Ulster Bank-My financial plan (Student)

breadmonkey

Ok,

I owe AIB €450 approx. (Student loan). I currently have €255 to my name, which I will be needing in the near future due to unforseen circumstances.

A friend told me about an hour ago about his Ulster Bank loan. Can anyone confirm the following? (I know I could ring UB but it's 01:42 and I want to throw everything in this thread anyway.)

a)Ulster Bank will loan me €650 interest free which need only be paid off by the time I finish college.
b)All I have to do is open an Ulster Bank account.
c)Ulster Bank's only benefit is that I will hopefully start using them.
d)There is no hidden gimmick here that will screw me over.

My plan is to pay off my student loan with this money and then have a good laugh with the rest. It seems to make sense; borrow money interest free to pay off another loan where I am being raped by the interest (especially if I miss a payment {%9 surcharge}) and bag a bonus €200 in the process, which I could really use right now.

Furthermore, due to my college commitments (I have long hours), I know I will almost certainly not be working between now and summer, so I will definitely miss at least 1 payment.

I plan to pay off the €650 Ulster Bank loan through the money I will make from a 5 month work experience next year.

Sound reasoning?

ButtermilkJack

Sounds like it could work out for you, but I'd be wary of the high charges should you fail with a payment or two. I know what it's like to be student but if you're having financial difficulties paying back €450 then I don't see how upping that to €650 is gonna make that easier.

Your call!!

sportswear

i have been with ulsterbank for years now and they are really good for all that sort of thing. the baggot street branch is nice and friendy.the only disadvantage is that there are so few branches etc.

kluivert

Not being smart and i mean no offense but i done a degree in accounting and finance, while in second year i worked full time on a evening shift in a factory.

I would finish college at half three go to work for four and finish at one or two in the morning. I just thank god i had good friends who helped me out that year.

But i have always worked through college.

If you need money seek extra work.

How about your parents, could they help you.

Sounds like you have a definite figure in mind but no reasons for it.

What would you spend it on, how would you budget it.

Try not to get yourself into to much debt, best of luck with the studies.

Kinetic^

Have to agree with Kluivert, borrowing money just to live is a bad idea. Surely you can put in a few hours at work each week??

Ask your parents, if they're gullible enough they might see it as an investment in your future

stepbar

To be honest, Im a student putting in the full wack into my SSIA, fair enough I dont pay rent (no my parents dont own the house and we're not loaded....) but I sustain myself for the year and have done so for yrs. Have worked every summer for the past 5 and have been able to put away tidy sums of money that has got me through most of the yr (the grant to has been very helpful..). Im just careful with my money, (drink in the house instead of the pub and so on). What I would do if I was you was get a loan out with the credit union (6% interest as far as I rem) pay off AIB and never worry about making loan repayments, get a pt job and do as many hrs a week as possible (10hrs a week is plenty to earn a decent wage and live comfortably). To be honest €650 is not a lot of money to be in debt believe me. Last yr I was €1600 in debt, all short term managed to clear it all dur the summer. But remember one thing, Its all about the cash flow my friend!!! remember that. So yes get that overdraft and you have 850eur to play about with! Keep making the repayments and everyone's happy... and when you have the job you can pay off the whole lot!