Bloody rip off [Archive]

Nishko

19th Feb 2001, 14:52

I have just arranged to borrow a whole heap of cash from a well known bank to do my training (40k). They are going to make **** loads of interest out of me (about 20). If this wasn't enough I must also pay a set up fee for the loan (£600) and life insurance which, incidentally must be with them. The basic premium is £12 monthly, but because I am a pilot they have loaded it to £29 a month. I am bloody furious because this is just down right exploitation of someone who needs the help of a bank. Heaven forbid that they should find out I drive a car, or the premiums would surely quadruple......

AffirmBrest

19th Feb 2001, 15:38

No-one's forcing you to borrow the £40K!

That's a lot of money for anyone to lend, and the banks aren't in it for the public service! Something for nothing and all that...

Those who are in a financial position to AFFORD to borrow that kind of money, secured or unsecured, should remember that they are still quite lucky to be given the opportunity.

And if one can afford not to shop around for a better deal on a loan that size, then one must be so loaded that I don't understand what the complaint is about!

Useful reminder to those other wannabes who think that borrowing huge sums of money is a trivial matter (I don't mean you, Nishko, but they are out there!)...

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...proceeding below Decision Height with CAUTION...

HomerSimpson

19th Feb 2001, 16:06

Nishko,

Have you tried shopping around? I've emailed you with some ideas.

Regards,
Homer

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Duff, Duff, that Wonderful stuff. Ummmmm Doughnuts

Nishko

19th Feb 2001, 16:08

I think you may have slightly misunderstood the slant of my complaint. There is only really one bank that will lend that kind of money for pilot training (and we all know who). The loan IS secured, which cost me a fortune in paying for the bank's lawyers fees incidentally, and they insist I have life insurance with them, or no loan. I agree that they are all in it for the money, obviously, and the truth is that I can't really aford to borrow the money, but it is the only way I'll get to do what I want... so I am having to accept the risk. I am just irritated that the bank is so blatantly prepared to extract every last penny out of me when they know I am a captive audience. After all - and very significantly I think, it is now illegal for a mortgage lender to insist on the borrower taking one of thier insurance products as a condition of the mortgage....

Cheers.

Nish

RVR800

19th Feb 2001, 17:36

This is a tremendous amount of cash
like buying a house but...

The only difference is that the bank
cannot reposess a log book full of
unfulfilled outcomes...

.. If it all goes pear shaped..

[This message has been edited by RVR800 (edited 19 February 2001).]

Nishko

19th Feb 2001, 17:40

RVR800 - You are a true poet if you don't mind me saying...

In fact, the kind of attitude you suggest here is the only thing between me and having myself commited to a secure wing.... :)

Nish

RVR800

19th Feb 2001, 21:09

I can never understand the attitude
of financiers the higher the risk the
more you get rooked. And therefore the
less likely you are to pay in the end
This applies to the third world as well

If you live in a council house, unemployed
for 10 years no skills, thick, on drugs
live with partner, unemployed, 15 kids
you'll get stung by a load shark 1000% APR

Sharks no chance of being paid-
Unless you turn to crime

Nice Sofa in the front room though! (for repo)

KYGMSY

20th Feb 2001, 01:50

Have Some Bank Charges might give you a good deal

touch&go

20th Feb 2001, 03:13

Sorry mate but basic primary school economics, your a high risk so you pay more, that life.

Good luck, you'll make it I'm sure with that sort of fire in you.

Blindside

21st Feb 2001, 13:51

Homer or Nishko

Could you email the financial options to me please.

Much appreciated.

Blindside

Nishko

21st Feb 2001, 13:56

Blindside,

What precisely do you want to know? Are you a banking ombudsman...??? :)

Nish

Tosh McCaber

21st Feb 2001, 15:22

Nishco,

Try to obtain a Career Development Loan (Government sponsored loan) from Barclays, Clydesdale (good rates), Royal Bank of Scotland, etc. Its worth £8000, interest-free over the duration of the course plus 2 months, and, thereafter, is repayable, as I recall, over a 5 year period at (Clydesdale) 6.5% approx.

Worth applying for, if still available, and will reduce the amount you have to borrow at high rate terms!

Good Luck.

Tosh

[This message has been edited by Tosh McCaber (edited 21 February 2001).]