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    My bank (RBS) want their money back as I'm no longer a 'Student' - can I negotiate the terms of repayment?

    The RBS have just informed me that as I'm no longer a student, I'm no longer entitled to a student account and as such, my £1000 overdraft will have to be paid back or they'll start charging interest.

    I've got no problem with them asking for it back, but are the terms or repayment negotiable? I can't afford to give it all back in one go.

    15 Comments

    Tell them that as you are now a taxpayer, you actually own part of their bank, and as such they should leave you alone and go chase someone who owes far more. Remind them as well who pays their wages.

    I wouldn't recommend the above lol

    Pauladin91;5999986

    I wouldn't recommend the above lol



    +1

    Dont go in guns blazing...

    work out your incomings and outgoings note them down clearly

    make an appointment to go into the branch and ask to speak to one of the financial advisors x x

    Really? how long since you were a student?
    i am with Natwest (RBS) and they change your account from student to graduate and you get 3 years of interest free overdraft, however it reduces every year.

    Original Poster

    I actually never completed the course. I was doing a philosophy degree and although philosophy will always have a fond place in my heart, it done my head so I stopped going last year. I don't think I'd be eligible for a graduate account.

    As long as it's reasonable for me to say that I'll pay it back in interest-free installments, then I'd be happy to do that.

    they aren't asking for you to repay it back, they are saying if you want to keep THEIR money, you will have to pay a bit of interest now. The student loan should have been paid off when you stopped being a student. They clearly state that 'while you are a student, you get interest free'.

    They should give you a graduate account automatically (lasts a yr) which means (or used to) you get to keep your overdraft although I think there will still be interest to pay, unless you've actually told them you quit they shouldn't know any better? Also beware that RBS have a tendancy to automatically transfer student/graduate accounts to fee paying accounts once your time's up.

    put them on a debt management plan and offer them a fiver a month

    or a token payment of a pound

    My son was in a similar position. He negotiated to pay back in instalments. However, it appears from what you say, that they'll be happy if you pay interest on yours - he wasn't given this choice. I'd speak to the bank.

    windhoek;6000170

    say that I'll pay it back in interest-free installments, .



    Given the current climate very unlikely..

    Best option would be to borrow money from friends and family and pay it off before you start paying fines/penalties + interest.

    Banned

    kyalion;5999976

    Tell them that as you are now a taxpayer, you actually own part of their … Tell them that as you are now a taxpayer, you actually own part of their bank, and as such they should leave you alone and go chase someone who owes far more. Remind them as well who pays their wages.



    probably not someone who is living off their overdraft and cant afford to pay it back:?

    contact the bank and and speak with them, thats what they do......arrange for loans/overdrafts/mortgages etc to be paid back.....theyre a bank!!:thumbsup:

    Original Poster

    bazzaric;6000456

    they aren't asking for you to repay it back, they are saying if you want … they aren't asking for you to repay it back, they are saying if you want to keep THEIR money, you will have to pay a bit of interest now. The student loan should have been paid off when you stopped being a student. They clearly state that 'while you are a student, you get interest free'.



    Yes that's correct. I want either to keep the overdraft interest free, or negotiate repayments that will be interest free.

    Original Poster

    It sounds like the answer here is to talk to my bank. If I can convince them to let me keep the £1,000 overdraft facility interest free, then I'd be happy with that. I'd also be happy if they allowed me a grace period of a few months or so to put my account back into the black.

    Thanks for all you input,

    windhoek :thumbsup:

    Original Poster

    I suspect your right, but I wouldn't be a true HUKDer unless I haggled about it lol
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