UK Interest Free Instrument Scheme

Subject: RE: UK Interest Free Instrument Scheme
From: GUEST,Trevor Thomas
Date: 26 Jul 07 - 11:48 AM

I think it's pretty good. And I don't see why low income families won't make use of it. Everyone so far seems to presuppose that the loan will be the max of £2,000. It doesn't have to be, it is UP TO £2000. It could be a couple of hundred - maybe enough to get a decent beginner instrument, but still too expensive to shell out all at once. I don't see why it couldn't be used by people of below average income.

Subject: RE: UK Interest Free Instrument Scheme
From: katlaughing
Date: 26 Jul 07 - 11:11 AM

Our local music shop provides instruments for $15 rental per month, at the end of a certain period one may choose to own it or trade it in, or just give it back to them. In our case it is a very good thing as our grandson has started out with a 1/6 fiddle and we can trade up as he grows with no extra cost.

Subject: RE: UK Interest Free Instrument Scheme
From: GUEST,PMB
Date: 26 Jul 07 - 10:39 AM

Fould's music shop in Derby may still do their rental/ purchase scheme- you rent the instrument until you've decided to stick with it, then the rental you've paid is credited against the price. Strikes me as eminently sensible.

Subject: RE: UK Interest Free Instrument Scheme
From: Tim theTwangler
Date: 26 Jul 07 - 09:37 AM

At least they tried I suppose
It wont actualy be aimed at low income families will it?
If you are purchasing for a child there is the cost of the lessons and you know that coverage in normal run of the mill state schools is very patchy.
But as an incentive to someone on "Average Income" it is probably handy to know.
I'm with the big V on this one.

Subject: RE: UK Interest Free Instrument Scheme
From: GUEST,b
Date: 26 Jul 07 - 09:32 AM

many music shops offer 12month interest Free (and more in some cases!) with no payment till the end so you can save at your rate and get interest on your savings.......

Subject: RE: UK Interest Free Instrument Scheme
From: sian, west wales
Date: 26 Jul 07 - 07:16 AM

Ummm - I think you'll find that this scheme is not a "UK" one, but an "England" one. Wales certainly has a different system so I guess N. Ireland and Scotland do as well.

I agree with Villan re: the difficulties of a 9 month payback and don't see too many low income families (as per target groups) being enticed.

Arts Council for Wales was (and possibly still is) offering an interest-free scheme for buying visual art and I think you could pay back over/up to 2 years.

Good start, though.

sian

Subject: RE: UK Interest Free Instrument Scheme
From: Rasener
Date: 26 Jul 07 - 04:42 AM

Now let me see that £222.22222222 a month repayments.

I can't afford that, so will go without. :-)

Good scheme though.

Subject: UK Interest Free Instrument Scheme
From: Abuwood
Date: 26 Jul 07 - 03:14 AM

The Arts council are running something called "Take It Away" takeitaway.org.uk.
Providing up to £2000 for an instument repayable interest free in 9 months.

I thought it was worth telling people about!