How long do I have to pay back student overdraft?

I left uni part way through my course around a year ago and it%26#039;s only just dawned on me that I don%26#039;t know how long I have to pay back my student overdraft before the intrest-free rate runs out. Could anyone give me any clues before the bank probably takes me to court?

How long do I have to pay back student overdraft?title loans

It should be spelled out in your note for the loan. If not, call the bank and take care of it as soon as possible. It is better to work with the bank than to fight against the bank.

How long do I have to pay back student overdraft? loan

The likelihood is that they won%26#039;t be aware of your leaving university - however it will be in the terms and conditions of your bank account that your interest free overdraft is part of your being enrolled on a university course.

So, you have two options:

1) Say nothing, but in the meantime pay as much off your overdraft as quickly as possible.

2) Inform them, and they will charge you interest on the same amount - and you will still have to pay this off anyway whilst accruing interest.

With regards Court action (UK advice only) - unless you have defaulted on your account (you will know this by having been issued with a Default Notice from the bank) they cannot apply for court action - even before this stage, most banks will allow you to make an arrangement to repay the debt.

If you have not defaulted on your account, and there is regular money being paid into it - you will have little to worry about except that you should try to clear the debt as soon possible before interest is charged.

If you need further debt advice, try www.payplan.com, the CAB or www.nationaldebtline.co.uk - these are reputable organisations that will be able to give you the very best debt advice in the UK - Payplan helped me with my debts following university - I have to say Payplan were exceptional.

Hope this helps

Best wishes

Peter