HELP!! Career Development Loan nightmare!!

Kit2009

Hi everyone

I don't know if anyone can help me, but I don't seem to be able to find advice from anywhere. I am due to start a postgraduate course (MSc) very soon. My sole funding is from a Career Development Loan, but I have not had approval for it yet. I have tried contacting the Co-op (who the loan is with), but they say that they have a backlog and that my application is not even on their system yet. I am supposed to go to my new university (4hrs drive away) next week for registration & term starts the following week, but I don't see how I can start a course without knowing if I have funding for it yet. The Co-op have no sense of urgency on this matter and don't seem to understand how difficult they are making things for me. I should have accomodation, and all my other stuff I need for living there arranged by now, but I can't do anything.

Anyone's advice would be helpful, especially if they have been in a similar position.

Thanks.

dmg24

The lender has told you that they have a backlog of applications, and yours is no more important than any of the others who are also waiting.

Do you have a Barclays bank account? If so, they will process your application over the phone, and give you an instant decision.

Kit2009

Thanks for the reply. I realise that I'm no more important than anyone else, I just don't know what to do. No, I don't have a Barclays account otherwise I would have gone for their application - thanks anyway.

dmg24

Do you have an idea of how good/ bad your credit rating is? Are you confident enough to go ahead without having an offer in writing? It is a big risk, you would have to be sure of what you were doing.

I'm starting my Masters next week too. I applied for the Barclays CDL and got the paperwork through within days, but only because I had a long term account. Thankfully I am not having to use the funding - if I was being strictly MSE I would be putting it in a high interest savings account - but I'm too good at spending!

Maybe you could give the Finance Dept at uni a call? You may find that you are not the only one in this position.

Good luck with your course!

Kit2009

As far as I know my credit rating is fine (I'm with Experian). I don't know if I can risk it, because any accomodation I could get would probably involve signing a 6 month contract which I wouldn't be able to get out of if my loan was refused.

I've e-mailed the Finance Dept and am waiting for a reply. I think you're right - there will be lots of people in my position.

Thanks.

Ames

You need to check the other two credit reference agencies, call credit and equifax.