I feel relieved today.

I called up my bank to enquire about my student overdraft. As you may know, my student overdraft is at its limit and the current balance sits at a tonk -£2, 049.

However, the bank explained the following:

  • I am hopeful to start my MA course in September. They said that when I finish that course, I will then have one year interest free on my overdraft. So that means that I will have until 2010 most likely to pay off the full £2,049. Anything can happen in those times but I am deeply relieved

I would go to sleep thinking about how much I needed to pay to pay off the student overdraft and my credit card. Now, those sleepless nights can start to be combatted.

And I am just so relieved that I have more time now. So technically if all goes well in life and I go to my MA in September, that will mean from this month until July 2010 for instance, I will have basically 24 months to pay off the £2,049, which works out to be around £85 or something pence a month.

I have broken them down into several options of how to pay back this money:

Option 1: £85 each month x 24 months

Option 2: £100 each month = 20 months to pay off.

I truly could not afford to give more than that when I am going to be a student.

I will work really hard to stick to the plan but it will be difficult because I truly want to start saving dosh.

This means I will have to now start looking for a part-time London job for september.

What are your thoughts?