Thanks for all your responses, they're a great help. All-the-nines, you've summed it up well, and for me the second option is and always will be the most practical.
For me, I'd much rather come out next year with a fATPL, no immediate FO job, but no 1200 quid too pay. You can pick up TR's quite cheap atm aswell.
How have you done/doing you training?