Student overdraft

iamphill

Hi,

My wife graduated from university in June & has a student account with Halifax where she is currently £2000 overdrawn - interest free for first year after graduating which ends in June.

Sadly, she couldn't get a job in teaching so is doing supply work which seems to be none existent at the moment. This means she has no money at all coming on - apart from a small amount I can afford to give her.

To throw a spanner in the works, we recently found out we are expecting a baby. And sadly my wife has very bad morning sickness which lasts the majority of the day, so working could be difficult - and who's going to employ someone who will be going on maternity leave a few months after joining?!

Just looking for some advice on how we can either get rid of the overdraft quickly or to keep the 0% going for longer to give us more time.

Thanks!

crazy_cat_lady

Just as a matter of interest - roughly where are you? I'm in north east England and there's a massive shortage of both permanent and supply teaching staff.
Someone wiser than me will be along to advise soon re money...

iamphill

North west. Seems she barely gets contacted by her agency.

claire123c

Teaching Personnel are a good agency in that area also may be worth asking about cover supervisor/TA roles if actual teacher roles are in short supply right now. Or general agency temp work as a short term measure?

The student overdrafts are usually interest free over 3ish years allowing you to pay off bit by bit. £2000 in first year, £1500 in second etc.

It could be worth trying to switch banks. I did this (several years ago mind) from Natwest to Lloyds and they took over my graduate overdraft too.

Good Luck! X

cms-help

Register with multiple agencies rather than just one. Is she primary or secondary?

Supply work is notoriously in short supply until after October half-term so you might find things pick up for your wife from November.

Also ask the agencies about guaranteed work schemes - they pay you a full-time supply salary regardless of whether they find you work. It's quite common around here and they generally start offering such contracts after half-term.

My school doesn't use agencies, preferring to have its own lists of contacts of teachers that it knows. So can your wife contact local schools in your vicinity or schools she trained at and ask to go on their supply list? It's cheaper for a school to employ supply teachers directly rather than through an agency. Whilst she's not working perhaps volunteer a day a week at a local school to keep her hand in.

You also need to think about maternity benefits - depending how pregnant she is, if she can get enough work in between now and the birth then she might be entitled to Maternity Allowance pay whilst she's off.

As for the overdraft, have you spoken to the bank to explain your situation to see what they can offer? Could you transfer the OD balance onto a 0% credit card deal?

Kitten868

As far as I'm aware that accounts reduces in interest free size not just the whole lot overnight.
£2000 is interest free for 1 year after graduating,
£1500 for 2 years after graduating.
£500 for 3 years.
But I'm a bit hazy. But you have to use it as a 'main account' money going through and dds out or it stops being interest free. So take a look at the small print.
Surely any work would do? I came out of uni and took whatever I could get. She can apply for jobs as she won't be eligible for smp anyway. Could try agency work when the sickness eases off if not check out entitled to for a benefit calculator. Also try the boosting your income ideas. She could start ebaying things to make space for the new baby?
Congratulations on the new member of the family x