Career development loan-are they irresponsible lending

Fang_3

For an ACTING degree? Good god.

BAILEYS6904

I'm sure that SOMEONE, be it parents, friends or colleagues, warned against the risk of taking a CDL for such a subject as Acting !!!

If not, they should be questioning themselves as to why not. If my child came to me with this plan, I would do my best to discourage them.

However, if he deemed himself to be grown up enough to go against my advice, he's grown up enough to pay the debt.

CLAPTON

just wondering

if the young man dream had come true and he was now a rising star earning good money, would the loan still have been irresponsible lending and would the young man been seen as immature and irresponsible?

itsybitsygoth

A Professional Career Development Loan can be used for vocational subjects not just degrees. I know because I deal with this loan every working day of my life.

These loans will support someone while they train to be a pilot, a driving instructor, or a chef and a whole host of other careers to boot. At the end of the day it's down to the person to make their own choices about the course they choose to take, but it's very explicit in the application pack that this is a BANK LOAN. You hold an agreement with Co-op or Barclays, not the Government.

In terms of applications those under 20 are in a minority since the Student Loan Company fund a lot of higher education a CDL merely plugs the gaps. A lot of applicants are those who want a career change or someone who wants to go onto postgraduate study but doesn't have a spare £4-5K in the bank to pay the fees.

Regarding the author of this thread's post, it isn't irresponsible of the bank to lend your son the money to do his course, at the end of the day he is an adult and he was an adult when he signed his name on the dotted line and took the money. We all have to take responsibility for our own actions and if that means being saddled with an £8k debt for doing a course that doesn't necessarily lead straight into a job at the end of it then so be it. I genuinely hope he is able to use his training to achieve his dreams but I've seen so many loans go bad because customers had unrealistic ideas about what their course would lead to.

The YPLA who are the government body which oversee these loans have a helpline set up so when you call for an application pack (you have to do this via the helpline- you can't apply direct from the bank) you speak to an advisor regarding your career choices. These are the people who should be giving out the advice to the would be customers since they are impartial, given that they are not associated with the banks.

Wallhart

Nothing surprises me anymore. I swear we are getting trolled everyday.

I mean what the Heck! Do you seriously think that just because your son didn't get a job he shouldn't have to pay it back. This isn't a student loan. This isn't irresponsible lending.

Why can't people work oput before hand thaty there may be a consequence to the actions they are about to take. This includes borrowing money. I need to stop posting because the stupidity is sending me insane.

Tixy

Well I suppose - to be fair at least the thread wasn't quite a year old before someone dragged it up. Although I suspect the advice may still come a little late for the original poster (well if it is advice - I can't tell).

Common_Sense_2

how do people keep dredging up posts from last year???????????

itsybitsygoth

Common_Sense_2 wrote: »

how do people keep dredging up posts from last year???????????

I was searching for posts relating to CDL's for something else and had to add my thoughts. Seems I missed the fact that the original post was almost a year ago!

RichGold

I hope the young lad kept up the payments, as the bailiffs would have found it hard to repossess his acting career.

Common_Sense_2

itsybitsygoth wrote: »

I was searching for posts relating to CDL's for something else and had to add my thoughts. Seems I missed the fact that the original post was almost a year ago!

no worries - i nearly did the same a moment ago on a thread from 2007 - whoops!