Career Development Loans 2006/07 article Discussion Area

Oldernotwiser

sofeeya678 wrote: »

Hi Martin, I have gone back to uni and am currently borrowing £4000 off my mum to pay for my Graduate Dimploma in Law. Next year I am applying to do my Legal Practice Course and it can cost up to £11000 which is obviously expensive. I am aware that Natwest, HSBC and Lloyds that offer Graduate loans. as I have been ill from 2005-2009 I have just managed to clear most of my debts and just have my overdraft to clear. I have not had charges since Sept 09 as I was on long term sick and didnt have internet banking and my pay went gradually down so my credit rating isn't brilliant.

I am worried about the types of loans I can get to pay for the course, what would you suggest. how can i increase my credit rating and what would be the best type of laon for me to apply for?

You've posted on a thread about Career Development Loans, which really answers your question.

kitcat7

hi,
my husband is currently training as a teacher - PGDE-
he was self employed and applied for CDL with Barclays but was rejected as he has little or no credit history - no loans, credit cards etc
any advice about where else he could get some money???
- he is halfway through the course and we are broke! I am in full time employment but can't afford all out family outgoings on my salary alone.
thanks any advice would be appreciated

Oldernotwiser

kitcat7 wrote: »

hi,
my husband is currently training as a teacher - PGDE-
he was self employed and applied for CDL with Barclays but was rejected as he has little or no credit history - no loans, credit cards etc
any advice about where else he could get some money???
- he is halfway through the course and we are broke! I am in full time employment but can't afford all out family outgoings on my salary alone.
thanks any advice would be appreciated

PGCE/PGDE courses are normally fully funded by loans and bursaries. Why isn't your husband eligible for these?

kitcat7

already had funding for degree and masters so not eligible for any further funding of any kind as far as we can gather - not even the course fees

only gets travel expenses

Oldernotwiser

I can see you're in Scotland and I know the funding is different but who funded his Masters. (Ignore this!)

Edit: Is this of any relevance to you?

"Will I get funding if I’ve studied another postgraduate course before?

The Student Awards Agency for Scotland (SAAS) will not normally fund your fees in full if you have taken a postgraduate course (including teacher training) with or without support from public funds – or if your first degree has qualified you for a profession (for example, vet, doctor dentist, nurse, midwife, minister or priest of religion).

This might also affect your entitlement to tuition fees and the Young Students' Bursary, Additional Loan or Young Students' Outside Scotland Bursary.

However, you can still apply for the student loan and supplementary grants. To find out more contact SAAS."

This is from http://www.teachinginscotland.com/tis/142.29.35.html

kitcat7

it was in the good old days of student grants for everyone and every thing! back in the 80s

already been knocked back by SAAS for funds so hence why he went down the career development loan route but no joy as he doesn't have credit history as i said in original post
ok thanks anyway if any more ideas anyone please let me know thanks

karan733

Ive just applied over the phone to Barclays bank for their career development loan. They have asked me to send in my last 3 months worth of bank statements for my regular current account (this is standard practice) The only problem is that I have been in my £2000 overdraft in my current account for the last few years, will this mean they reject my application for the CDL?

If this is the case, is there anything I can do about it? I dont have any other financial problems, I have always paid in time on any finance agreements and dont have credit cards etc. Im just worried they'll take one look at it and reject me outright without a second thought.

Any help would be appreciated!
Karan

kitcat7

My husband was refused the loan on the basis that he had no credit history - he had no loans or credit cards etc.
He went ahead with his course but had to pull out after almost 6 months because we couldn't afford for him to have no income as a result I accumulated thousands of pounds of debt which we are now trying to pay back. And he still has to pay all his fees. My husband now has a credit card to try and build up a credit history but is no longer doing his course so it was all a big waste of time, money and emotion. Sorry to be so negative but I am so disappointed in the whole system.

tomhagen

Thanks for all your efforts MSE, great site and excellent tips.

I have a specific question regarding the Barclays CDL and repaying the loan early, before the interest payments are due to begin. Under Barclays Terms and Conditions, would I be penalised for paying off the full amount of the CDL (eg. in a "ditch and switch" to a personal loan with a lower interest rate) before the two month holiday interest ends?

As can be seen in the following link, under the summary tab, (ww.bank.barclays.co.uk/Loans/Ourloans/ProfessionalandCareerLoan/P1242557963934) it says "there is no early settlement fee", but it also says "Default fees -
We may charge you for any costs or losses we incur as a result of you breaking your loan agreement."

My question is basically that by paying off my CDL loan fully before Barclays can begin charging interest, will I be penalised either in the form of fees, or liability for the amount in interest Barclays will miss out on as a result of me ending the loan agreement early?

Any help would be much appreciated. Thank you.

ankh1989

I am soon the apply for the CDL from Barclays and wondered if anyone could give me advice on the application process (either experiences of success or rejection would be handy).
The CDL is my last alley for funding for my Msc.

Thank you!!!