Sandhurst type looking for loan - advice?

Discussion in 'Finance, Property, Law' started by OfficerCarnage, Nov 21, 2007.

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  1. Hi all, long time user first time poster.

    In a nutshell, I finished off a (rather expensive) master's program last September (thanks to a £10000 career development loan!), have just passed AOSB this month and am confirmed to rock up to RMAS January next.

    In the mean time, I'm looking for a loan to sort out a vehicle, a dapper suit and some essentials for Sandhurst but neither my bank (barclay's) nor the local high street building societies (nationwide etc.) seem particularly impressed with my chequered previous year's banking performance, living as I did off a meagre TA wage while still at uni, seemingly forever in the red. Confirmed 'job offer' which arrived in the post this AM holds little sway as well.

    I heard of a crowd in Farnborough called "Holt's Military Banking" which sounds encouraging - has anyone any experience of this lot? I feel like I'm in a bit of a financial vortex, but I reckon they'd understand. Any advice would be appreciated.

  2. The_Duke

    The_Duke LE Moderator

    My advice?

    Try and avoid getting into any more debt. I know it sounds flippant, but getting a loan for a car, suit etc will really eat into your meagre salary. You will have nothing of residual value to show for it at the end.

    Trains or cadging lifts will work out cheaper. A reasonable suit bought off the peg in the sales will be fine. Essentials for Sandhurst should not require a loan. Christmas presents perhaps?

    You are already in debt to the tune of £10k - why add to it for non-essentials? Lower debt = more beer tokens as a subbie.

  3. Contact BUPA and donate your anus to them, it should get you around 10K. Don't worry, you CSgt will tear you a new one when you get to the factory!
    • Like Like x 1
  4. Agree with above - dont borrow more unless its essential - 10k in debt is not a good start to a career, get a cheap run a round for your time at sandhurst and as for suits, you dont need to spend big bucks - Burtons for example will do a full suit, shirt and tie for less than £100

    Dont rob peter to pay paul - it will bite you on the arsse! Trust me
  5. If you're in debt why do you want to increase it?
    Forget the car, you won't be able to afford to run it anyway with crude at $100 a barrel.
    There's a shop in the Fulham road, or used to be, that sold second hand Saville Row suits and Lobb shoes etc. Iffield Road end.
    You're in enough debt as it is, concentrate at least some of your energies on clearing the current debts without incuring more.
  6. Thanks for the replies, all.

    My existing loan amounts to £200/month which isn't too much of a drama

    Also, I've accounted for little more than a banger with this loan, and I was exaggerating somewhat when I said 'dapper' suit - I already meant a fairly bargainesque one!

    Ultimately, it's only a couple of grand I'm after, which would make life a lot easier - remember, it's expensive to buy christmas pressies for a fertile catholic family!
  7. Buy the all a lottery ticket each and if one wins, I'm sure you'll be debt free, clothed and well shod! (Don't forget to get a decent pair of shoes (with laces!) to go with the suit!)
  8. blue-sophist

    blue-sophist LE Good Egg (charities)

    A personal lesson in finance ...

    Arrived for commissioning course with a Ford Popular which cost £40.
    Only young cadet with wheels ... 8)

    Blew commissioning uniform allowance on Hillman Minx.
    Bench front seat, column shift ... 8)

    Five years later on, still trying to pay tailors etc. etc. etc.
  9. The cheaper the car the more expensive it is to run. Use the train, no problems with drink driving either!
  10. blue-sophist

    blue-sophist LE Good Egg (charities)

    Concur fully ... I still remember writing the begging letter to Mr Lloyd asking for money for a new tyre. How embarrasing :roll:

    I am starting to look at the cost-benefits and convenience of using taxis instead of owning a car .... 1500 miles a year suggest it may be time to review the economics of car ownership.
  11. I can remember back in 1973 buying an Aston Martin DB5 for 900 pounds. The 1973 Arab Israeli war had just finished and the cost of petrol was soaring, hence the cheapness of the Aston.
    The thing broke down on the A303 and cost me an eye watering sum to put right.
    I had so little money for petrol that I didn't dare drive up a steep hill because the pint or so of petrol would drain to the back of the tank and the engine would cut out. As happened more than once.
    In the end it was put in my parents garage and left there, no one would buy it at a price near what I had paid for it.
    A very valuable lesson learned.
    The driving in Riga is so bad I hardly drive these days.
  12. Best to avoid getting youself into any more debt. Any new subbie I know does nothing but winge about the amount their Mess Bill comes to! Now if you were to deploy your Op Allowance will come in handy when you get back.

    Just something else to consider before you get your foot on the career ladder proper.

  13. blue-sophist

    blue-sophist LE Good Egg (charities)

    @ baldcossack ....

    In 1965 there was a car that was passed from course to course at a certain Crab training establishment.
    Lovely, classic, big USA V-8 engine [damn, I forget the make ... Lagonda? Bristol?]. It did 200 mpg on oil ... you could see the pall of smoke for miles and miles!!
  14. My bold - correct! Excuse my ignorance but wouldn't you be entitled to a Forces Railcard?
  15. Holy thread revival!