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Overdraft debt with AIB..

  • 12-05-2012 9:01pm
    #1
    We
    Users Awaiting Email Confirmation Posts: 284 ✭✭


    I have a student overdraft with AIB and I've a little debt.. What'll happen if I were to leave my job before its paid off? I want to leave to focus on college but if leaving my account in the negative for the next year+ is going to bite me in the ass I'll continue working til I have it paid off..

    Thanks for any help :)


Comments

  • #2
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    It's a bit of a no-brainer: You have a job and you have debt - You clear the debt before quitting the job.

    The last thing you will want is for a debt to be building up. It will only get bigger, worsen your chances of getting credit in the future and probably start to worry you some time over the next year.

    If you quit this job, you can't say for certain when you'll be working again. Likewise, I don't know why you would be quitting the job now - don't you have the whole summer ahead of you? If it's just a few extra weeks of work, it will be very much worth it to go into that year debt-free.

    With regards to what will happen if you just leave the debt, it depends on:
    • How much is the debt?
    • How much is the authorised credit limit?

    If you never exceed the credit limit, then you only really have to worry about:
    1. interest accumulation
    2. poor account management
    3. not knowing precisely when you will be able to pay it off

    If you already have exceeded the limit (or will during the year due to interest accumulation), then, as well as the above, you will also be facing:
    1. surcharge interest
    2. possible penalties and fees
    3. having the account coded
    4. possibly having the facility withdrawn and full repayment demanded (ie, they give you a month to pay off the whole thing).


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