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What happens if i cant pay off my overdraft?

Sigh.

I'm speechless.

OP the 'scummy' bank has given you money that isn't yours to spend. Now you don't want to pay it back.

But I'm going to be vaguely helpful here (I have no idea why). I lived in my overdraft for about 4 years after graduation and my bank never asked me to pay it back and they never lowered the limit. A tad irresponsible but that's the way it seems to go. They did charge me interest but as I had a job I was able to pay it and never went over my agreed limit. (The bank was barclays if you're wondering). Anyway last year I finally paid back the overdraft and have since moved to another bank for unrelated reasons.

You might get away with it for a while, but I understand that banks are now being stricter with student overdrafts after graduation (someone please correct me if I'm wrong).

Now for the not so helpful part: OP don't be a leech on society. Earn some money and pay back the overdraft. Then you can do all the voluntary work you like.

Edit: Based on my above comments I really should change my signature...

Reply 62

Niaya

13

is it a graduate account or a student account?

Reply 63

Talya

16

SoundDevastation

I dont plan on earning more than I need. Im unemployed now and I dont need more money... apart from for this, but im reluctant to get a job just to pay back some scummy bank.

Bailiffs take things right? what kind of things? what if i have no things? what if i move house and dont tell them? :ninja:

You SPENT the bank's money on ITEMS. They can take those items back if you don't give them the money back.

If you didn't want to be a slave to debt, you shouldn't have used the money in the first place!!!

What voluntary work do you do, Sound Devastation? I am sure there are jobs related to it, even if they are not exactly the same. For example a couple of summers ago I volunteered at a charity shop, but that charity shop had a paid manager :smile:

Reply 64

ThePants999

14

SoundDevastation

i want to live my life, not spend it as a wage slave paying back debts.

You want this. You want that. Bully for you. I'm afraid that once you make a decision, you can't avoid the consequences just because you want to. Ignore their letters, move house, do whatever you want - they will find you, and they will take their money back. Personally I recommend you don't **** up many years of your life over a few months of inconvenient work, but given your attitude to stealing I'd rather you continued to make the wrong choices.

(And by the way, if you steal from companies then you're not stealing from some non-human entity, you're stealing from the people that own the company. For large companies like banks, this is mostly pensioners whose pensions are invested in those companies. Congratulations, you're stealing from grannies.)

Reply 65

snu

2

ThePants999

(And by the way, if you steal from companies then you're not stealing from some non-human entity, you're stealing from the people that own the company. For large companies like banks, this is mostly pensioners whose pensions are invested in those companies. Congratulations, you're stealing from grannies.)

Not to mention the Government, who have recently taken large stakes in banks to prop them up.

So not only are you screwing every single good honest hard-working person in the nature by CHOOSING to live off benefits because you think everybody else owes you a cushy life doing voluntary work, you're also screwing them by defrauding the banks that they are effectively shareholders in.

Good job.

Reply 66

Talya

16

snu

Not to mention the Government, who have recently taken large stakes in banks to prop them up.

So not only are you screwing every single good honest hard-working person in the nature by CHOOSING to live off benefits because you think everybody else owes you a cushy life doing voluntary work, you're also screwing them by defrauding the banks that they are effectively shareholders in.

Good job.

No tot be pedantic but I don't think the OP mentioned they were claiming any benefits? I might have missed it though, sorry!!

Reply 67

natweststaffmember

6

SoundDevastation

I have a student overdraft of £2000 that only remains interest-free until april.

If I couldnt afford to pay it back, ever.. what would happen?

When you don't pay it back and you need advice, then I can tell you.

Reply 68

cumbrianguy

You people talk about legal action like its a common thing... you see, banks have this little thing called insurance, therefore it is very rarely financially feasible to take legal action especially if you're a student (no house, no car, low income). Over a small amount like 2k, its far cheaper for them to pay the insurance excess and write off the debt.

In my opinion, and this is speaking from experience as I know a few lawyers personally and people who have took 10-20k and not paid it back, the worst that will happen is bad credit, even if you do get a visit from the bailiffs, they can't enter your property unless you let them in, this is a far cry from a repossession!

People with bad credit can quite easily rent by simply having a co signer on the contract and even bankrupts can open bank accounts these days...

Remember it's the credit crunch people! the majority of people have bad credit! Relax... hope this helps :yep:

Reply 69

Clubber Lang

15

SoundDevastation

id pay them back if i had the money.. im reluctant to sacrifice a part of my life for it. I dont want to own property.. and what is credit good for?

Apart from what you spent your 2k on?

I won;t go on the moral high ground because it has been done

Effectivley the charges will rise, you will ruin your credit rating (i.e not be able to get loans later) and possibly be made bankrupt / get the bailiffs in.

I don't know what banks do but a lot of companies write the debt off and sell it to debt collection companies who will take you to court to get the money back and eventually get the baliffs in

The downside is that it can affect the credit rating of people who live with you and also when the baliffs turn up they may just start nicking stuff your family etc own (if you still share with them).

Reply 70

Aphearos

Lampshade

Why don't we all try to undermine legitimate business operations then.

Hell, it doesn't matter if we completely **** the economy, destroy people's jobs and livelihoods, indirectly action govt. spending freezes and generally go back to the dark ages.

Cos.. you know... that would be like so totally cool. :rolleyes:

Little do you know how banks actually work - if you did, you would solely blame them for the current economic climate. I suggest you research the "Fractional Reserve System".

Reply 71

GR29KHS

2

Not all banks do that, some have more money in reserve than they've lent out.

The consumer is PARTLY to blame I personally think. It doesn't take a lot of common sense to realise that borrowing much more than you can afford to pay back isn't a good thing.

Reply 72

cumbrianguy

"Not all banks do that, some have more money in reserve than they've lent out."

The primary cause of the credit crunch contradicts the above statement...

And the bailiffs used to collect unpaid overdrafts don't have any more power than a postman, the only time to worry about these is if you're home is being repossessed, then they're allowed to break an entry.

Reply 73

griffiths_jay

SoundDevastation

I have a student overdraft of £2000 that only remains interest-free until april.

If I couldnt afford to pay it back, ever.. what would happen?

An investment banker will eat your soul.

Reply 74

cynic13

Hi my friends

I have problem as to student debit card/account of HSBC.

I am overseas student. Ihad student passport account of HSBC.I forgot to pay monthly fee of debit card which is 8 pounds per month for 4-5 months.
Today, I went to HSBC and I was told that my account is closed and transfered me to the debt collector Metropolitan Finance Com.
I have debt which is 43.70 pounds . I have fear about to be charged by high interest . Is it possible?
As I said above, I have just student acccount-debit card. I haven't used for 4-5 months.
I m having fear as to have any big charge because of interest.
Please Im looking for your advice

Reply 75

Jmzie-Coupe

14

Original post by cynic13

Hi my friends

I have problem as to student debit card/account of HSBC.

I am overseas student. Ihad student passport account of HSBC.I forgot to pay monthly fee of debit card which is 8 pounds per month for 4-5 months.
Today, I went to HSBC and I was told that my account is closed and transfered me to the debt collector Metropolitan Finance Com.
I have debt which is 43.70 pounds . I have fear about to be charged by high interest . Is it possible?
As I said above, I have just student acccount-debit card. I haven't used for 4-5 months.
I m having fear as to have any big charge because of interest.
Please Im looking for your advice

Yes it's possible. You signed a contract, forgetting to pay is your own fault. They have every right to refer you to debt collection agency and yes you will pay high interest rates, so I suggest you pay them what you owe them as soon as possible so as not to incur even higher charges.