The Student Room Group

NatWest overdraft

I’m looking for some advice, I’ve had a few issues with my Student Finance funding, I’ve been recieveing a reduced amount (currently made an application to get this fixed) but in the meantime I was looking at extending my student over draft with NatWest it says in the first term I can have £500 with an increase available after this.

My question is when am I allowed to apply for this increase? As my online banking is still showing that I am unable too do so
Original post by Lozhoward
I’m looking for some advice, I’ve had a few issues with my Student Finance funding, I’ve been recieveing a reduced amount (currently made an application to get this fixed) but in the meantime I was looking at extending my student over draft with NatWest it says in the first term I can have £500 with an increase available after this.

My question is when am I allowed to apply for this increase? As my online banking is still showing that I am unable too do so

It depends on the bank's assessment of your financial circumstances. Unfortunately, the bank is unlikely to agree to extending your overdraft at the moment due to the reduced amount of student finance being paid into the account. This is probably why you can't see the option to increase the limit in your online banking. It's a bit of a chicken and egg situation I'm afraid.

Have you approached your uni to see if there are any short-term hardship funds that you can quickly access? All universities make provision for unexpected financial hardship, so I'd make an appointment to speak to someone in student services pronto.
Reply 2
Original post by Reality Check
It depends on the bank's assessment of your financial circumstances. Unfortunately, the bank is unlikely to agree to extending your overdraft at the moment due to the reduced amount of student finance being paid into the account. This is probably why you can't see the option to increase the limit in your online banking. It's a bit of a chicken and egg situation I'm afraid.

Have you approached your uni to see if there are any short-term hardship funds that you can quickly access? All universities make provision for unexpected financial hardship, so I'd make an appointment to speak to someone in student services pronto.

Very frustrating, I’m a more mature student and my credit is great, I’ve been back and forth with Student Finance for months now trying to correct my payments as I know these are incorrect!

Unfortunately my university won’t help until student finance have finished their assessment of my circumstances!
Original post by Lozhoward
Very frustrating, I’m a more mature student and my credit is great,

In that case you might have more luck in increasing the limit early, given you have a track record of managing credit responsibly. Alternatively, you could see if you can open a mainstream (i.e. non-student) current account and, by using the 'quotation' function before formally applying for it, see if you're eligible for an overdraft. This could tide you over.
Don't listen to this reality check guy, he doesn't know what he's talking about. Just apply for the increase overdraft on NatWest's website and they do it automatically
Reply 5
I’m in a similar situation. I need to get supplies ready for when I start but have been declined my £500 overdraft online. I went in to check at my local branch to see if they could set it up there but the cashier said it’s too early for it to be approved and to wait until after results day.

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