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need overdraft twice this year whats the best option? Watch

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    I have to pay my uni fees this year which is 3465 pounds. since I am not in any employment only voluntary stuff at the moment and ger JSA I will need to use my maintenance loan to pay my fees. I have enough to cover it but due to timings of student finance loan coming into my account not matching up or before my university are requiring an installment of the tuition fees. Therefore I will need an overdraft at two points in the year- December and again in January- late January likely as opposed to beginning of. I am considering transferring to Bank of Ireland here in N.Ireland from Santander as it looks more likely I would get an overdraft from Bank of Ireland. Santander said something about putting in 500 pound each term (dont know what they mean by a term). I asked Bank of Ireland they said I didnt need to put anything in just my student loan. So, what is the most overdraft someone could ask for in one go? What happens if I ask for 800 overdraft in December but use 600 in December? Is it better to ask for 800 pound in December for Dec and Jan or apply the two times in the year?
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    Well it depends on your circumstances really the bank will only give you an overdraft if they think you can pay it back so the bigger the over draft the less likely they are to give it to you if youre not depositing much or if you regularly empty your account, unless you have a student account in which case i believe it comes with a pre set up over draft facility..
    Best to go speak to your bank manager and ask him/her about it theyll be better able to assist you as their lending practices seem to differ from bank to bank etc.
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    i think it is better to apply for the overdraft facility once becaues of following reasons:

    1- one time processing fee.

    2- u only have to pay interest, if at all, on the amount u use.

    3- u can negotiate good on a bigger overdraft facility


    Hope it helps!
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    My boyfriend is with the Bank of Ireland, I think the max they give students is 500.
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    (Original post by cdoyle)
    I have to pay my uni fees this year which is 3465 pounds. since I am not in any employment only voluntary stuff at the moment and ger JSA I will need to use my maintenance loan to pay my fees. I have enough to cover it but due to timings of student finance loan coming into my account not matching up or before my university are requiring an installment of the tuition fees. Therefore I will need an overdraft at two points in the year- December and again in January- late January likely as opposed to beginning of. I am considering transferring to Bank of Ireland here in N.Ireland from Santander as it looks more likely I would get an overdraft from Bank of Ireland. Santander said something about putting in 500 pound each term (dont know what they mean by a term). I asked Bank of Ireland they said I didnt need to put anything in just my student loan. So, what is the most overdraft someone could ask for in one go? What happens if I ask for 800 overdraft in December but use 600 in December? Is it better to ask for 800 pound in December for Dec and Jan or apply the two times in the year?
    What on earth?-You are meant to pay your tuition fees when you get a job,roughly around £18,000 a year.
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    (Original post by Dalek1099)
    What on earth?-You are meant to pay your tuition fees when you get a job,roughly around £18,000 a year.

    I left my previous course so have to fund tuition fees myself for the first year. Think I might now be ok might only need overdraft in December because my two brothers have also applied now for their finance and so the amount I get has gone up an extra £1000! still means I have to skrimp (not sure of word but its the kinda 'should I buy this sandwich as I am now hungry or not). Its about 500 I'll be needing in December until my 2nd loan installment comes in Santander only gives £250 of dont put £500 in??
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    (Original post by bellazz)
    i think it is better to apply for the overdraft facility once becaues of following reasons:

    1- one time processing fee.

    2- u only have to pay interest, if at all, on the amount u use.

    3- u can negotiate good on a bigger overdraft facility


    Hope it helps!

    Sounds a good idea from your points above. so if I spend 300 into my overdraft say I got 500 do I still have the 200 once my second student loan installment comes in.
 
 
 
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