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**MSE Natasha** · 14-09-2006, 3:50 PM

This thread is specifically to discuss the content of the

Career Development Loans 2006/2007 Article

To discuss or ask a question about the article: click reply

nappentass · 20-09-2006, 10:36 AM

Thanks for a timely article for me, I was made redundant and want to re-train to a new career using my (meagre) redundancy and anything else I can to fund it; awareness of this pitfall will helps loads

Thanks
Jill

trinaodee · 20-09-2006, 11:57 AM

Has anyone got any experience of applying for these loans? If you get rejected by one bank are you likely to be rejected by the others?

Andy Davies · 20-09-2006, 2:36 PM

Quote:

Originally Posted by trinaodee

Has anyone got any experience of applying for these loans? If you get rejected by one bank are you likely to be rejected by the others?

A couple of years ago I was rejected by all three - whether it was because I was unemployed at the time or my former wife had screwed up he credit record I don't know.

Eventually got a professional development loan through HSBC at 2% above base rate which is pretty competitive (though obviously there's no 0% period while I was studying)

grangett · 21-09-2006, 10:49 AM

Hi,

Thanks for an interesting article. It stimulated some thought as I currently have a daughter leaving to start Uni at the weekend. Have done all the good things like got her an HBOS student account etc etc. Have been wrestling with what else we can do to minimise her debt mountain that will inevitably accrue from her studies...and then I saw the CDL article...
As it happens I am about to embark on a DBA (PHd equivalent for non-academics). My company is sponsoring me for the fees (£4000 per year, three to four years). But what about if I applied for a CDL for the full £8000 to be interest free over that period - this could then be used to effectively extend the families interest-free capability thus assisting my daughter indirectly. Would I be able to apply even if I was studying part-time and was earning at the same time?

Just a thought!

Ed

sem · 19-03-2007, 11:18 AM

My son was turned down by RBS for a CDL because being only in part time employment he has got bank charges for going overdrawn on his NatWest account in the last 3 months.

I have contacted Barclays and they have said that they would turn him down for the same reason. If he can manage his account for 3 months without charges then he can apply.

How is someone in his position ever going to be able to get a loan if this is a condition that the lenders impose.

jago25_98 · 13-05-2007, 10:20 AM

What documentation or similar do they need and use to open this loan, and how do they determine the length of your course?

Is it fixed at 3 years or can architects on 7 year course for example, get more for longer?

yogal · 09-08-2007, 4:34 PM

I am well gutted. Had been accepted by Barclays a couple of weeks ago. However, now that I had to change the dates on the course (the dissertation is to be handed in two months later than I thought!) they denied me. And cant really tell me why!!! I guess it is because of the additional two months but it makes no sense. I start in September and am getting super worried about it. I will try the Co-Op next but I guess that when one of them turns you down, the others will do the same.

stacked200 · 12-09-2007, 2:42 PM

does anyone know :

after you finish your course and you need to start making your repayments, can you pay the whole lot off in one hit or do you need to pay it off in installments?

Howard the duck · 27-03-2008, 6:10 PM

Hi, I'm in fulltime employment as an AV and IT technician. I've had a paycut as part of the NHS modernisation stuff and would like to retrain as a network engineer. Have no money. could I get a career development loan? already have a personal loan.

Howard the duck

ianianian · 16-04-2008, 11:51 AM

Good article, unfortunately i signed upto mine before i read it!
I got a careers development loan with barclays. I don't think its the best offer, i seem to be paying a fair amount of interest!
I rang up and tried to put the whole thing on a 0% credit card but you can't do balance transfers from them. Does anyone have any ideas of how i can save?

zeus1234 · 17-04-2008, 7:53 PM

hi all,
I took out a career development loan with baclays quite a few years back. Unfortunately while on the MSCE course the institute went bankrupt and closed down. Baclays said they would be requesting payment in 3 months time from that date. i then proceeded to pay off the loan on a monthly basis which i was doing quite well until last year. Was out of work and stumped called up barclays. They gave me a one month interest free period and told me my account would be passed to debt collection. Amount was £1658 at 12.9%, this was in August last year. i have not heard from Barclays since then. i have ignored the loan all this time but i have just got a good enough job to finally face this debt.
Would like to know ideas on best way of handling this, scared to take out another loan due to my credit rating. All advice would be graciously accepted.

Money saving virgin

onlyone-jc · 03-06-2008, 11:17 PM

Hi.

I don't have a CDL, but am considering applying for one as I make a career move.

However, does anybody know if CDLs are classed as income and whether they are taxable income at that? I'm just doing an income forecast and I'm not sure whether to include the CDL figure when calculating my tax.

Thanks,
onlyone-jc.

akadiago · 02-09-2008, 2:15 PM

Hi guys, have been looking round the site for a while now and thought it about time I got down to some posting :-)

Ok I really need some help here.

I have the money for fees, rent and very basic living sorted (just food no fun :-( ) but this means I can take up my place at uni so its all good.

I was thinking can I still get out a CDL and make some money from it?

What I'm not sure about is, can I take one out, agree on the term etc, and then pay it off the min I get out of uni. Therefore all interest being paid by the government and leaving me with all the interest made from my savings account?

Thanks for the help

Em445 · 03-09-2008, 7:27 PM

hello ianianian,

depending on how much you have left to pay, an idea is to take out a 0% credit card but make sure it is one that has no interest charged for advance cash from atms and doesn't charge you for spending on it for 6 months, there are a few around, and take the cash out bit by bit to pay it off, you can get £300 a day from most credit cards and more over the counter depending on the bank. It might be a bit laborious but they're sure to take cash to pay it off and I don't think this will have any detrimental effect on you... just an idea!

Em445

daviddcsnk · 07-09-2008, 5:21 PM

Hi, I took out a CDL with Barclays last September and I am due to begin repayments in November, I'm just trying to get my head around what i will actually pay back. Its more the wording which has me stumped. I'm going to go into Barclays when I next get a chance but thought someone on here could clear it up for me.

This is is key financial information for my loan:
APR : 9%
Amount: £7948
Repayments: 60
Total Amount: £10795.20
Total Charge for Credit: £2847.20

I understand all this, but its the next bit that has me abit baffled. This is how it is worded exactly: " No interested will be charged for the period from the start of this agreement until one month before the first monthly payment is due. From then on, interest at a rate of 12.9% p.a will be calculated daily on the balance outstanding and debited to the account quarterly in arrears until the loan is repaid is full."

Now from the way this is worded, I take away from this that once they start charging interest, they do so on the full loan of £10795.20 + 12.9%? Its the debited to the account quarterly that has made me think that they will do this. Or do I only repay the £10795.20?

Thanks very much for any advice for help given.

David

Oldernotwiser · 07-09-2008, 5:55 PM

I think it just means that they'll be charging 12.9% on the £10,795 loan, starting in November and that they'll add the interest on quarterly.

FernandoTorres9 · 18-09-2008, 9:04 PM

I have just been accepted onto a Postgraduate course for the coming year. The fees will be £4,500 and I need to borrow that amount. I have read the articles etc, but am at a complete loss! What would be the best/easiest option for me?! Thanks for all the help!

theo125 · 27-09-2008, 10:58 AM

Has anyone tried to pay off a CDL early - (I was plannning on following Martin's advice and getting one, paying it off before interest kicks in) th but is there a clause stopping this? i was about to sign the contract with the co op when i saw i was signing to say that i would agree to pay interest on the loan - i phoned the bank and they said there was no penalty for early payment but that i couldnt have it in writing and referred me back to Learning development council - who referred me back to the bank - any advice?

Oldernotwiser · 27-09-2008, 1:27 PM

Quote:

Originally Posted by theo125

Has anyone tried to pay off a CDL early - (I was plannning on following Martin's advice and getting one, paying it off before interest kicks in) th but is there a clause stopping this? i was about to sign the contract with the co op when i saw i was signing to say that i would agree to pay interest on the loan - i phoned the bank and they said there was no penalty for early payment but that i couldnt have it in writing and referred me back to Learning development council - who referred me back to the bank - any advice?

What would be your alternative to a CDL?