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davidov.jonathan

what happens if I can't pay overdraft?

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Hi,

 

I graduated from university last May, when I was a student I got a 2000 pounds overdraft from the cooperative bank. I am now looking for a job and still can't find one. I know that I have a year to pay the overdraft so my question is: What is going to happen if I will not be able to pay it? will it become a debt that keeps increasing with no limit? can it get to very high amounts of money? what do you do in such a situation? can you ask the bank to pay small monthly installments?

 

Thanks for your help,

 

Jonathan

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Yes, if you can't repay the overdraft, they will add charges - and charges on charges. They will force you to enter a spiral of debt. You might decide to borrow elsewhere at higher rates in order to control the sprial - but this would be very foolish because you will be unable to control it all for very long. Your debts will be sold on to debt collection agencies and you will be harassed and threatened. Entries will be placed on your credit file which will stay there for at least 6 years so that your ability to get further credit or to buy a home will be destroyed - and you will be unable to have a decent functioning economic life until you are eventually able to sort it all out - plus 6 years before the last negative credit file entry goes away.

 

The finance industry will milk you for everything you have. The they will cast you aside.

They will snuff you out.

 

Why don't they teach this stuff at University.


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