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    Basically, I've opened my Natwest Student account, and I got £1250 overdraft in first year, £1400 in second year... etc.

    Does this mean that in second year I recieve an extra £1400? Or does it mean that I only get an extra £150 for the whole year to spend? It isn't very clear on the website or booklet etc.

    Any information would be greatly appreciated
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    it means your limit goes up to 1400, not up by 1400.

    so yes, it will increase by 150.
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    Eek, thanks, that's going to be hard!!
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    It means the over draft will be extended to £1400 in the second year (probably providing you don't exceed the limit in your first year without prior arrangement).

    But really, don't think of an overdraft as money you have to spend, (you'll have to pay it all back when you graduate anyway). Think of the overdraft as a back up if you find you're spending more than you are getting in through loans/bursaries/work/parents etc.

    It's best, though probably near impossible if you don't actually go into your overdraft, then once you graduate you won't have to worry about any money you earn being swallowed up by the overdraft (also if you don't ordinarily use your overdraft, while at uni you would have it there for emergency situations while at uni, such as if all your things were stolen nd it was taking time to claim back insurance or if you own a car and suddenly find it brakes down or have a crash etc).
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    (Original post by Roger Kirk)
    It means the over draft will be extended to £1400 in the second year (probably providing you don't exceed the limit in your first year without prior arrangement).

    But really, don't think of an overdraft as money you have to spend, (you'll have to pay it all back when you graduate anyway). Think of the overdraft as a back up if you find you're spending more than you are getting in through loans/bursaries/work/parents etc.

    It's best, though probably near impossible if you don't actually go into your overdraft, then once you graduate you won't have to worry about any money you earn being swallowed up by the overdraft (also if you don't ordinarily use your overdraft, while at uni you would have it there for emergency situations while at uni, such as if all your things were stolen nd it was taking time to claim back insurance or if you own a car and suddenly find it brakes down or have a crash etc).
    Well considering I'm trying to find a way not to rely on my parents it's going to be a problem.

    *Tuition fees loan - £2700 (covers all fees)
    *Maintenance loan - £3305 (more or less the same price as my accommodation all year)
    *No bursary etc.

    So that means there is nothing but more overdraft to pay for living expenses. That is unless I get a part time job whilst at university - but considering I'm doing a difficult course it may not be a good idea. My parents have offered to help me out. But I feel bad doing it... especially as I have a sister coming up to university age too. Where else could I get an income from? No private loans from the bank that will help?
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    (Original post by Solid_L)
    Well considering I'm trying to find a way not to rely on my parents it's going to be a problem.

    *Tuition fees loan - £2700 (covers all fees)
    *Maintenance loan - £3305 (more or less the same price as my accommodation all year)
    *No bursary etc.

    So that means there is nothing but more overdraft to pay for living expenses. That is unless I get a part time job whilst at university - but considering I'm doing a difficult course it may not be a good idea. My parents have offered to help me out. But I feel bad doing it... especially as I have a sister coming up to university age too. Where else could I get an income from? No private loans from the bank that will help?
    I survived on about £4500 a year at uni with no parental help. Sadly, yep, I did rack up a £1500-£2000 over draft by the time I finished and took about £300-£500 out of my savings over that time too.

    This was without a part time job too.

    But on your money it should be possible. But your loan money will have probably been based on parental contributions, so it's unrealistic to expect to survive without them. Not sure if it's possible, but could you have been assessed as an independent student? Or is that impossible if you've actually been living with parents for the last few years?
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    (Original post by Roger Kirk)
    I survived on about £4500 a year at uni with no parental help. Sadly, yep, I did rack up a £1500-£2000 over draft by the time I finished and took about £300-£500 out of my savings over that time too.

    This was without a part time job too.

    But on your money it should be possible. But your loan money will have probably been based on parental contributions, so it's unrealistic to expect to survive without them. Not sure if it's possible, but could you have been assessed as an independent student? Or is that impossible if you've actually been living with parents for the last few years?
    Yeah, I have been living with my parents all my life, and so I suppose it is assumed my parents will give me money. I don't like the idea though! I just see it as unfair: even though they are very willing to provide for me, if only a little. Infact: they have assumed they are giving me money.

    My loan is with Natwest at the moment, which has £1250 overdraft leading up to £2000. However, Halifax BOS offer £1750 overdraft in first year up to £2100. I think I may switch to them.
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    I think you'd be better staying where you are for the sake of £100 overdraft over 3/4 years.

    The Natwest one appears to go up to almost the same amount, but will go up gradually giving you a fair bit more overdraft each year, but the Halifax one seems to only increase a small amoutn each year after intially being quite large. This might lead you to greatly over spend without really thinking in the first year and leave you with very little money to play with in latter years.
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    Thanks a lot, you've been really helpful (throws what little rep power I have your way once I can rep again tomorrow)

    I've also heard natwest are quite good for extending overdraft if needed. Is this true? There isn't a natwest branch in my University Town, but I don't think this will matter will it? As I can withdraw cash from any banks cash machines free.
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    (Original post by Solid_L)
    Thanks a lot, you've been really helpful (throws what little rep power I have your way once I can rep again tomorrow)

    I've also heard natwest are quite good for extending overdraft if needed. Is this true? There isn't a natwest branch in my University Town, but I don't think this will matter will it? As I can withdraw cash from any banks cash machines free.
    Pretty much any cash machine with a major bank can be used to with-draw money free of charge. It should warn you if it will charge you.

    I can't really say much about Natwest as I've always been with HSBC, but HSBC have been good with me and once extended my over draft (last summer when I graduated and before I started my PGCE).

    Most people I know have used either HSBC or Natwest though, so I guess Natwest are also really good.

    Not sure what not having a branch near you will do. I can't say I've needed to go speak to anyone in the bank much these last few years, I guess many people are the same. But things like extending overdrafts would need you to go into the bank. I guess so long as you know how to get to a branch should you need to (eg like near home) then you'll be fine without having one immediately near you.
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    (Original post by Roger Kirk)
    Pretty much any cash machine with a major bank can be used to with-draw money free of charge. It should warn you if it will charge you.

    I can't really say much about Natwest as I've always been with HSBC, but HSBC have been good with me and once extended my over draft (last summer when I graduated and before I started my PGCE).

    Most people I know have used either HSBC or Natwest though, so I guess Natwest are also really good.

    Not sure what not having a branch near you will do. I can't say I've needed to go speak to anyone in the bank much these last few years, I guess many people are the same. But things like extending overdrafts would need you to go into the bank. I guess so long as you know how to get to a branch should you need to (eg like near home) then you'll be fine without having one immediately near you.
    Thanks mate, reduced my worries I guess what I'll have to do is work through the summer to lose my overdraft and start again lol.
 
 
 
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