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Do people work the summer holidays in order to pay off their overdraft?

Kura1984

I don't want to work the holidays!!!

I currently have a 750 pounds overdraft with Lloyds, which I thought would be 'my' money until I leave university (in 2009). However, I've heard that lots of people work during the holidays in order to pay back the loan so that they can 'live' the next year. Now, the reason why I don't want to work the holidays is because a) I'm knackered, b) I have a son who I'd like to spend time with, c) my fiancee has been looking after our son while I've been at uni so he would like a break, d) I want to do another course and get up to speed on my second year reading

Is it unreasonable to not want to work during the holiday? Will I need to?

Thanks for replying.

Reply 1

Né Stig

I don't understand the paying back of the overdraft. Surely your student loan will pay that off? Natwest for me is £1000 overdraft student at 0% or £3000 at 4% - so I opted for student as I'm continuously in the red at the moment.

I think if you want to enjoy yourself in the year - working is a must. I just got a rebate of £1300 which was a welcome surprise, so look at your tax situation and see if anything could be due back through previous years (up to a few years).

I think a part-time job at M&S is perfect really, which brings enough dosh in which can sustain your relationship and child.

Reply 2

Hanax

My student loan only covers my accommodation so I end up in my overdraft for other living expenses. People then work to pay all or part of this overdraft off so that they have money to spend on living expenses next year. If I didn't work I would go over my overdraft limit. If you won't go over your limit and you are happy being overdrawn then you don't have to work.

Reply 3

tbm

Ive never bothered paying back my overdraft over the summer hols, and I dont know anyone who has either. The money that I earn over the summer when I dont get any loan income is just enough for me to live on, so theres no way I could afford to pay it off (until Im working full time that is, which will hopefully be in the next few months :biggrin:

)

Reply 4

L0RA

Work out how much money you'll have and whether it'll be enough for the next year. Most people work full time during the summer so they have money to eat the next year, if you have enough money then you dont need to worry about it.

I'm working full time from a couple of weeks ago until September so i can afford to live nest year.

Reply 5

evil groove

So do you lot have to go into an overdraft because your loan is not enough for you?

Reply 6

spark911

I'll be working to pay it off. I want my 2nd year to be all in the black, I don't want to go into my overdraft again. Or, at least, be able to if I need to rather than make it more. 3 year course = only 2 summers. So it's either now or next summer. I'd rather not leave it until late, so may as well get rid of it now!

Reply 7

mousey

My loan goes on accomm and i'm very nbearly at my overdraft limit now. Therefore, to have enough money for easter and to reduce my overdraft a little i've been working for the past couple of weeks. I will also have to do this in the Summer for the same reasons. It's nice to be in the black after Summer because it means you've got your whole overdraft to use again instead of the couple of hundred pounds it gets extended by. PLus i want to go on holiday etc and i can't afford to do that stuff without working. If your fiance can support you whilst you're home all Summer then it doesn't sound like a problem. xx

Reply 8

.:fluff:.

I have a £1250 overdraft with natwest which is very close to the limit. I get the loan on the 16th but that only just covers the rent leaving me back in my overdraft, so I am working full time as of last week. Not necessarily to get myself out of my overdraft (which would be nice) but just to have money. I'v also got £1200 rent to pay on my flat in 2 months time and I'm going travelling so the chances of me ever being out of my overdraft any time soon is quite slim :rolleyes: