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Overdraft and Loan Repayments

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  • 26-01-2009 3:27am
    #1
    Kiith
    Moderators, Computer Games Moderators Posts: 23,172 Mod ✭✭✭✭


    Quick question for you folks. I am currently paying off a student loan, with payments coming out on the 28th of every month. When i was still in college, i would occasionally be broke when the repayments came out, and my account would go into negative figures, even though i didnt have an overdraft at the time. Only ever happened for a few days, as i got paid at the end of every month.

    Recently, i set up an overdraft, as January has been a looooong month. So, if i'm already eating into some of my overdraft, and the loan takes out more then my overdraft is for, will the bank still go over my overdraft limit like they used to? I get paid two days after the repayment goes out, so it will only be that way for a very short time.


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    #2
    road_2_damascus
    Closed Accounts Posts: 125 ✭✭road_2_damascus


    Kiith wrote: »
    Quick question for you folks. I am currently paying off a student loan, with payments coming out on the 28th of every month. When i was still in college, i would occasionally be broke when the repayments came out, and my account would go into negative figures, even though i didnt have an overdraft at the time. Only ever happened for a few days, as i got paid at the end of every month.

    Recently, i set up an overdraft, as January has been a looooong month. So, if i'm already eating into some of my overdraft, and the loan takes out more then my overdraft is for, will the bank still go over my overdraft limit like they used to? I get paid two days after the repayment goes out, so it will only be that way for a very short time.

    so whats your question? not meaing to be a smart ass, but in your situation, there seems to be more month than money :-D


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    #3
    Kiith
    Moderators, Computer Games Moderators Posts: 23,172 Mod ✭✭✭✭Kiith


    Basically, will the bank still withdraw more money then i currently have, even with the overdraft? They used to take it before i had one, putting my account in a deficit for a few days, but this time my account is already in a deficit from the overdraft...if that makes any sense.


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    #4
    Gordon
    Registered Users Posts: 35,524 ✭✭✭✭Gordon


    They'll probably take it out as it's their loan. You'll need to request the loan to come out after you get paid.


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Kiith wrote: »
    Quick question for you folks. I am currently paying off a student loan, with payments coming out on the 28th of every month. When i was still in college, i would occasionally be broke when the repayments came out, and my account would go into negative figures, even though i didnt have an overdraft at the time. Only ever happened for a few days, as i got paid at the end of every month.

    Recently, i set up an overdraft, as January has been a looooong month. So, if i'm already eating into some of my overdraft, and the loan takes out more then my overdraft is for, will the bank still go over my overdraft limit like they used to? I get paid two days after the repayment goes out, so it will only be that way for a very short time.

    I wouldn't be having that suitation last for much longer. Banks are starting to take a dim view on people forcing credit on a constant basis. I say constant because the odd time is not going to materially effect the operation of your a/c (within reason).


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    #6
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Kiith wrote: »
    Quick question for you folks. I am currently paying off a student loan, with payments coming out on the 28th of every month. When i was still in college, i would occasionally be broke when the repayments came out, and my account would go into negative figures, even though i didnt have an overdraft at the time. Only ever happened for a few days, as i got paid at the end of every month.

    Recently, i set up an overdraft, as January has been a looooong month. So, if i'm already eating into some of my overdraft, and the loan takes out more then my overdraft is for, will the bank still go over my overdraft limit like they used to? I get paid two days after the repayment goes out, so it will only be that way for a very short time.

    Why not ask them to change the date the payments come out to the first of the month, so there is always funds to meet it, most all banks do this in my experence (cept First Active)...


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