danny_vx
Member
Registered: 20th Feb 05
Location: Swansea
User status: Offline
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Can anyone advise me on the following, i'm currently in uni and have opened a student bank account with interest free overdraft for 3 years, I activated it yesterday so now my account is active, but now im quitting uni.. the course just isn't my thing. What happens if I use the overdraft and account & i'm not actually in uni anymore?
Thanks guys.. 
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Mattss Corsa
Member
Registered: 11th Jan 03
Location: Milton Keynes (BUCKS)
User status: Offline
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Spend it all, while its still intrest free lol, unless it states on the contract, but u opened it as a studen
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Ryan L
Member
Registered: 4th Mar 03
Location: Essex
User status: Offline
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as soon as they realise your student loan payments arent going into your bank account every September, Jan and May they will shut the account down giving you a credit note saying how long you have to pay it off until they start charging you interest.
All in all its not worth racking up a large O/D unless you can pay it back.
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Alex
Member
Registered: 9th Feb 03
Location: Nottingham
User status: Offline
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quote:
Originally posted by Ryan L
as soon as they realise your student loan payments arent going into your bank account every September, Jan and May they will shut the account down giving you a credit note saying how long you have to pay it off until they start charging you interest.
All in all its not worth racking up a large O/D unless you can pay it back.
this is poo, your student loan does not have to go into your student account at all so they dont check for that. They never shut your account they just decrease the overdraft limit and make it not interest free.
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danny_vx
Member
Registered: 20th Feb 05
Location: Swansea
User status: Offline
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Well let's just say a full GSI kit & new respray is sounding very tempting right now lol!
Thanks for your input guys
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John
Member
Registered: 30th Jun 03
User status: Offline
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quote:
Originally posted by Ryan L
as soon as they realise your student loan payments arent going into your bank account every September, Jan and May they will shut the account down giving you a credit note saying how long you have to pay it off until they start charging you interest.
All in all its not worth racking up a large O/D unless you can pay it back.
Yes that is absolute rubbish.
I have no student payments going into my student account and have had no problems.
I wish people wouldn't post as if they are 100% correct when they are talking rubbish.
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Danz_Corsa
Member
Registered: 24th Aug 03
Location: Uni in Manc / Home in MK
User status: Offline
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well i've got 2 student accounts, and everyone said you couldn't have more than 1.
the banks haven't noticed or bothered to tell me anything so screw it!
just bare in mind that at any point the bank can demand all the overdraft back in full!
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Gavin
Premium Member
Registered: 3rd Apr 02
Location: West Midlands
User status: Offline
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i've finished uni and had to start paying interest on my total amount.... mofo's
pew pew pew pewwwww
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Online
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All overdrafts are repayable on demand, read the small print. Most banks don't try.
They're not too bothered so long as when you nice and far in debt they can rescue you with a loan.
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bradfincham
Member
Registered: 20th Sep 02
Location: East Of England Drives: Clio 172
User status: Offline
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It depends which bank, natwest who im currently having problems with, said its £1250 for the first year then goes up to £1500 second year etc etc,
they never told me i had to make 4 transactions a quarter, now they have shut down my account and issued me a court summons to repay the debt.
When i went into my uni branch to sort this they were most un helpful and im extremely upset as they ill advised me on the account.
So this year i pay all my loans and fees into and out of the same account, this time there direct debits havent cleared 3 days before they need to go out so there charging me £38.00 each time.
To say im not happy is an understatement, i intend to pay this debt off asap, and close the account as it helped me when i needed it last year.
best thing is to speak to the bank, if youre not in full time education im sure the interest rates will change and they will begin to sting you 
im sticking with the abbey as i have never had a problem in 20 years of banking with 3 diferent types of account
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ed
Member
Registered: 10th Sep 03
User status: Offline
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quote:
Originally posted by Ryan L
as soon as they realise your student loan payments arent going into your bank account every September, Jan and May they will shut the account down giving you a credit note saying how long you have to pay it off until they start charging you interest.
All in all its not worth racking up a large O/D unless you can pay it back.
Not all students have a student loan.
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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quote:
Originally posted by Ian
All overdrafts are repayable on demand, read the small print. Most banks don't try.
They're not too bothered so long as when you nice and far in debt they can rescue you with a loan.
Ian is correct here, read the small print. I have two accounts with Lloyds TSB and another three with the HALIFAX and both banks state they can ask for the money on demand. I'm assuming that if you don't have enough money going into the account each month then they would ask for it back.
I have a lot of accounts and i use them all 
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ed
Member
Registered: 10th Sep 03
User status: Offline
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Whay the hell have you got 5 bank accounts?
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Andrew
Member
Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline
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HALIFAX – have two savings accounts. One you can only save £3000 a year hence the reason for the other one. Have a bank account with them too as my mortgage goes through it. It was easier to set it up from that account as my mortgage is with the HALIFAX.
Lloyds TSB – have two accounts with them. One I leave money in per month for bills otherwise I would end up in trouble.
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