Natwest Overdraft *HELP NEEDED*

moped_mark

I have just received a letter from the Student Loan Company giving notification on how much I will be receiving during my first year. I will be getting £1791 for my first term. However my first Halls payment is £1722. So that will leave me with £69 for 13 weeks!

I have a student account with Natwest, which I have already got a £150 overdraft with them and have had no money paid into the account. I am wondering whether the bank will let me increase my overdraft to £1050 without even started on my course yet! (BTW my overdraft limit is £1250)

This has come about because the Uni wants the majority of their rent up-front and the student loan payments want to pay u the biggest amount at the end of the year! You'd think they would be able to sort something out between them wouldn't you?!

Anyway, I'd be grateful for all suggestions and advice on what to do!

Cheers

mrscruffy

You can try speaking to your branch. You will not have been the first in this situation.

jr666

Your uni is making you pay £1700 in one go!?!? Ask them if you can pay monthly they should offer some financing package. I bet VERY few people can afford to pay £1700 in one go.

That would ease the pressure on your loan a lot. I suspect you'll have to get a part time job while your at uni though.

moped_mark

Paying £1722 is a standard amount for the first payment I think. The theory is that if student pay the highest amount first then there is less chance of us spending the money we should use for halls from the other loan payments! I'll pop into my branch this afternoon and see what they say to me.

braken2000

that happened to me, natwest gave the full whack o/d before i started, id go in and explain the situation. The Uni's dont seem to bother with problems like these (thats how they made me feel). I phoned up and it was like they could not be bothered. You can usually go monthly, but the first 2 payments are double as these include your bond.

wallace_3

Obviously it will vary at each university, but mine gave students the choice of seven equal monthly payments (from November to May), or three termly payments. If you paid by term, the highest amount you ever had to pay was £800.

NatWest have always been fine with me and increased my limit whenever I asked. A word of caution though - Natwest found out my friend had a student account elsewhere, which is against Natwest terms and conditions. He was given 7 days to pay his entire overdraft back!

moped_mark

Just to let u all know, I just went to my Natwest branch and there was no problem at all in gettin the full amount of overdraft (£1250). Thanks to all who posted.