Ok, here's the deal. As i posted in my last post HSBC some more info.
For those with no house to secure a loan on like me here is what they want!
35K cash to frozen in an HSBC account for the length of the loan, so from the day the loan starts till they get the final payment, thats 2yrs for the course plus grace period then 11yrs so, 13yrs you cant touch that dough!
They would like you aslo to make a "personal contribution to your career to show dedication and seriousness" and so the total they will loan under any circumstance is 50K.
Now, like me, you do the math!
eg OAT course = 60,000
Living costs = 10,000
total excluding resits and genral f ups =70,000
Now HSBC for 50,000
Now you've given them 35K, here you go say HSBC, here 50K.
Thank you, now i need 20K to finish the course and live for the next year and a bit. where will i get this, oh yeah along with the 35K i had sitting around i've got another 20K taking up space!
So in order to borrow 50K from HSBC at just over 6% APR, do a course costing 70K, i have to put a personal contribution of 55K.
You can do the math with me so, i'm paying interest on 50K to borrow 15K!
eh, what, eh, mmmmmm, excuse me???????? sorry Sanjay???
mine and my folks exact words!
