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Using overdraft to buy things for Uni Watch

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    Hi all,

    Basically, I don't have much money saved up to buy things for uni - I only have about £85 and I'm in need of a new laptop, things for halls, over £100 of books etc.

    Student bank accounts offer around £1000 overdrafts..if i was to use some of this to buy things, when my student loan goes in, would it just pay back the overdraft or would all of it go into my account and my overdraft stays the same amount as before the loan?

    I hope this makes sense, if it doesn't please ask :confused:
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    I did that with my overdraft to get my last few things
    I'd just spent all the money I'd earned on a holiday and my parents never got me into saving anything so I didn't have much money.
    Just don't spend too much of it, else you may find it hard to get back out of the overdraft.
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    I'm not 100% sure but I would expect that the loan would go to paying off the overdraft
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    The overdraft just allows you to go to negative amounts, so if you have an agreed £1k, and spend £600 of it, you'll have -£600. Then when the loan comes in, it repays the overdrft first, so if you get £2k loan,, you'd have (+)£1400
    It's that simple
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    (Original post by harrym96)
    Hi all,

    Basically, I don't have much money saved up to buy things for uni - I only have about £85 and I'm in need of a new laptop, things for halls, over £100 of books etc.

    Student bank accounts offer around £1000 overdrafts..if i was to use some of this to buy things, when my student loan goes in, would it just pay back the overdraft or would all of it go into my account and my overdraft stays the same amount as before the loan?

    I hope this makes sense, if it doesn't please ask :confused:
    Get yourself 2 Student Accounts.

    If you're Dyslexic you may be able to get a Laptop through DSA. (If you don't have Dyslexia, don't try and pretend you do, you have to be tested).
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    (Original post by OllieDS)
    Get yourself 2 Student Accounts.

    If you're Dyslexic you may be able to get a Laptop through DSA. (If you don't have Dyslexia, don't try and pretend you do, you have to be tested).
    The majority of, if not all banks requires your student account to be the account in which your student finance is paid into. That and it is usually a breach of Terms&Conditions to have another student account with another bank.

    At OP your student finance will automatically pay off your overdraft. Most people use their overdrafts before their student finance comes in.
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    (Original post by SophieSmall)
    The majority of, if not all banks requires your student account to be the account in which your student finance is paid into. That and it is usually a breach of Terms&Conditions to have another student account with another bank.

    At OP your student finance will automatically pay off your overdraft. Most people use their overdrafts before their student finance comes in.
    Nope, almost all allow you to take out other Student Accounts.

    I checked all that out myself because I have a few Student Accounts.
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    Firstly...don't buy books until your course has actually started.
    I spent about £300 on books I didn't even need just because I was being eager.
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    (Original post by harrym96)
    Hi all,

    Basically, I don't have much money saved up to buy things for uni - I only have about £85 and I'm in need of a new laptop, things for halls, over £100 of books etc.

    Student bank accounts offer around £1000 overdrafts..if i was to use some of this to buy things, when my student loan goes in, would it just pay back the overdraft or would all of it go into my account and my overdraft stays the same amount as before the loan?

    I hope this makes sense, if it doesn't please ask :confused:
    The overdraft merely lets you go into negative amounts without a penalty, it's not free money. If you need to buy things then save up or get your parents to buy them, as one of you will ultimately need to pay off the overdraft. You should try save the overdraft for when you really need it, like if you're running low towards the end of term or if you suddenly need to put a deposit down on a house, not burn it before you've even started university.
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    (Original post by OllieDS)
    Nope, almost all allow you to take out other Student Accounts.

    I checked all that out myself because I have a few Student Accounts.
    Hmm, mine doesn't.
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    Yeah, your student loan will just pay back your overdraft.
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    (Original post by SophieSmall)
    Hmm, mine doesn't.
    Who you with?
 
 
 
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