2 graduate overdrafts?

ruivinho

Hi everyone

I am looking for some advice, apologies if a similar question has been answered elsewhere, if it has i cant find it.

I am 24. I graduated in 2009 from uni with very little debt thanks to my dad slaving away to help me and the odd bit of work while i was at uni to help things. I have always wanted to avoid getting into debt. Since then i was forced at one stage to take out a graduate overdraft with lloyds of £2000. i am now in my third year of this paying lots of interest because i still owe lloyds £1999.99 and cannot seem to find any work that offers more than 7 pounds an hour. i have been skint since i can remember and am sick to death of it. when i say skint i mean i can barely afford to feed myself. i have applied to do a 1 year PGCE in london in sept this year and will probably get it. for that i have applied for a student loan which will cover tuition fees and a tiny bit of living costs. in the meantime i remain dirt poor.

would it be an awful idea, in the meantime, to apply for another graduate overdraft? i cant keep seeing everyone around me doing what they want, going out and having fun, and just keep on like this. It seems the maximum you can get from a graduate overdraft is 2000, ideally id like a bit more... but is it a good idea when im about to start studying again and will be borrowing more??

thanks so much for any advice!

DCFC79

Why you looking for work of £7 an hour, why not any job that pays nmw to help with paying off the overdrafts.

ruivinho

perhaps i wasn't clear, sorry. i already have work, i work 3 jobs, none of which pay more than 7pounds an hour, and its very hard to gain any disposable income

DCFC79

ruivinho wrote: »

perhaps i wasn't clear, sorry. i already have work, i work 3 jobs, none of which pay more than 7pounds an hour, and its very hard to gain any disposable income

Ok so you have 3 jobs then it looks like you need to spend les so you ahev more to throw at the OD, i cant answer your question about another OD but im sure someone else can though.

DreamerV

How many hours do you work for around £7 an hour? If it's fulltime, I'm surprised you can't make inroads to your overdraft. Do you live on your own now, or with your father, or elsewhere?

If you post a SOA, it would help us see what's best to suggest. I don't think taking another overdraft will help though, as you'd just have more debt and you're proabably about to build up more when you do your PGCE.

Edit: I've just seen you are paying interest on this overdraft - no wonder you're not making progress. Do you have a reasonable credit rating by the way?

19lottie82

Hi OP, as the others have said, please post a statement of affairs so we can get a better understand your incomings and outgoings.

It is very possible to live independently as a student due to a combination of loans / bursaries and wages from a PT job, it may not be easy, but many do it.

What is your degree in? Although the above is true, it's sad but true that a lot of students get in to debt as they are convinced that they will come out of uni and start earning fabulous money that will enable them to pay it all off easily. As you have found out, this is n't usually the case.

Anyway, fill this out
http://www.makesenseofcards.com/soacalc.html
post it up and hopefully we can offer you some advice.

rartherinv

Go for the teacher training if that is what you really want to do, but the bit about loaning large sums of money to do as friends are doing going out and living it up? sounds like you just want to have a gap year from the real world.

19lottie82

OP, not sure if it’s Primary or Secondary teaching that you would like to do, but if it’s the latter and your degree is in a specialised subject, have you thought about tutoring? I’m sure this will pay more than £7 ph, and you should be able to fit it in around your studies?

rdchick

Heya, you might struggle getting another graduate anything, they seem to be picky about the dates you leave and stuff, and it's been 3 years...

As for PGCE could you not apply for one that wasn't in London? unless that's where you live with your parents and it's rent free/ small housekeeping as the cost of living in London is ridiculous.

Good luck with the PGCE I plan to do the same next year when I am debt free xxx