Career Development Loans 2006/07 article Discussion Area

skintyrobin

Lots of people seem to have asked this but...Is it possible to transfer a coop cdl loan to an unsecured personal loan after the one month grace period is up?

mosdee

Hello every one,
just like other members, i am looking for some advise. I was made to borrow money for a course back in 2005. It was a CDL. The IT institute engineered the loan on grounds of guaranteed employment or my money back. It was a 2 yrs course. During the 2yrs, the institute failed to provide adequate classes. Soon the course came to an end. The guaranteed employment was not provided! I tried to request the institute pay back but they said my course had ended therefore they had nothing to do with me. I tried to go through the Trading standards and Citizen Ad but they could not help. I have contacted the MP of my area then but he could not help much. I contacted the Mayor's office they said they don't deal with such issues. I contacted the PM's office, they said they can't get involved in such issues. I contacted the police, they said its was not a crime so they could not get involved. I have been making small payments of £40 per month instead of £140 somthing. I cannot afford to make that payment as I lost my job 3weeks ago.
Can anyone offer some advise?

Oldernotwiser

Your fight is with the training institution, not with the bank. The bank lent you money to do a course and it's not their responsibility to check on the course's credentials.

You need to treat the loan like any other form of credit, whilst pursuing your fight with IT Institute for what you considered you'd pay for. You really have to separate the two issues. I have no idea of your chances of success with this but, unfortunately , you have no chance of arguing about the loan with the bank.

Bluelion

I have two months left before I finally pay off my RBS CDL! Finally after 2 years. It is possible to do an early payment but it must be for the entire amount.

pollybarker

Hi, I am currently wanting to apply to do a MSc from September onwards. I graduate in May, but I am completly unsure on how to fund this all. I will not be able to get a sponsor from an employer as I am currently a student just working a part time job. Can anyone help me with the best option?

THANKS!

bugmaps

Is there any difference between the offering from Barclays and the Co-op? Is one better than the other?

Sue_2

From what I can make out Barclays is marginally better if you want to pay it all off in one lump sum without paying any interest at the end of the course and before the interest kicks in, as there is no early settlement fee. The Co-op has one month's interest as an early resettlement charge.

Also the Co-op says it pays fees directly to the institution, so MSE's wheeze of putting it in a high savings account doesn't appear to be viable. It's unclear whether Barclays does the same thing or not.

Does anyone else have any experience?
Or even what the criteria are for each bank?

student_advisor

Fees will be paid directly to the institution as that's part of the condition of the loan. The rest is paid to the student.

Can't advise any more then that though, sorry.

magic_muffin

Yes, I'm just negotiating the CDL application minefield in order to get some funds towards my MPharm (4 years FT + 1 year training) which I start later this month.

In the pack there are application forms for Barclays, Co-op and RBS for loans up to £8,000. I think the main article on this site needs updating.

I'm going with Barclays because I already bank with them so guessing it'd be an easier process (at least for the ID checks, etc.).

Some information I want to find out is:
What happens if your course is longer than 2 (or 3) years? Do the repayments and interest start at the end of the "course dates supported by CLD" <reading off Barclays form>? Or at the end of the entire course - i.e. 2014 for me?

Also, does the loan start from the start date of "course dates supported by CLD"? What I mean to say is, my course starts this month but the first fees aren't payable until the end of November so in terms of saving £, should I take it out nearer the end of November and put the "course dates supported by CLD" as for then?

Reading the Barclays form, it does state "No early settlement fee" for someone that wondered about it.

Does anyone else have experience of applying for a CDL for an undergraduate course?? I've unable to find much practical advice from either my university, Barclays, or the official CDL helpline jobby. I don't qualify for the usual SLC loans because I already have a degree, etc.

Many thanks for any input and best of luck to you all in the process of applications, courses, etc.

Oldernotwiser

magic_muffin wrote: »

Some information I want to find out is:
What happens if your course is longer than 2 (or 3) years? Do the repayments and interest start at the end of the "course dates supported by CLD" <reading off Barclays form>? Or at the end of the entire course - i.e. 2014 for me?

Also, does the loan start from the start date of "course dates supported by CLD"? What I mean to say is, my course starts this month but the first fees aren't payable until the end of November so in terms of saving £, should I take it out nearer the end of November and put the "course dates supported by CLD" as for then?

Reading the Barclays form, it does state "No early settlement fee" for someone that wondered about it.

Does anyone else have experience of applying for a CDL for an undergraduate course?? I've unable to find much practical advice from either my university, Barclays, or the official CDL helpline jobby. I don't qualify for the usual SLC loans because I already have a degree, etc.

Many thanks for any input and best of luck to you all in the process of applications, courses, etc.

You might like to look at the August LSC e-newsletter which answers some of your questions. You'll see that there should be no problem with early repayment, regardless of the bank used.Tthey also make the very sensible suggestion that, for a longer course, you use the loan for the later years as otherwise you'll have to make repayments whilst still studying.

http://readingroom.lsc.gov.uk/lsc/National/PCDL_ebulletin_August2009.pdf

I hope you find this helpful.