No job - student account expiring

lisaw87

Ok I have originally posted this in the bank account section but have had no luck with advice.

Please can anyone help?

Ok so I have had a letter today to say that my student account free overdraft is ending in August. I graduated in July 2014.
So I have looked into getting a graduate account to cover my overdraft for the next 2 years however, they require you to have an income.
I do not have an income and probably will not for a while as I am currently not working.
Are there any options for me? I cannot afford to pay off my student account and cannot get either Santander or Lloyds account as I have no income. What do i do?

I am aware that I took out a student account that does not automatically turn into a graduate account. But 4 years ago I was not aware that I would not be working at this point. I presumed I would have a job and everything would be well. Please do not take into account my personal circumstances for how I ended up here, I am just looking for options of what I can do now. I cannot change the past.

Thank you in advance

bexster1975

Hello Lisa

I hope you don't mind my asking a potentially rude question but why don't you see yourself working in the near future?

I only ask because you simply need an income for a graduate account. Then you could choose to bring the overdraft down slowly ( £100 a month) until it was gone. I didn't get a great job straight after graduating so worked as a temp for a while and bought my overdraft down that way.

Just a thought

Bexster

lisaw87

Since graduating with my young family I have looked into ways in which I can afford to go back to work. However, the low income I would receive for my job and the long hours I would work, would mean I bring home around £10 a week. I don't see it worth my while working more than 40 hours a week for £10.
I am looking for work that I can do at home but have had no luck yet.

bexster1975

Oh, sorry to hear that. No, I see how working for £10 seems pointless.

If home working directly isn't an option, could you work for yourself in any capacity? Not sure what you can do about overdraft. Banks are not desperately helpful often when you actually need them to be in my experience.

Bexster

rockm87

Can you not just pay off your overdraft?

You will need an income. Do you have anything to sell?

Can I just ask, why did you go to university without the idea of going to work after? not being rude again...but come on, get those bank notes flowing in!

Otherwise you will have to let your overdraft default and treat it like a debt hanging over your head til you get some work.

Are you receiving all your benefits too?

lisaw87

rockm87 wrote: »

Can you not just pay off your overdraft?

You will need an income. Do you have anything to sell?

Can I just ask, why did you go to university without the idea of going to work after? not being rude again...but come on, get those bank notes flowing in!

Otherwise you will have to let your overdraft default and treat it like a debt hanging over your head til you get some work.

Are you receiving all your benefits too?

Not being rude? Please if you know a way to get me a job that will pay me more than my childcare costs then please go ahead.
Of course I did not go to University thinking I am not going to work. What a waste of my time and money if thats what I thought.

Is it possible that I can ask people who have any ideas to help, respond? I am aware I can just leave it as debt but wanted to know if there was any other option to help me?

rockm87

ok, I'm sorry then.

I'm not sure what options you want.

You've been given advice on two boards, and aren't happy with anything anyone has said.

I'll leave you to it.

SeduLOUs

lisaw87 wrote: »

However, the low income I would receive for my job and the long hours I would work, would mean I bring home around £10 a week. I don't see it worth my while working more than 40 hours a week for £10.

I do sympathise with the situation, but it isn't just £10 a week you are working for.

You are also getting work experience which could prove invaluable for getting to the next step of the career ladder which means your income could be worth more than £10 a week much sooner.

It means you are paying some NI which will start to build up your state pension and contribution based benefits should you ever need them in the future, and will probably also be entered into another scheme via the employment to start saving for a retirement.

And last but not least, it also means you will be getting an income which negates the overdraft problem you are asking about.

clint_S

If you have no evidence of an income no bank will want to transfer your debt into a new account. The simple solution is to get an income, whether short term or not. I appreciate that child care costs are ridiculous, do you not have family near by that could help, or if you have more than one young child it can be cheaper to go with a child minder. What about the children's father, couldn't you work nights or a different shift pattern.


The £10 isn't just money it's experience, without experience you'll never be able to get the dream job or move up the ladder and the longer you hold out starting work the harder it will get to find the next job.