career development loan

fairmorn308

Hi there guys

I Have been reading about the CDL's on Learndirect scotlands website and was wanting to ask some advice on the matter.

How do these loans work.

1) do they take the money direct from your wages?
2) what if you have bad credit?
3) am in full time employment aswell? will that matter or help me?
4) how long does it take to get one processed?

Sorry about the questions just am looking, well really needing to do 2 courses which come to a total of around £1300 and i could save and pay for them but then am talking in about 5 months time when i really need them done now.

Any help would be great

Savvy_Sue

Do a search of this board for CDLs, you'll need to write it in full obviously, but you might get some answers there. TBH my memory is that being in fulltime employment already is a bonus, because there is no flexibility about when you have to start paying them back, which is a bit of a bummer if you don't get work as soon as you've finished the course! That's as long as you're going to keep working or your job will be kept open for you afterwards, of course.

If you don't need too much, would you be able to get a 0% credit card 'loan'? Might mean getting a new credit card every 6 months or so but worth a thought!

fairmorn308

my credit card rating is very low and option of a small loan or credit card is out the question.

Just wanted to know how the CDL's worked. I have done a search but thats why i asked the questions i did as couldnt find the answers from my search

Paying back the money straight away isnt a problem as i will still be in a job its to help with my future that am wanting to do these 2 courses.

purply

Hi,
May not be able to answer all your questions but i guess i can give you an insight as i had a CDL in 2001 to do a postgrad degree.

Took out £3500, paid back £4500. Interest rate was summat stupid like 18 or 19%.

Bank took out the first payment a month after i finished the course and it went straight out of my account. there is no flexibility here-first payment goes out after you finish your course regradless of whether you have a job or not...
Can't remember how long it took to process (sorry) but it was pretty straightforward. A seperate account is set up and the loan deposited here.i remember i had one meeting at the bank and that was it.

I would agree with savvy sue and think about an alternative as the interest rate is high-how about a normal loan or an overdraft? For a small amount such as yours, i just don't think the CDL is worth it-sorry!

Ask the organisation who are running the courses if there is the option to pay in chunks-often you can pay at beginning of the course and then halfway too...

fairmorn308

there is no other option into this and the courses are such short lengths

one is a 3day course and other is a 5 days course so no option to pay in chunks its money up front or no course.

purply

just out of interest-are you able to get a CDL for short courses? I don't know alot about CDL's, but i assumed the loan was available for postgrad long-term courses...

Savvy_Sue

Will your employer loan you the money or pay some of it, or are these courses not relevant to your current work?

fairmorn308

one of the courses is relevan to my current work but the other isnt. The other will help me get a better job in another industry and with this course that i can use at my current job will help aswell

Karnam

maybe an overdraft is the way to go? sounds like if you can pay it back in a few weeks your bank could look at your salary ingoings and see that an overdraft would cover you nicely. plus it could help you rebuild credit.

fairmorn308

like i said before there is no over way to get a overdraft / credit card or loan due to my credit rating

fran_from_willesden

I'm still waiting for my CDL...applied for it mid September and still haven't got it. Have borrowed £8k from the Co-op bank and will end up paying 10k back after interest. Once I do have it though it's all going straight into a high interest savings account so I can then transfer however much I need per month.

Your credit score must also help in how quickly they decide to give it to you. My housemate here in Newcastle had to provide all sorts of identification while I just got a straight yes form the bank. Mind you, I did work for two years while she came straight out of uni.

Hope you end up sorting it all out. I couldn't have come to do my Masters unless I had the CDL!