Career Development Loan

SSTSparkz

Hi all,

I am in great need of some advice I have to pay my career development loan soon and I dont have the money to pay it back, I earn £450 a month doing part time and my rent is £315 a month. My loan will be £209.89 a month what can I do?

I live with my fiance and her borther and dad, we split the bills and rent so everyone pays the same and as things are at the moment that might be going up too.

The career development loan is with barclays bank and the loan amount + intrest is £7,556.04.

It serposed to be pay back after my corse is finished but as I have kinda 2 courses. My course dosent end for another 2 years but the bank doesnt know that. I havent finished the first corse yet because of alot that happened in the last year and a half, Ive had alot of family trouble and ive also moved from the other side of the country, but I am still at it.

Im worried about paying it back what can I do?

CAFCGirl

Contact the bank and tell them you havent completed the course yet and see if they can offer you a lower repayment or a few more months before you have to start paying it back.

And why are you doing 2 courses?
The other thing is you need to increase your income, from what I could work out you're working about 20 hour a week, Im sure you could do more and your coursework...

Thats just my thoughts though and I probably dont have all the information to be able to give any better advice than the above

SSTSparkz

basically when I was applying for the course I was told a price that when coming to paying for the course I applied for, the corse rep told me I toke to much out and winddled me in to taking a part from another course and then apparentlly that makes it 2 courses, each corse is 2 years meaning I finsh after 4.

I am doing 20 hours and trying to apply for more at work which as we have new management im hoping they will argee to it but if not I will try for a second job but I find it might be very difficult trying to work 2 different retail jobs around each other as with retail they router you in when they feel like it.

CAFCGirl

Fair enough on the courses, we live and we learn.
I would still suggest contacting the bank perhaps even tell them that you had to defer a year due to personal reasons. If you go armed with some sort of repayment to offer them they are more likely to agree that if you say I cant pay it back.
If your rent is £315 and you earn £450 I would suggest offering the bank £50 a month until your hours increase at work/the course finishes.

I'm a retail manager myself so I know how difficult it can be for all involved. My suggestion would be if you dont get more hours at work, then ask them given that you cant get more hours, you need to get a 2nd job, and therefore could you have set days, and therefore be able to offer set days to another employer. Most retail managers wouldnt have a problem with that.
You could always try evening work, which would fit around retail quite well, pub work, evening cleaning jobs etc.

Are the courses going to mean you can obtained a much higer paid job at the end of it? Or what qualification will you receive?

Hope this helps and keep posting, people have a lot of good advice to give.

SSTSparkz

I am currently studying CompTIA A+ and MCSE (Microsoft Certified Systems Engineer) and CCNA (CISOCO Certified Network Associate) with Computeach.

So it should be better pay than what im on now once ive completed it.

My hours can be late some times like for example I have a few late shifts this week that is 3:15pm - 8.00pm

Ive contacted the bank and asked to speak to an adviser this weekend to see what I can do.

Also at the same time Ive asked my mangers at work for more hours and theres a possiblity that I may get some.