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    I applied for finance with the intention of getting my parents to declare their earnings or whatever so I'd get a little extra, but we've decided that we won't bother with this and will just use our savings to avoid further debt in the future. How do I cancel this? My account online just says waiting for parents to complete their part of the application, there's no option to go back and just get the basic amount. And is it right that if you apply for non-assessed you definitely get fees paid and about £3500 loan for maintenance? Thanks a lot.
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    that's correct. You do know the interest rate from Sept 09 to Sept 10 will be 0% (zero%) don't you? Why not keep your savings, get the extra and if you want to pay off in Sept 10?
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    Yes, you might as well save up the money to get the interest, as above it will be 0%. And the interest can be help towards paying of your loan in future.
    I would phone them up to tell them what's happened because I don't think you can cancel it yourself online.
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    (Original post by Tanya4)
    Yes, you might as well save up the money to get the interest, as above it will be 0%. And the interest can be help towards paying of your loan in future.
    You won't make a huge amount through interest, but there's certainly no harm in taking the loan simply to invest the money. It's worth keeping an eye on the interest rate though, both on the loan and on whichever savings account you use. The loan interest rate may well rise from September 2010 and many banks have a tendency to drop interest rates on older accounts after a while, in favour of new accounts to attract new customers.

    In answer to the next question... go here for the current 'best buy' savings accounts. You'll generally get a higher interest rate, but less flexibility, with a fixed-rate/term account than with an instant access account.
 
 
 
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