Professional & Career Development Loans

li41lh

Hi All,

I want to take out one of the new style CDL loans, but can't get hold of any information! I have called the Learning and Skill Council, and I am on a waiting list to get the info, but was hoping someone on here may be able to help in the meantime?

I'm going to be doing an LLM in Human Rights Law, at Birkbeck, as an evening course. I have the money to pay for the fees, but want to quit work so I can concentrate on my studies. I know quitting work isn't sensible, but really hate my job! I've requested to go to part time, but it isn't looking like they will say yes to this. So really need to take out a loan to cover rent etc whilst I'm on the course Oct - May, and then hopefully start working again in May.

Any help and advice gratefully received! I don't really know much about loans, only one I've ever had is with the Student Loans Company, so finding it all a bit confusing at the moment!

Thanks

allthatmularky

This should help - you need to research whether this type of loan would be beneficial.

http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/FinancialHelpForAdultLearners/CareerDevelopmentLoans/index.htm

li41lh

Thanks - I've read that site, but am trying to find details like the interest rates and that kind of thing, which is proving difficult. The site doesn't tell you which banks are even taking part in the new scheme!

allthatmularky

Have you read this article?

http://www.moneysavingexpert.com/loans/career-development-loans

li41lh

I've read that post, but again, its about the old system, and not the new one! Thanks though

Analytic_Annie

Hi,
Yes it's frustrating waiting for info from PCDL - although when I phoned them they said after 1st July the info and application forms would be sent out to me. My understanding is that the same banks are involved which if I remember rightly are The Co-op, Royal Bank of Scotland and Barclays. I had one of the old CDL's a few years back when studying on a postgrad course. Really helped to allow me to study, reduce hours of work and to not have to worry about repayments until the end of my training. As for interest, from what I remember the old interest rates weren't that great (but that may have changed with the new scheme?) so my advice would be to get one then once your training has finished take out another loan with a lower interest rate to pay off the outstanding balance. Also, your training institution needs to be registered to accept professional and career development loans, there's a number that institutions can call to register if they aren't allready. I would also give them a call back with some of the questions you ask, I'm sure they'd be able to tell you more! I'm waiting to here from them too!!
Good luck!
AA

vintea

I belive my experience might help someone. Yesterday I ranged Barclays bank and I applied over the phone for the PCDL (professional career development loan) for a Master Degree programme but I was turned down . Reason not given but i guess it was due to this so-called credit scoring of a thing. I only have a debt of £7000 and a credit card of limit £600 which I have been managing very way since i had them . Also i am married , no kids and i have never missed or defaulted any payment or bank payment before and I am on the elctroal role. However, i just relocated to my new address 7 months ago. I was really shocked and i am very depressed now and dont know what to do. I have been looking forward to this studies and now all my plans shattered. The only hope I have now is to wait and apply to co-operative bank. This PCDL is now operated by 2 banks--barclays and co-op so chances are very slim now. i thought this programme was suppose to help people further their career but the conditions attached appeared harsh. I was told by some people that co-op bank tend to be more relaxed about this Career loan and tend to approve more application than others,but the bank said you can only apply 6weeks to commencing the programme.

Can anyone advise me of any way i could possible secure loan to apply for my course. I would be devastated if I missed this course.

li41lh

Vintea - that's awful! I haven't applied yet, as I'm still waiting for the information to come through from the Learning & Skills Council - when I spoke to them, they said I needed the pack before I could apply. I was under the impression from the direct.gov website that the earlier you applied the better, obviously not for the Co-Op.

I've never banked with either bank, can anyone advise on which is best to be indebted to?

vintea

li41lh wrote: »

Vintea - that's awful! I haven't applied yet, as I'm still waiting for the information to come through from the Learning & Skills Council - when I spoke to them, they said I needed the pack before I could apply. I was under the impression from the direct.gov website that the earlier you applied the better, obviously not for the Co-Op.

I've never banked with either bank, can anyone advise on which is best to be indebted to?

I was able to apply over the phone to barclays because i have an account with them but not my main salary account. Like i said in the post people said Co-op bank is the best. does anyone know which agency co-op use. i think barclays use experian

Analytic_Annie

Things may have changed slightly with the new PCDL scheme, but when I applied for one a few years back (old scheme) I was advised to write a covering letter detailing my needs/requirements and why I specifically wanted a Career Development Loan as this would go in my favour. I did this and subsequently had an interview with someone independant to the banks involved who went through my application and stamped my form (again, maybe a bit different now) I was offered the full loan. I would suggest putting something in writing to support the loan application.
I'm also waiting for the application forms for the PCDL and intend to write a covering letter explaining finer detail which would not be known about on the general application.
Fingers crossed that you can do your studies.
Annie

vintea

Analytic_Annie wrote: »

Things may have changed slightly with the new PCDL scheme, but when I applied for one a few years back (old scheme) I was advised to write a covering letter detailing my needs/requirements and why I specifically wanted a Career Development Loan as this would go in my favour. I did this and subsequently had an interview with someone independant to the banks involved who went through my application and stamped my form (again, maybe a bit different now) I was offered the full loan. I would suggest putting something in writing to support the loan application.
I'm also waiting for the application forms for the PCDL and intend to write a covering letter explaining finer detail which would not be known about on the general application.
Fingers crossed that you can do your studies.
Annie

Thank you very much Annie. what a great advise. I will re-apply again by first week of August to Co-op and hope to write a covering note.