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Some questions about having multiple student overdafts Watch

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    (Original post by danielpearson)
    Have rented a house far too expensive for my means for my next Uni year and this will cost roughly £1000 more, I am looking to getting a student overdraft in order to cover this extra rent but I am unsure on the following:

    **legality**

    **how would I even go about doing this**

    **would I have to deny the existence of my current overdraft?**

    **how would I explain why I need a student overdraft near the end of my second year?**

    Anyone have any folk tales, advice? I'm well aware that it can be seen as a bad idea but am unconcerned about descending into further debt, I simply need a lump sum, and an overdraft would be a 0% interest way of doing it.
    You could be refused a second one as an overdraft will come up on your credit check. Some banks t&cs don't allow you to have a student account somewhere else. Why won't your current bank extend yours?
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    (Original post by danielpearson)
    it's already maxed, I know how bad that sounds, but it's mainly due to rent costs

    are you quite sure that my other student overdraft will show up in a credit check?
    Absolutely,I had to wait a month between switching banks to get a new student account as it hadn't come up as closed till then. The only thing that doesn't come up on credit checks is your student loans.
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    (Original post by claireestelle)
    Absolutely,I had to wait a month between switching banks to get a new student account as it hadn't come up as closed till then. The only thing that doesn't come up on credit checks is your student loans.
    I had no idea, there are so many posts about people with multiple student overdrafts, I don't have a clue how they did it
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    (Original post by danielpearson)
    I had no idea, there are so many posts about people with multiple student overdrafts, I don't have a clue how they did it
    They either went with banks whose t&cs allowed it or they had really good credit scores I suppose. It's not too late to change accommodation and find a replacement. Remember banks expect you to pay your overdraft back in the 2 or 3 years after graduating do you really want debt over your head then if you can avoid it?
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    (Original post by danielpearson)
    I don't think I have a choice tbh, no rich family or benefactor to help me out
    Is that the absolute cheapest accommodation available in your city? Could you cut back on luxuries in the mean time(for instance how often would you say you go out)? If you have no family assistance does your uni have any bursaries you could try for?
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    (Original post by danielpearson)
    So, this year I got roughly £7500 in Maintenance grant and student loan

    I have a £2000 overdraft from Natwest - maxed at end of last year and now every student payments falls into the hole and fills it up - not for very long though

    And a £1000 bursary from my university, that is the highest they give

    Next year I will be paying just over 6000 in rent for the year - it's too late to go back on the contract, I paid the £300 'admin fee' and signed the contract, can't leave without paying £3000 of it. On top of additional expenses - phone, internet and obviously living

    I don't have the option of living with family over summer - no half rent for me

    I think the gist of it is, I have enough to scrape by, but am facing a bit of a cash flow problem in the summer - so I basically need 2 months worth of rent - £1000 and am thinking that a second 0% overdraft would be the perfect option to fill this gap
    I had that exact amount of maintenance at uni (no bursary on top) and barely had to touch my overdraft hence my confusion, never moved back home during the summer either. What are your outgoings when it comes to bills, food and going out?
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    (Original post by danielpearson)
    First year, lets just say I had a small to medium sized gambling problem. I'm paying for that now.
    Oh i m sorry to hear that, i hope you are recovering now. Rather than getting further into debt with a new bank, i would seriously try getting a hardship loan from your university first (most uni's offer them) and speaking to natwest to see if there's a way of them helping you. You could also try selling stuff that you dont need, it wont get you that far but it would be a start.
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    They will credit check you.
    They are unlikely to give you a full student account with benefits as normally they require you to deposit the SFE money into that account and thats already going into Nat West.

    Find a charity if you have any special circs, sell stuff, get a job, loan money from family and friends. The bank might raise your overdraft. Hardship fund at uni.
    If you lie or miss out relevant information when asked, then you would be committing a fraud. Ask on the moneysavingexpert forums for more creative ideas. Would they still let you attend uni if you paid the amount less £1,000 or agreed a deferrment till the summer? Their main sanction is nit letting your return or gibing you a degree till you are paid up.
 
 
 
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