Really need some advice on student/ graduate overdraft

jcftn

Hi, this is my first post but I'm a long-time reader and I thought somebody on here might have an answer as I am getting very frustrated talking to the banks! I am just finishing a postgrad course, and I have a basic account with Barclays (don't have a student one as I didn't think I needed it). Finishing at the start of June and starting a permanent f/t job in the middle of August. I won't get paid until mid-late September though.

Anyway, between unexpectedly having to move house and holiday plus rent and living expenses over the summer and up to September, plus start-up costs with work (clothes etc), I'm going to fall short by about £3,500.

Can anybody help advise me of borrowing options. I thought I should wait until I am a graduate in June, then apply for Barclays' Graduate Additions account. Apparently it has an interest-free overdraft facility of up to £3000 and an option to apply for an further extension on which interest is payable. The bank have been useless in telling me what my prospects of getting this are - they just keep saying that I'll have to wait until I apply. Trouble is that's cutting it a bit fine and if I don't get it I won't have enough time to arrange something else before I run out of money! The main obstacle to getting it seems to be that I'll need the cash in early June, but not started working until late August. I'm getting the impression that I won't be approved if I'm not actually earning at the time - can anybody confirm this? I have a signed contract with my place of employment so I had thought this would be taken into account.

Can anybody suggest any other options for an overdraft or short-term bridging loan? Once I start work I should be able to clear the debt at a rate of about £1000 per month so I didn't think it would be this difficult. Banks are driving me crazy!

MrsManda

Not sure about accounts though you could try applying for a graduate account now as you are a PG. How long ago did you graduate from your first degree?
In terms of bridging the gap between graduation and first paycheck have you spoken to the jobcentre about any benefits you may be eligible for? You may be able to claim housing benefit, council tax benefit and JSA to cover yourself until you get your first paycheck which would at least cover your rent, council tax and give you a little to live on.

jcftn

Thanks Mrs Manda. I hadn't thought about JSA; but looking at the info online I'm not sure it would be worth my while for the short space of time involved. It seems like a very convoluted process to apply for it, and I would rather not apply for benefits given that I will have plenty to keep me going once I start work.

I've looked into graduate accounts and overdrafts, but I am not eligible to apply until the start of June when I finish my course. The problem is that I'm getting the impression that I won't be granted overdrafts / loans until I start working - I need to show a "regular income" to be approved. Seems like I can't borrow money until I show that I have enough that I don't need to! I had thought that a signed contract with my employer showing (imminent) future earnings would be enough, but I think this probably isn't the case

jcftn

Oh, also, I graduated from my undergraduate degree in 2008, but it was abroad so I wasn't eligible to maintain a student account at the time.