Loan & credit rating

havekidsamskint

Hi everyone,

I'm looking for some advice please.

I've just been offered a loan to pay for a course & qualification that should allow me to chnge career and get a much better paying job. However my concern is this:

the loan is through CLydesdale Bank it is on small deposit(goodwill) and no payments for 12 months then APR of 29.7%

Is it a good idea to take this and refinance in 11 months before the payments
start and go for a lower rate loan. I should be earning more then so I should be able to pay the repayments.

I am also confused that they offered me this loan when my own bank( RBS) turned me down for a loan in Januarythis year. I have a default on my credit history from Feb 04, paid off in full by Feb 05. I have been working hard to rebuild my credit rating n paying everything on time at as much above the min payment as poss but about 3 months ago I got turned down for on of these Barclaycard CC tht Martin recommends to rebuild your credit.

ANyway enough rambling, is it a good idea to take this loan, then refinance later or get a better rate just now (if possible) and struggle to meet repayments?

Any advice greatfully accepted

Gemmzie

Have you tried the Career Development Loan route?

It doesn't have a hidious APR and you don't have to pay it back until you're qualified or if you leave the course


Edited to add:

http://www.lifelonglearning.co.uk/cdl/