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Thread: Unsecured Loans
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Old 15th Oct 2007, 15:34
  #44 (permalink)  
Chukkablade
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Docash, good luck. You'll need it to be on your side.

The banks, or any lending institution, will look at you now as someone who has racked up the inevitable student debt getting a Law Degree, and who has now changed his mind about what he wants to do with his life and wants someone else to fund the change. All without either asset nor parental security, and still with a big minus on the balance sheet. Your a risk, and with bankrupcy now easier than ever, not a good risk for the banks. The pay off from letting the 'want it now' generation get out of jail easier is that honest individuals who want to borrow are finding it's harder. Banks do not like to lose money. They like sure things.

As WWW states, you'll be very lucky to get 15k or more, and even then it'll be on a sore interest rate.

The other point to consider is what if you do the gold plated integrated course, and don't get hired at the end of it. Not all do, and their is definate 'Who you know' elements of recruitment into this industry as there is with all others. Thats life, and I wouldn't even say it's wrong. You help your own, after all. So, could you service that sort of Uni+training debt without a flying job of you had to go back to Law?

Credit is getting far, far tighter. I have close family and friends who work in finance at some fairly senior levels (European Controller for a 'household name' financial provider type of level) and so pick up on work chat from them, hence my opinion.

Easiest way to put it. When I cancelled my Abbey National Credit Card a few years ago, they offered me a 20k loan, interest free for 6 months, on the card, if I would retain it. Would that get offered now?

Doubt it.