Loan before in trust money comes through?

rob3s3

Hi,
I am a 20 year old student in England and in need of money for a trip I want to take with friends later in the year hopefully via a loan. I have roughly £40,000 in trust that got left to me from my fathers pension when he died but I am unable to access it until I turn 21. I don't want the whole amount just a few grand. I am not trying to access the money before this but was wondering if I would be able to take out a loan of any type before then and pay it off when the money comes through? My birthday (when I receive the money) falls in march 2014 but the trip is being planned for November 2013. I am not seeking advice about saving money, getting work or being able to afford the trip, just on if I would be able to get a loan based on the in trust money (keeping in mind my lack of a credit history and my families fairly terrible ones). With my age, the fact my only current income is my student loans and the fact I don't think I can really register the in trust money as a form of income to prove I can pay the loan (can I?), I'm in need of help. Any advice is welcome and recommendations of any particular loan companies or banks etc (I'm with Santander) that could provide such a loan would be great.
Thanks,
Rob

bouncydog1

First step would be to contact the trustees of the pension fund in writing explaining what you want the money for and see if they will release this amount to you. They may do particularly as you will have 100% access in a few more months. If they won't then you will need to replan your trip. How were you planning on financing it without the trust money?

You won't get a loan without regular income.

happycamel_2

The usual sources if funds for students are savings from work, overdrafts on student accounts and family support. So if you don't have 1 or 3 and 2 is maxed out then younewest option is to apply for an early release of some of the funds as suggested above.

You could approach Santander and show them evidence of the trust fund and see if they would loan on that basis. They may take the view that as you won't wait a few more months for your trip you might to something impulsive with the £40k and not pay them back. How a your friends funding their trips?

John1993_2

You're not asking advice on this point, but it's a public forum, so I'll post it anyway...

After this trip, when you get your money, don't spend it. It's there to help you with your future, and is enough to really make a difference, if used as a deposit for a home, for example.

If you start spending it, you'll likely see it dwindle hugely over the next few years, and will likely regret having spent it on short-term pleasures.

I earned very good money out of college (as a graduate in investment banking), but it took many years to end up with 40,000 pounds in cash. You may never again in your life have such a quantity, so please think carefully before dipping in to it.

pauletruth

not likely.
at the moment you dont have the income to service it. what will happen in the future will not change their credit scoring.

whats the rush to go this autumn whats wrong with spring. you do have time to earn it.

please dont waste this money that your dad worked hard for. it will make a good deposit later in life.

molerat

In the old fashioned days of having a chat across the bank manager's desk then maybe but with today's "computer says no" banking then not a hope.

dresdendave

rob3s3 wrote: »

Hi,
I am a 20 year old student in England and in need of money for a trip I want to take with friends later in the year hopefully via a loan.

Probably the biggest cause of debt problems today, the inability to distinguish between "needs" and "wants."

Cycrow

as a student, u'll be better of using something like a student overdraft/credit card.

or have you already got one and maxed it out ?