Student Loan/Finance

lessen85

I have a couple of things to ask.

I am in a full-time apprenticeship in the aerospace industry, i have
been for 2 years so my job is secure. However, i was wondering, is
there anyway that i would be eligible for a student loan as i am
studying on the job and at college? I would need the loan to buy
tools, books for college and various other college and work related
things.

Also, i have a 4 year finance on my car and am finding it slightly
hard to keep on top of my payments (i can keep up with them, i just
don't have any money left at the end of each week). I was wondering,
is it worth getting an Alliance And Leicester credit card with 0%
interest on balance transfers? The idea is to transfer the balance to
my bank account, pay off my finance, sell my car and then pay off the
credit card within the 9 months the card allows for 0% interest. I
want to sell my car anyway, but as you probably know, it is illegal to
do so if it has finance on it.

Thanks to anyone who replies.

Malestrom

As far as I know, you aren't eligible for a student loan as they are for full-time students, whereas you are at a place of work. I'm sure someone will correct me if i'm wrong though.

I can't see any problems with your proposal for selling your car and paying off the finance, will your car cover the outstanding finance amount though?

Debt_Free_Chick

I know what you mean by the "illegal" point, but it's not entirely true.

The car actually belongs to the finance company, until you pay off the loan. You can sell the car ... but you would need to settle the finance first.

To do this, you could do as you suggest. Take out a 0% SBT card e.g. Egg, MBNA or Mint. BT the limit (or 90% of it) to your bank account. Use this to settle the finance. You then own the car. Sell the car. Use the proceeds to pay off the 0% card .. or most of it.

You need to know how much the finance company want to "settle" the loan. Call them and ask them for the settlement figure. In the meantime, go back and read the Terms & Conditions for that loan so you know your rights & options.

There's more information here

http://www.nationaldebtline.co.uk/england_factsheets/factsheet_16.php3

If you then post back with your income, the amount needed to settle the car finance, any other debt ... we can give you some pointers re a 0% card and whether you're likely to be accepted.

HTH