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Over my Overdraft, what happens?

I have an arranged overdraft with my student account and I am approaching the top limit for it. My rent is due on 1st April, and I have enough for my portion but for some reason the letting agent said the full rent had to come out of my account.

My housemate says she's paid me but it has not shown up on my account yet. I'm getting worried that I will go over my overdraft limit!! :woo:

I have a few days before this may happen...

Will I get charged? Or what will happened?

My account is with Natwest and I have their student current account.

Reply 1

Mr. Orange

Prepare to get raped...

...anally

Reply 2

didgeridoo12uk

you will get charged, and then charged interest on it until you come back within your limit.

natwest have reduced the overdraft charges though, so you wont be raped so badly. i would call them up now though and let them know, and see if you can extend your overdraft further

Reply 3

*Sparkle*

Hopefully your housemates money will come in by tomorrow. If not then the payment won't go through and then you'll be charged a return fee, and a fee for going over your limit (will probably come to £60-£80 in total).

Reply 4

lauratrev

if you go over your overdraft be prepared for big charges. im not with natwest but i no u do get charged if you go over your overdraft limit and it also gives you bad credit.

Reply 5

Diminutive

If you pay in cash/other means of monies that go in instantly on the day of showing overdrawn, then you wont actually get charged =0)

Reply 6

Lindsey123

Why is the letting agent saying the full rent has to come out of your account? What usually happens?

And yes you will be charged.

Reply 7

darigan

You will be charged if the overdraft limit is broken - the full info is here (somewhere)

Reply 8

Mystic

Lindsey123

Why is the letting agent saying the full rent has to come out of your account? What usually happens?

And yes you will be charged.

Strangely, when I put my name now for the house back in September, they said they prefer it to come out of one account. So every month £780 comes out of my account, and more often than not the money from housemate appears in my account a day or two after the 1st.

So I have to kinda make sure I have over 780 in my account each month in case the money doesn't go through, and this month it hasn't.

I just rang up Natwest, I cannot extend my overdraft as I'm at the top limit and the interest rate will increase to 16.5% for the time I am overdrawn.

I'm just hoping the money transfer will have gone in tomorrow, as I've found out Santander takes about 3/4 days to move across. And supposedly she moved it on Wed or Thur?

Reply 9

CharlieOzz

ouch. thats an odd system. you may want to cancel the direct debit/standing order until the money issue is resolved.. i was raped by lloyds went i went over my OD. let the landlord wait.