Barclays Student Overdraft

Mahatma · 7th April 2008, 16:28

I'm in the posisition of having a student account that is -£1840. What would happen if I let the account rot for a long time? Would Barclays come after me demanding some money? How would they go about getting my money if I didn't have any to give them? I've been told that my credit rating would become terrible, but I'm not concerned about that. Is there any way I could avoid Barlclays wrath? I'm planning on going to Prague to teach English for 6 months and will be selling my possessions to raise the money. When that is done, if debt collectors come around to my house, there will not be much for them to take.

I could work on paying Barclays back, however this debt it simply ruining my motivation to do anything with my life and I'd rather write it off, by fair means or foul.

Unfortunately, one of the conditions on the account is this:
If you break any of the conditions of this agreement, we shall be entitled to claim from you any losses or costs that we incur as a result of your breach.

Should I talk to Barclays and arrange a repayment schedule? My plan sounds very risky.

wino · 7th April 2008, 17:25

Hi there Mahatma.
Welcome to CAG

As has been said here on CAG many times this site does not promote non payment of any debts. If you leave this unpaid or do not put together a repayment plan with Barclays then one day it will turn around and bite you on the ar*e.

You say your not concearned about a bad credit rating. Well you say that now but who knows what the future holds. One day you may need a loan or mortage. You really do need to sort this out not run away and forget about it. As it won't forget about you.

In the meantime you will incurr increasing charges.

Mahatma · 7th April 2008, 21:57

Other people have echoed Winos comments

If I try and negotiate a repayment plan with Barclays, what is the best settlement I can hope to get? I would hope that they could freeze the interest, prevent me withdrawing money from the account and create a direct debit for £100 a month and I'll put any spare money I have into the account. Would that be possible?

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