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The Bar Council and the four Inns of Court are working together to try to ensure that no one with the necessary talent is prevented from coming to the Bar solely by financial need.
As part of that commitment, the Bar Council and the Inns have reached an arrangement with HSBC Bank Plc’s London Barrister Commercial Centre in Fleet Street, under which it has agreed to make loans available to able and committed Bar students on favourable terms.
Applicants need to intend to practice at the Bar of England and Wales, to have obtained a place on a Bar Vocational Course, to have demonstrated their ability and commitment by applying to the Inn for a BVC award, and to satisfy HSBC’s credit requirements.
The terms on offer from HSBC include an interest rate on the loan of no more than 1% over base, with no initial fees, and no payments at all required for the first three years (though interest will continue to be rolled-up). Payments of interest will start after three years, and you will be expected to start paying the capital off over a five year period, starting five years after drawdown.
Full details of this scheme may be found on the Bar Council website at http://www.barcouncil.org.uk/trainingandeducation/careers/financialplanning/BarLoansScheme/
Loans are at HSBC’s discretion, and will be subject to an individually agreed maximum amount.
Applications under this scheme can only be dealt with at HSBC’s London Barrister Commercial Centre in Fleet Street. The person to contact there if you want to discuss a loan is:
Simon Gray
Commercial Manager
HSBC Bank plc
London Barrister Commercial Centre
165 Fleet Street
London EC4A 2DY
08455 837245
simon.j.gray@hsbc.com
Professional studies loans may, of course, be available from other financial institutions: and you should borrow no more than you feel comfortable in being able to repay.
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