overdraft advice please

razorblade-sky

Hiya.

I have recently quit university and have a £1000 student overdraft with HSBC.
I was just wondering what people think would be best to do with this debt?
I have heard that HSBC are not very good when you leave uni charging high repayments and interest rates.
Would it be best to get an overdraft with someone else and put my debt into that before telling the bank that I have quit?
Or would a loan be better?
I have a rubbish credit score as I am 20 and have not taken out enough credit or something.
Any advice would be awesome.

Thanks,
Kerri

melancholly

the absolute best advice is to get a job, live as cheaply as possible and throw all the money you can at it to clear the overdraft asap. i would recommend a 0% credit card, but with no credit score you're very unlikely to be accepted. what is your income/outgoings (i.e. how long will it take you to pay this off?)?

razorblade-sky

Thanks.

I am currently back at home til september so i have no money coming in or going out at the mo.
In september i will be returning to the place where i studied as i live with my partner there.
I have a job already there but it is a casual job so i'm not guaranteed any hours.
I am going to apply for council tax relief and housing benefit as i am on a low income so that should help until i can get a full time job.
I dont have a guaranteed income at the moment but i should have enough to pay towards my overdraft.
Would it be worth me trying to get another current account with a 0% overdraft with another bank and would I be able to just transfer my debt?

Kerri

razorblade-sky

I am considering opening the Alliance & Leicester Premier 21 Current Account as it has a 0% overdraft for a year and transfer it if i can and then look into swapping after the first year.
Kerri

Oldernotwiser

razorblade-sky wrote: »

Thanks.

I am currently back at home til september so i have no money coming in or going out at the mo.

There's 15 weeks between now and when term starts in September; if you hurry up and get a job for the summer you'll be able to clear your overdraft,pay for your keep and have some money to spend. You're surely not going to sit on your backside for all that time?

Forget about benefits in September and concentrate on getting yourself a proper full time job to start your career. Now you've dropped out of university you need to get the show on the road!!

melancholly

if you have that long, sign up to every agency you can find, visit every pub to ask for any hours going and speak to the supermarkets. go do this asap before all the jobs have gone to other students who are more proactive!!

there is no reason at all that you can't get any income until september! it may not be something you enjoy, but much better to give yourself breathing space.

TeaBoy_2

if it were me i wouldn't tell the bank about quiting and hope they dont find out. once your working and putting money in i doubt they'd say anything.

of course its breaking t&cs so its a risk.

razorblade-sky

I am actually looking for a job all I was saying was that at the moment i have no job so therefore have no income.
I didnt say I wasnt looking for one.
Stop being so judgemental.

razorblade-sky

And i think you'll finda that I said i was looking into benefits to help until I get a full time job.
People seem to presume that because I decided uni wasnt for me I'm some lazy dropout.
All I was asking was what would be best for me financially not for people to tell me what to do with my life.

melancholly

you may also find that the SLC ask for money back if you have dropped out - getting any form of a job has to be your priority as this could be very difficult for you. you are in a tough position and tough advice is needed! and, incidentally, we can only give advice based on the information you give. to be able to give a response that will be of any use, more info is needed and i recommend you go to the DFW board and do a statement of affairs (all incoming and outgoing, as i already suggested). this will also help you look at how you're going to manage this over the summer, and from September when i assume your outgoings will increase. playing with percentages on loans/overdrafts/credit cards can only do so much - you need more money coming in asap!

Oldernotwiser

razorblade-sky wrote: »

All I was asking was what would be best for me financially not for people to tell me what to do with my life.

But getting a job IS what's best for you financially, not fart arsing around looking for other overdraughts and 0% cards!