Advice please, anyone?...

danb7777

Ok, I am 19 and wanting to go to Japan for four months during my gap year. I am currently at college and hoping to set off in September '07. I will not be able to work during the months leading up to that date to save money due to heavy college work. However, I do have about £4000 worth of stable shares. I do not want to have to sell any of these shares unless I HAVE to.
Anyway, on with the question...
Could somebody suggest a loan I could get? (It will probably be in my mums name) - Preferably one with no minimum income.
Also, how would things work. Say, I got a £4000 loan for 12 months, paid for the entire trip, spent four months away, then came back and got a full time job to pay it off during in the remaining 8 months. Would I have to pay back a lot? And are there any hidden charges? I'm just trying to get this sorted im my head so I know every detail and have no surprises.
If anything goes wrong and I need to pay off any debts quickly I have always got my shares.

Thank you very much for any help, suggestions or advice given!!!

danb7777

No help from anyone?

Rafter

Dan,

As you rightly point out, you are unlikely to get a loan yourself due to lack on income and job.

If you mum has a good credit rating and income getting a 'best buy' loan at a fairly competitive rate should not be an issue.

I suggest you look at northern rock who don't have repayment penalties.

In order to get the best rate, you need to accept their overpriced insurance. Once you have the loan offer simply cancel the insurance which you are fully entitled to do within 14 days.

I suggest you borrow £5,000 over 3 years as the best rates are often reserved for amounts over 5,000.

Open a high interest current account and you should earn almost as much interest on the savings as you are paying on the loan. You can also then make payments on the loan from your £5,000 so your mum doesn't have to make payments until you come back and start working to pay it off.

Just make sure you do save up and pay it off though. Last thing you want is to go to university with a loan hanging over you.

Hope this helps.

R.

danb7777

Thank you very much!!!!!!