Career development loan advice (sorry)

Tankleton

Hey

First of all a little bit about me. I graduated from university 2 years ago (08) with a first. I specialised in storyboarding and concept art so I guess i would label myself as an artist of sorts. However just as I graduated I ran into some personal problems and have since been working as a senior sales assistant at my local GAME store.
I recently applied to do a masters at the same uni I graduated from and I’m glad to say that I have been accepted. Yay! Anyway, I’m thinking about applying for a career development loan to fund myself through the year, but this is where it gets a bit messy.
My financial history is appalling...and as it stands right now I’m not entirely sure I would get the loan if I applied for it. I have been told by a few people that CDLs aren’t as strict as a normal loan but I’m not entirely sure whether this is the case.
At the moment I have 3 credit cards that are in various states. Two of them are at least a hundred pound over there limits (only paying the minimum) and once is just under its limit. Last time i checked my credit score was hovering somewhere around the 340 area so I am obviously worried that I can’t get the help I need. I don’t blame anyone for my financial state other than myself. For the first time in my life I know what I want to do and how I want to do it and I know the masters will give me the confidence and the skills to grab it all by the throat but I’m afraid I won’t be able to fund it.
Can anyone give me some details on CDLs they have or have applied for? Am I doomed?

Thank you for any advice you can give me, if you need any more info about my situation please ask away.
Thanks again

karan733

Im in the process of applying for one at the moment. My financial situation isnt great, and not very strong generally. Ive never had a loan or credit card (never applied) and have been in my £2000 overdraft for the last 5 years or so. Ive applied to Barclays as I hold an account with them, and based on the information Ive given them so far they say I've provisionally been accepted, but they havent seen my normal current account statements yet

I was surprised to hear that they are happy with everything so far, as Im on a low wage and high outgoings, and have no credit history to speak off, and have the OD issue. Ill let you know how the application progresses, but like you im on the look out for information.

I am a little disappointed that Martin Lewis hasnt done an updated page on the Career Development Loans, as they have changed this year to include a higher total amount £10000 instead of £8k, and they have increased the range of courses that you can use them for.

sugarplumfairy83

I'm in a similar situation (see my Postgraduate Funding thread) and totally understand where you're both coming from! I've sought advice on applying for a PCDL on here and sadly the consensus seems to be they're risky It would be great to know how your application goes Karan733, please keep us updated. For me this really seems to be the only option I have; without this funding I simply don't have the finances to pay the fees, let alone support the additional costs derived from field research trips, books, travel etc. I don't currently bank with either Barclays or the Co-Op so any info on which is best would be welcome from anyone in the know.

Fingers crossed for us all!

karan733

hi sugarplumfairy83, thanks for the info. Where did you hear that the PCDL is risky? I have been looking into it for a few months, and there doesnt seem to be too much risk with it, but I think I might have missed something?

Is there a way to ask Martin to update the PCDL page? It hasnt been changed in 4 years!

The_One_Who

karan733 wrote: »

hi sugarplumfairy83, thanks for the info. Where did you hear that the PCDL is risky? I have been looking into it for a few months, and there doesnt seem to be too much risk with it, but I think I might have missed something?

Is there a way to ask Martin to update the PCDL page? It hasnt been changed in 4 years!

It's risky in that you really need to know how you are going to pay it back before you take it out. If you don't think you can guarantee a job or a financial windfall upon graduation, then I (along with others) would always recommend against it.

Oldernotwiser

People who are used to the "gentle" nature of Student Loans can be in for a shock with the PCDL. Apart from the fact that the government pays the interest while you're studying, they're pretty much a Personal Loan and repayments will start soon after you finish the course, whether you're working or not.