More than one OVERDRAFT???

Mushy1983

Hi,

Im new to these forums and need some info/help.

Im currently a second year student at UNI in Newcastle Upon Tyne and im having some financial problems,

i have an overdraft account with Barclays with is quite maxed out at the moment, and i need to know if and HOW is it possible to open another account to be able to attain an overdraft facility...

any help whatsoever would be appreciated,

cheers.

Reply 1

Tednol

10

Mushy1983

Hi,

Im new to these forums and need some info/help.

Im currently a second year student at UNI in Newcastle Upon Tyne and im having some financial problems,

i have an overdraft account with Barclays with is quite maxed out at the moment, and i need to know if and HOW is it possible to open another account to be able to attain an overdraft facility...

any help whatsoever would be appreciated,

cheers.

It's very possible. But if you get your bank account, max out the overdraft and leave it you can expect a letter demanding the overdraft back immediately. You have to make it look like you are using the account as your main account.

If you need another account, go for one with Smile.co.uk. They do a good student account. To open it though, you'll need to find £300 to deposit seeing as you won't be depositing a student loan.

Reply 2

Mushy1983

OP

Tednol

It's very possible. But if you get your bank account, max out the overdraft and leave it you can expect a letter demanding the overdraft back immediately.

If you need another account, go for one with Smile.co.uk. They do a good student account. To open it though, you'll need to find £300 to deposit seeing as you won't be depositing a student loan.

WOW, fast responses, thanks m8,

well yeah so your saying that if i give SMILE £300 this will open me a student account with an overdraft of how much say?

Reply 3

not1

15

Mushy1983

Hi,

Im new to these forums and need some info/help.

Im currently a second year student at UNI in Newcastle Upon Tyne and im having some financial problems,

i have an overdraft account with Barclays with is quite maxed out at the moment, and i need to know if and HOW is it possible to open another account to be able to attain an overdraft facility...

any help whatsoever would be appreciated,

cheers.

youre only allowed one student account im afraid. no bank would take you on if you already have a maxed-out overdraft somewhere else.

Reply 4

Tednol

10

Mushy1983

WOW, fast responses, thanks m8,

well yeah so your saying that if i give SMILE £300 this will open me a student account with an overdraft of how much say?

Yup, and seeing as you are in your second year, the overdraft would be £1400. You'll have to prove you are a student, and in your second year etc but you would have to do that at any bank in this country.

Hope it helps.

Reply 5

Tednol

10

edders

youre only allowed one student account im afraid. no bank would take you on if you already have a maxed-out overdraft somewhere else.

You are only supposed to have one student bank account, but the banks don't share this information (they can't, it's confidential information between the customer and the bank). So long as you don't abuse the system you can have any many accounts as you want.

A girl in my flat has 3, all with interest free overdrafts of £1000+. And I've got 2 student accounts with the Royal Bank and with Smile. Granted though, I don't have the accounts for the purposes of maxing out the overdrafts I just wanted a seperate cashcard incase I lose one, so I still have access to money until a replacement arrives.

Reply 6

ickle_katy

11

surly if you've spent your overdraft then getting another one wouldnt be sensible?

wont you just spend that as well?

love Katy ***

Reply 7

Tednol

10

ickle_katy

surly if you've spent your overdraft then getting another one wouldnt be sensible?

wont you just spend that as well?

love Katy ***

Think what he is getting at is that he has no money, and needs a second overdraft so he has more money. Whether it is sensible or not is up to him! If he can pay it off then it's fair enough.

Reply 8

ickle_katy

11

Tednol

Think what he is getting at is that he has no money, and needs a second overdraft so he has more money. Whether it is sensible or not is up to him! If he can pay it off then it's fair enough.

if he could pay it off..he wouldnt have maxed out his overdraft.

love Katy ***

Reply 9

Mushy1983

OP

ickle_katy

if he could pay it off..he wouldnt have maxed out his overdraft.

love Katy ***

i understand what you mean katy, but with two years left to go on my course im trying to look at things in long term, becasue i know for a fact that in two i will be able to easily pay of these multipile overdrafts. If i knew i couldnt handle it i wouldnt, ive heard too many 'i got into debt' stories and im careful not to sterr myself in that direction.

But back to that overdraft question tednol, i took some time to apply online to the smile account, and i have all the UCAS forms etc...to prove im a student and on my course for another two years......that should be enough right? Will they need previous Bank statements?

Reply 10

Tednol

10

Mushy1983

i understand what you mean katy, but with two years left to go on my course im trying to look at things in long term, becasue i know for a fact that in two i will be able to easily pay of these multipile overdrafts. If i knew i couldnt handle it i wouldnt, ive heard too many 'i got into debt' stories and im careful not to sterr myself in that direction.

But back to that overdraft question tednol, i took some time to apply online to the smile account, and i have all the UCAS forms etc...to prove im a student and on my course for another two years......that should be enough right? Will they need previous Bank statements?

Yup, 3 months worth of bank statements. The UCAS forms should be perfect.

Reply 11

Unregistered

Tednol

Yup, 3 months worth of bank statements. The UCAS forms should be perfect.

see thats where the problem is though, if they want to see my bank statements and see that im below 0 then i'll ultimately wont be able to open an account.

Reply 12

Juwel

18

All debt problems start with a credit card. Don't get a credit card!
Unless you're like my dad who can just laugh at a £20k o/d every month and just pay it off like no-one's business. Huh, and I don't get no credit card to max out :frown:

Reply 13

Tednol

10

Unregistered

see thats where the problem is though, if they want to see my bank statements and see that im below 0 then i'll ultimately wont be able to open an account.

Tell them you have funds in a savings account. They only want 3 months of bank statements to check your address hasn't changed recently. As much as is possible I keep my current account maxed out with all my liquid assets in a high interest savings account, or an ISA. Smile accepted that without proof, although I could have provided proof.

If you're having money troubles and have applied for your full student loan then you're eligable to apply to your uni for a hardship grant (£1000pa) and/or a hardship loan (£500pa).

More details here for Newcastle. The earlier you apply the more chance you have of getting something funds are limited and distributed by the university with priority given to disabled and mature students and students with dependents.

Reply 15

Juwel

18

If you went to sixth-form maybe they have hardship schemes for those they send off to uni. A significant protion of the annual budget at my sixth-form is used for this purpose, and hence we have absolutely crap facilities. Our basketball team has to train in the gym of a local primary school, as our gym is not standard size for a basketball court. Hmmph.

More than one OVERDRAFT???

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