Private finance in the UK for GRS

[Serana]

Alright, so to update everyone,

I'm looking around, trying to find more information nd trying to get my surgery date sorted etc. etc.
Looking at my finances, there's going to be a definite struggle, but time constraints alone make it darn near impossible to choose a different set of timelines, unless I'm prepared to wait another year (which I'm really, really not).

So, I'm looking at loans at the moment as another possible option. As it is, if I could get hold of a secure loan, hopefully a medical one with little to no interest involved, that actually will help pay for the cost of surgery in Thailand, I'm prepared to go with it.

However, Google isn't as powerful as one would hope, and with teh floor od loans companies popping up as a keyword, it's dam near impossible to find one that might actually be able to help me, unless I'm prepared for the fees of about 25% APR onwards that go with it. (Pay back for one was about 500£ extra than the original loan. That was a surprise.)

So does anyone know any trustworthy loans companies, any loans companies that I could -actually- find that won't rip my finances apart afterwards and offer a very good deal on repayments?

Also, another curiosity of mine, if I pay back more in a month, let's say needed amount for repayment was around 500, and the interest on top was about 70, if I paid back that 500, would they still require the payment of interest even though I paid back earlier? In less words, does paying back earlier make it possible to negate some of the interest cost?

Hope someone can help me as the time for getting this all sorted draws ever closer, my first letter of recommendation is soon so everything's getting quite tight in my life, and timelines are getting more restrictive on me.

In less words, looking for UK loans company that won't take the p*ss with my interest rates, and that will fund the operation abroad, outside of the UK.

Many, many thanks,
Serana

[sandra-leigh]

Generally speaking, there will be a choice of repayment plans that have different rules about paying extra. For example, one plan might allow you to "double up" one payment a year, meaning that once a year you could pay exactly twice the usual payment. Another plan might allow you to overpay any random amount you like, but perhaps limited to (e.g.) 50 £ in any one payment. You need to read the fine print carefully about these voluntary overpayments: in some cases the overpayment will directly reduce the principle owing (and so reduce the interest total), and in other cases the overpayment will be like a regular payment that is applied to the interest first with only a fraction going to reducing the principle.

Is a "line of credit" from a regular bank or trust feasible for you?

Unfortunately I have no information about medical loan companies.

[I Am Paula]

I'm curious. Did you tell loan companies what the money was for? I spoke to several surgeons re:implants that offered LOW LOW FINANCING on cosmetic surgery. When I asked about it, they said they deal with outside finance companies who will not finance Tg breasts. They think we're unstable, or about to lose our jobs once we get boobies.- Celeste

[Deborah_UK]

you are unlikely to get a "secured" loan unless you have a property to secure it against. Perhaps you should also check your credit rating - and you can do that without leaving a footprint on your credit history through moneysupermarket.com which is also a good site for looking for loans.

If you have a good credit rating then why not pay for the surgery by credit card, then switch your balance from that card to a credit card offering 0% over 20+ months - and then set up a direct debit to clear the balance over that period?

Not sure that banks or building societies will offer loans for surgeries - potential bad risk? But some banks are offering loans at around 7%


Disclaimer I am not a financial advisor and any advice herein is personal opinion and you have to make your own decisions!

[Serana]

I'm curious. Did you tell loan companies what the money was for? I spoke to several surgeons re:implants that offered LOW LOW FINANCING on cosmetic surgery. When I asked about it, they said they deal with outside finance companies who will not finance Tg breasts. They think we're unstable, or about to lose our jobs once we get boobies.- Celeste

For loan companies, it's not always best to give full honesty. For medical loans on thisw kind of thing, I'd expect (especially for breast augmentation) that you'd need to take it under a "Cosmetic Surgery Loan", which can be taken out in England, just not many places do them. But I'm sure googling those three words in tandem would provide more than succinct results as to what you're looking for.
This would also be the same for vaginoplasty also, as it's still widely viewed in the medical industry as a "cosmetic" procedure. I'd take the chance to offer an opinion and say it's classed as this because it's an optional procedure we choose to take, especially even more so when the NHS do fund it in most cases. In the US, I think perhaps it's even more a controversial subject of being cosmetic or not mainly due to the fact that insurance companies or private funds pay for it, and there's no NHS-esque corporation in the US. Alas, I'd not want to stick my thoughts on that too much, as I'm not all that clued up on the US medical laws and concepts that surround transexualism in that nation.

Also, I'd note that a lot of "loan/finance" companies online these days act as a middle man from what I've seen. It's the main reason it's such a grey area online also, and why it's such an issue. One of the ones I looked into, though I won't name it, was exactly that, and after actually seeing their T&Cs, I pretty much decided that would be a silly idea, and to apply to a loan company myself. The best place for loans in most cases is a bank that you've been with about 2+ years, and have a good credit rating/history. Beyond that... it's a gamble and you might get strung along by them.

Though to be honest, when trying to get something from a loan company, as long as you've got good credit, just say you're looking to buy a new car, or do up your home, or whatever. Home improvement is always a good one, so long as they don't go following you around with a camera to make sure it's definitely being spent on home improvement. All loan companies care about is the money finding its way back to them (+ interest) after all. I'd not put down BA or V/Plasty(SRS) as the reason for needing a loan. And then there's also the "get boobs, lose job" fiasco which isn't completely false, but I wouldn't say it's a fair assumption to make. (/rambling)

In answer to your question, I believe I put down the reason for needing the loan as "Other" and didn't actually specify what it was. Fortunately, I have a very good credit rating to back me up, so that's always a plus.

A secured loan for a student is pretty much impossible, especially when you take into account that I don't have a family to support such a 'venture' in secured loans.

I have found out I'm able to take several credit cards, all with rather hefty overdrafts, and so that would certainly make sense as a back-up idea. As a student, I'm trying to mainly take advantage of a student overdraft first.

However, the idea of a loan is feasible, on an unsecured basis, but it's the timing more than anything else.

The idea of finding a credit card that does it with 0% is a very smart, very good idea, but one has to take into account the wire transfers to be done before hand, so that could only reliably be used for anything below 3,000USD, as per the surgeon's 'restrictions' on that payment method, plus there are % fees for using abroad banks etc.

Another approach (albeit risky) might be to withdraw the rest of the funds the day before the flight out, and pay in cash upon arrival? It seems to me to be perhaps one of the better ideas, but it's then an issuer of security not trying to approach me for carrying 5,000£+, which could be risky. I'm not too sure of the limits before you have to declare either, so that's a liability also.

I've been speaking quite closely with my bank and a financial adviser about the issue, and I may have found a solution, increasing student overdraft that I already have, and then maybe looking at opening a second student account and taking the 'standard' overdraft the offer, and just using that in place of the loan. (Some banks seriously offer 1,000£ before confirmation, it's silly.) (Also note, approximately half the students I know have done this, so it's not like it would be untoward, and I read the T&Cs of banks, and none of them mention anything about not being allowed another student account with another bank. I'm hoping I've read everything right anyway.)

But thanks for the advice, and I'll try and do a bit more shopping around, moneysupermarket would be a great idea to find out a rough credit score on myself also, which going by my credit history is very good, so I think everything will work out. It's just this interim period where one is left shaky for a bit as they try to sort it all out. (Or maybe it's because it's so cold in England...??? :P)

Thanks again for the advice :)
Serana

[Nigella]

This forum is a support forum for TG issues, not a financial advice forum. If any member wishes to respond to Serana, please do it via PM