldn't afford to repay it all in one go or even pay a lot per month.

They said the overdraft facility had been removed and so as it stood it was an unauthorised overdraft but they could put a reduction plan on it which meant about £5 a month interest. When I said I can only afford about £25 a month on it they said it was fine and that if at any point I could afford more in a month to do so but as long as I put £25 into it every calendar month it would be fine. They said to call them back at the start of November and they'd see where my financial situation was and the overdraft and talk to me about it again.

Because they were so helpful I'm really thinking of switching my main account to them after my "main" overdraft has been cleared. Smile are the best lol.

jamesd

If you switch your main account to them they will have the right to use all of the funds in it to pay off the overdraft without your permission or prior agreement.

New rules on bank conduct in relation to debts now apply so hopefully your experience is what everyone will get from all banks.

Jonny0000

I had a similar problem when i went to uni, three years after my overdraft wasn't paid off to which they rang and asked for a lump sum. After promising to be good in future i arranged a monthly installment of £160 over ten months which wasn't to bad straight out of uni and in a full time job. Don't ignore them though it just makes things a lot less convincing and untimatly worse for yourself.