Paying off student overdraft

[katchika]

It's almost 2 years since I graduated and I'm still paying off my student overdraft :(

I know they reduce the interest-free amount to £500 after 2 years, thankfully I'm just below that.

Student overdrafts seem really good while you're a student but you tend to forget you have to pay it back. I'm aiming to have mine clear by Christmas, that will be a nice feeling.

[girl with sharp teeth]

So switch accounts! Alliance and Leicester are offering £1000 interest free overdrafts at the moment. Why stick with your old account if it's crap?

[Scary Monster]

She's not got a problem with the account as far as I can tell, and will still be interest free so that's not a problem either.

She's making the very good point that banks give you these huge interest free overdrafts when you are a student, which aren't so bad, but then are still there and usually start costing as soon as you graduate.

BE WARNED it's not a present!

[girl with sharp teeth]

They do cost, which is exactly what I just said.

If you remain loyal to a bank you will not save money- banks make money out of customer loyalty as people stick with a banking product that does not make their money work for them.

The best way of saving money is to change banking products to make your money work best for you. If you want an overdraft the Alliance & Leicester are the current market leaders; if you want a savings account other banks, such as Halifax, offer better products.

[kangoo]

How big was your overdraft? Without trying to be rude how is it taking so long to pay it back? My boyfriend paid off £3000 worth of debt in a year and thats with paying £300 rent a month, and he's only on about £11k a year. He didn't live off nothing either, still had some spafe for clothes and dvd's etc

[katchika]

I don't use my student account anymore. I'm just paying off the overdraft and then it will be closed for good.

My overdraft was £1,500. The reason it's taking so long to pay back, I dunno. I am paying back £30 a month because I'm not earning that much money and have other outgoings.

[otter]

I don't use my student account anymore. I'm just paying off the overdraft and then it will be closed for good.

My overdraft was £1,500. The reason it's taking so long to pay back, I dunno. I am paying back £30 a month because I'm not earning that much money and have other outgoings.

not looking forward to paying back myn either. still £1.5k is pretty average imo.

[Yerascrote]

Fuck sake mine's only £500, no wonder I'm fucking skint lol!

[kangoo]

Fuck sake mine's only £500, no wonder I'm fucking skint lol!


:eek: ring the bank! mine are amaze at extending my overdraft :thumb:

[Kate_342436]

My overdraft is £1500, and I have £15 left on it. I've just finished my first year.

I need to pay for another bus pass (going to get a weekly one instead) on Monday, as well as get another counterpart driving license and send off for my passport. Mum is supposed to be paying for the latter, but in any case this is going to be fun.

I'm earning £60 a week atm, and it just does not seem to be making a dint in the overdraft at all. Off job hunting :(

Plan is, every time I reduce the overdraft by £100, to reduce the limit by £100, but I'm not convinced it'll work. Need to do some financial stuff tomorrow. :yeees:

[Yerascrote]

:eek: ring the bank! mine are amaze at extending my overdraft :thumb:

I went to them, cunts said they weren't giving me money to fund my social life...which was true at the end of the day. :D

[Calvin]

My overdraft is > £2k. Its going to take my a life time to pay that fucker off :banghead:

Wish I hadn't of been so reckless with my spending at uni now :(

[Hellfire]

wow.. why? mines £200 atm, and im plus, never hit it,

my partners old student was 500, never really in it, then 250, now 200 and still plus.

I dont get how people get into so much debt...

[Addict]

wow.. why? mines £200 atm, and im plus, never hit it,

my partners old student was 500, never really in it, then 250, now 200 and still plus.

I dont get how people get into so much debt...

did you go to university for 3 or more years? sometimes it's difficult to work if you have a tough course, or to work enough to earn enough money, so you need an overdraft and you need to use it.

[Jaloux]

I think I've got you all beat. Mine's at £4,800 now and I'm struggling to survive until the end of this month. :lol:

Planning to be at or above zero this time next year. :thumb:

Not having an overdraft was dead easy before uni.

[ShyBoy]

I use my overdraft because I work out before how to pay it off. I've *just* managed to pay the rest of my overdraft off, but then I bought a new suit (£100), got stupid MOT repairs (£120), and then spent £30 tonight on a meal out. So I'm £250 under again. BUT the new suit got me a job :D

I knew a girl at uni though who spent her entire first term student loan in the first two or three weeks! She would go out two or three times a week and spend £50 a night. I'd go out every two or three weeks (except freshers week) and spend £30 incl. taxi fare / food on a big night.