paying back Natwest overdraft
Hi guys, i took out a overdraft from the bank last term. This term my student loan has arrived, however i was just wondering when does the bank take out the overdraft that you owe them? Like i checked my account online and there is a good 500 pounds difference between "avaibale" and "balance". And the overdraft i took out last term was 500 pounds so does that mean they have taken the money out yet?
Thanks
Thanks
You don't pay back the overdraft offically and finish it until you graduate, so they'll generally be a difference between your balance and your available as the overdraft will always be available but whatever money you put into your account will go into the overdraft, so generally if you have a £500 overdraft and put £500 in your balance will be £0 but your available will be £500 as you'll have paid off the overdraft and be able to use it all again, so to use my account as an example I have 3000 (rent coming out on Monday 
) available however my balance is 1500 or something like that as I have a £1500 overdraft
) available however my balance is 1500 or something like that as I have a £1500 overdraft
HELLO.
Im a Customer advisor for natwest. The way that the student account works is that its a three year interest free overdraft. After the three years it either becomes a graduate acc, giving you 6 months or a year (depending when it was opened) interest free. Then after that period its interest able like all other accounts. Alternatively, you can extend the student to 5 years (for doctors etc) if you provide proof of staying on.
With the OD its like a normal OD. Whilst its interest free you can go in and out of it as explained above as long as you like.
Any further questions about it, feel free to pm.
Im a Customer advisor for natwest. The way that the student account works is that its a three year interest free overdraft. After the three years it either becomes a graduate acc, giving you 6 months or a year (depending when it was opened) interest free. Then after that period its interest able like all other accounts. Alternatively, you can extend the student to 5 years (for doctors etc) if you provide proof of staying on.
With the OD its like a normal OD. Whilst its interest free you can go in and out of it as explained above as long as you like.
Any further questions about it, feel free to pm.
Original post by Sol1dShot
HELLO.
Im a Customer advisor for natwest. The way that the student account works is that its a three year interest free overdraft. After the three years it either becomes a graduate acc, giving you 6 months or a year (depending when it was opened) interest free. Then after that period its interest able like all other accounts. Alternatively, you can extend the student to 5 years (for doctors etc) if you provide proof of staying on.
With the OD its like a normal OD. Whilst its interest free you can go in and out of it as explained above as long as you like.
Any further questions about it, feel free to pm.
Im a Customer advisor for natwest. The way that the student account works is that its a three year interest free overdraft. After the three years it either becomes a graduate acc, giving you 6 months or a year (depending when it was opened) interest free. Then after that period its interest able like all other accounts. Alternatively, you can extend the student to 5 years (for doctors etc) if you provide proof of staying on.
With the OD its like a normal OD. Whilst its interest free you can go in and out of it as explained above as long as you like.
Any further questions about it, feel free to pm.
What factors determine whether you pay back within 6 months or a year? And what are the current normal rates after this?
Many thanks
Original post by rurounikenji
Hi guys, i took out a overdraft from the bank last term. This term my student loan has arrived, however i was just wondering when does the bank take out the overdraft that you owe them? Like i checked my account online and there is a good 500 pounds difference between "avaibale" and "balance". And the overdraft i took out last term was 500 pounds so does that mean they have taken the money out yet?
Thanks
Thanks
When you use your overdraft your account basically goes into the minus. So your account is basically -£500.
Say your loan is £2000... when this goes into your bank it automatically pays off the overdraft first, meaning you would be left with £1500 in your bank. But you also have the £500 overdraft to use again if you need to.
Original post by Sol1dShot
HELLO.
Im a Customer advisor for natwest. The way that the student account works is that its a three year interest free overdraft. After the three years it either becomes a graduate acc, giving you 6 months or a year (depending when it was opened) interest free. Then after that period its interest able like all other accounts. Alternatively, you can extend the student to 5 years (for doctors etc) if you provide proof of staying on.
With the OD its like a normal OD. Whilst its interest free you can go in and out of it as explained above as long as you like.
Any further questions about it, feel free to pm.
Im a Customer advisor for natwest. The way that the student account works is that its a three year interest free overdraft. After the three years it either becomes a graduate acc, giving you 6 months or a year (depending when it was opened) interest free. Then after that period its interest able like all other accounts. Alternatively, you can extend the student to 5 years (for doctors etc) if you provide proof of staying on.
With the OD its like a normal OD. Whilst its interest free you can go in and out of it as explained above as long as you like.
Any further questions about it, feel free to pm.
Hi I am really struggling to pay back my overdraft of 2000. Is there anywhere I could get a payment plan? Or sort something out as I’m getting charged interest it will be even more harder to pay it back
Original post by REE20
Hi I am really struggling to pay back my overdraft of 2000. Is there anywhere I could get a payment plan? Or sort something out as I’m getting charged interest it will be even more harder to pay it back
Please dont bump 7year old threads
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