Career Development Loans 2006/07 article Discussion Area

Former_MSE_Natasha

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Career Development Loans 2006/2007 Article

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nappentass

Thanks for a timely article for me, I was made redundant and want to re-train to a new career using my (meagre) redundancy and anything else I can to fund it; awareness of this pitfall will helps loads

Thanks
Jill

trinaodee

Has anyone got any experience of applying for these loans? If you get rejected by one bank are you likely to be rejected by the others?

Andy_Davies

trinaodee wrote:

Has anyone got any experience of applying for these loans? If you get rejected by one bank are you likely to be rejected by the others?

A couple of years ago I was rejected by all three - whether it was because I was unemployed at the time or my former wife had screwed up he credit record I don't know.

Eventually got a professional development loan through HSBC at 2% above base rate which is pretty competitive (though obviously there's no 0% period while I was studying)

grangett_2

Hi,

Thanks for an interesting article. It stimulated some thought as I currently have a daughter leaving to start Uni at the weekend. Have done all the good things like got her an HBOS student account etc etc. Have been wrestling with what else we can do to minimise her debt mountain that will inevitably accrue from her studies...and then I saw the CDL article...
As it happens I am about to embark on a DBA (PHd equivalent for non-academics). My company is sponsoring me for the fees (£4000 per year, three to four years). But what about if I applied for a CDL for the full £8000 to be interest free over that period - this could then be used to effectively extend the families interest-free capability thus assisting my daughter indirectly. Would I be able to apply even if I was studying part-time and was earning at the same time?

Just a thought!

Ed

sem_3

My son was turned down by RBS for a CDL because being only in part time employment he has got bank charges for going overdrawn on his NatWest account in the last 3 months.

I have contacted Barclays and they have said that they would turn him down for the same reason. If he can manage his account for 3 months without charges then he can apply.

How is someone in his position ever going to be able to get a loan if this is a condition that the lenders impose.

jago25_98

What documentation or similar do they need and use to open this loan, and how do they determine the length of your course?

Is it fixed at 3 years or can architects on 7 year course for example, get more for longer?

yogal

I am well gutted. Had been accepted by Barclays a couple of weeks ago. However, now that I had to change the dates on the course (the dissertation is to be handed in two months later than I thought!) they denied me. And cant really tell me why!!! I guess it is because of the additional two months but it makes no sense. I start in September and am getting super worried about it. I will try the Co-Op next but I guess that when one of them turns you down, the others will do the same.

stacked200

does anyone know :

after you finish your course and you need to start making your repayments, can you pay the whole lot off in one hit or do you need to pay it off in installments?

Howard_the_duck

Hi, I'm in fulltime employment as an AV and IT technician. I've had a paycut as part of the NHS modernisation stuff and would like to retrain as a network engineer. Have no money. could I get a career development loan? already have a personal loan.

Howard the duck:rolleyes:

ianianian_2

Good article, unfortunately i signed upto mine before i read it!
I got a careers development loan with barclays. I don't think its the best offer, i seem to be paying a fair amount of interest!
I rang up and tried to put the whole thing on a 0% credit card but you can't do balance transfers from them. Does anyone have any ideas of how i can save?