Career Development Loans 2006/07 article Discussion Area

jach1983

atypical wrote: »

There are a lot of questions that need answering before anyone will be able to help you.


You were told by your university what 'would be' in May 2010 and why does that mean you'd start paying back fees in July 2010?


Why would changing the date of the loan get your default removed? Even if your course finished in Sept 2010 and you only started repaying in Feb 2011, you'd still be in default wouldn't you?


What criteria is this?



The Ombudsman has considerable sway over Barclays. What they more likely said is that in your case the decision lies with Barclays. I suspect this is because the point you're in dispute with them about relates to a commercial decision which Barclays is free to make as it likes.


So you're currently up to date with your loan repayments?


As far as I understand, the Skills Funding Agency's only involvement with Career Development Loans is that they pay any interest due while a person is studying. I can't think why they'd have any influence in your situation.

Hi. Thanks for your reply. Just to clarify a few things.

1.) The course was due to finish in May 2010. It actually finished in September 2010. (Confirmed in writing by the university). This means repayments should have begun in November 2010.

2.) Changing the date on the loan means on reflection I would have been three payments behind, and from what I understand this doesn't automatically mean a default. The ombudsman have indeed confirmed it is a commercial decision, hence why they wont step in.

3.) The criteria is that any change in date has to be registered witthin the first three months of the course beginning. I have written confirmation from the policy manager of the Skills Funding Agency that in my case they would waive this and since then the criteria has changed anyway.

4.) I am on track in terms of a payment plan. I've never been given the opportunity to get up to date with repayments as the loan is in recoveries.

5.) The excuse that Barclays gave for not changing the date was because of the Skills Fubnding Agency criteria. Since then, they have said that they cannot deal with it as it is with the Ombudsman (I have since withdrew this).

ttoilleecarg

Hi there,

I'm currently going through this application process and was wondering if any one could give me any advice?

I applied to co op, and got turned down. I appealed, and still got turned down. Apparently my credit rating isn't good enough (which i have checked; I haven't missed a payment or had any charges on any accounts for the past 2 years! and my credit card was too close to it's limit, which I have since sorted out).
I'm now waiting to hear back from Barclays (after much fannying around with getting original bank statements from Natwest, and the branch messing up my application first time around).

1. I've heard that Barclays are more lenient, and that I stand a better chance of getting my loan from them, has any one else had a similar experience?

2. If you've been turned down by both, where did you go next?

I've nearly completed the first semester on my course, and now the university is threatening to 'withdraw facilities' if i dont cough up the cash soon...I'm doing well and I really don't want to drop out! I need to find my fees from some where.

Thanks in advance for any help

Eric_Lynn

Hi all, I'm trying to apply for a CDL in order to consolidate my debts and get a car to assist me in my masters in nursing. I can earn more money in my job if I have a car and will be able to devote more time to study instead of travelling! I was wondering if I could put this on the application form. I'm hoping to start paying it back after 1 year instead of at the end of the corse so I'm hoping it will work in my favour. Do I tell the bank that this it what it's for? Would they turn me down because of it? My fees are already paid for by the nursing and midwifery council. I need about 7,000 in order to do this. Help!!

sammieboy

Hi unsure if I am doing the right thing here. but have a question about these CDVs. Grandaughter want to finish her dance/musical theatre career and has been accepted at a London Theatre school on a 12 month course to finish her training and obtain a Trinity College Diploma. We have no funding and been to told to apply for one of these loans. However, after reading about them it sounds terrifying!!! Also when she went for the audition she was told she would get help with funding accom/living costs as she was 18. She turned 19 at the end of Feb and so now been told she cannot get any in this way. At the moment it looks like her chosen career is over. She is heartbroken as she has friends that have gone to uni, for the party scene, and have no intention of repaying their gov. funded loans. She has worked so hard and given up so much to pursue this line of career. Would be most grateful if someone could help with advise etc.

fiduni

Hi,

Just researching getting a CDL from Barclays - wording on the website suggests that you actually have to be an existing customer of theirs (for three months) before they'd consider you for a loan - does anyone else know if this is correct?

Alternatively, does anyone know whether this is the case with Co-Op?

Thanks,

Fi

fiduni

I've phone Barclays several times over the last couple of days with a ton of questions - thought I'd post the Q&As on here in case anyone finds them useful - it's been a minefield, and I became slightly wary of the answers I was getting because I kept getting different answers, so have actually called several times to ask different people the same questions - this is what I've found out:

---

WHAT DOCUMENTS DO I NEED TO SUPPORT MY APPLICATION?

Application forms need to be accompanied by the originals (not photocopies) of the following:

+ 3 months' worth of bank statements for your main current account ONLY (these are checked by human eyes for defaults and to see how the account's been used)
+ 1 x Photo ID (UK driving license OR passport)
+ 2 x Address verification (valid forms include letters from the following: utility bills, TV license; electoral roll; voters polling card for local/national elections; UCAS; council tenancy; mortgage statement)

(N.B. Alternatively, instead of 1xPhotoID + 2xVerification, you can send 2xPhotoID + 1xVerification)

---

CAN I SEND THESE DOCUMENTS WITH THE APPLICATION, OR DO I HAVE TO VISIT A BARCLAYS BRANCH IN PERSON?

You can EITHER send your original docs off with the application via post, OR walk into a Barclays branch to get your docs copied and stamped (good because you get them back there and then), and a customer file number set up - apparently the latter is quicker.

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AM I STILL ELIGIBLE FOR A LOAN IF I HAVE BEEN LIVING OUTSIDE THE UK FOR MORE THAN 1 MONTH?

AND WHAT IF I'VE BEEN TRAVELLING ON AN EXTENDED HOLIDAY? WHAT IF I'VE WORKED ABROAD WHILE I'VE BEEN ON HOLIDAY?

If you have been living out of the UK for up to 6 months, that's fine as long as you've just been on holiday; however, if you've been earning money abroad for more than one month, then you're not eligible for the loan!!

[I panicked at first because I have been working abroad as a freelancer, but they told me that's OK because I've been getting paid by a UK-based company while I've been abroad, not any foreign companies.. So that's OK - I'm still eligible for the loan.]

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HOW LONG DOES IT TAKE TO FIND OUT WHETHER OR NOT YOUR LOAN APPLICATION HAS BEEN APPOVED?

It takes 5-7 days for Barclays to confirm of whether or not your application has been approved

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IF YOU'VE BEEN APPROVED, HOW LONG DOES IT TAKE TO RECEIVE FUNDS?

It then takes 6-12 weeks to process (i.e. for you/your college to get any money!!)

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CAN I START THE COURSE AND THEN APPLY FOR THE LOAN? WOULD DOING SO COUNT AGAINST ME?

Yes, you can apply once you've started - and applying either before the course starts or after it's already started makes absolutely no difference to your chances of being approved for a loan, so it won't count against you.

---

So.... It's all a bit of a minefield, really.

I also signed up with Experian to get a credit report, which is really helpful. I've used them before, so had to pay £14.99, but if you've never used them, you get a 1-month free trial - just remember to cancel your subscription before the end of the first month!

Experian's records get updated on a monthly basis (although there's no set date for updates to occur).

I thought my credit rating would be good (green), but it's only 'fair' (amber) - so checking was well worth it, because if I applied and got declined, and then applied to the Coop and god declined by them too, that would have a negative impact on my credit rating (apparently it looks desperate if you've applied to and been declined by several lenders in short space of time).

Armed with this information, I plan to get my credit rating looking as healthy as humanly possible by:

- Getting on the electoral roll
- Increasing the limit on my credit cards (so that it looks like I can be 'trusted' with more money)
- Ensuring that I don't max out my credit limit every month)

Fortunately, I've got about £6k saved, which I've calculated will tide me over the first few monthly tuition-fee instalments (my uni will take an initial deposit-type payment of 25%, with the rest of the balance being split over the remaining 11 months).

Hope this info is of use to people - good luck :beer:

arvin

Dear All
Good day
I am thinking get financial help by applying CDL, can anybody suggest
How, Where, to apply and process to get it?
Thanks

arvin

Dear All
I am just thinking to take CDL for my MSC programme, Can anybody suggest which banks are providing this type of loan and what are the basic rquirement to get this loan.
Thanks

Daedalus2014

Hi all,
Thanks to a lot of confusing, slightly-outdated advice on the internet (not on here, just in general) about how to fund postgraduate law courses, I was under the impression that I would be eligible for a Career Development Loan to fund the GDL/CPE, the 1 year law conversion course non-law graduates must complete in order to be able to take the LPC or BTPC, the vocational courses which lead to employment as solicitors and barristers. Unfortunately, it turns out I was wrong about this. Even though the GDL and LPC/BTPC are usually taken in succession (by non-law graduates) and are together effectively one two year course rather than two one year courses, because the GDL is not the last step before employment, I can't fund it with a career development loan (or, at least, I can't any more--apparently a few years ago this wouldn't have been a problem).
The GDL course I have a place on starts in a month. What other options are there for me to fund it? I know that certain institutions have exclusive agreements with banks to provide loans for the GDL (e.g. BBP has an arrangement with Investec and the University of Law has one with Metro Bank) - surely there are similar options for students at other universities? I am going to Northumbria because as it is close to home I can live with my parents and save on unnecessary rent, etc, so going to either UoL or BBP isn't really an option (plus, it's too late to apply).

(If it makes any difference, I did my BA abroad on a full scholarship, meaning I don't have any student debts, although I do expect to pay back my parents for the money they lent me during that time for living expenses. Because of this, I had expected that taking on a small loan, my first, to study for this postgraduate course wouldn't be a huge problem. Additionally, because I have a good degree from a respected university, I am pretty confident that I'll be able to get the second year (the LPC) funded through a solicitor traineeship scheme, so its really only this year I need to be able to fund.)

Any advice would be much appreciated!

emmasmith7171

Hey all,

I just applied for the Co-op. The only thing is I just checked my credit rating with experian and it was 815, in the "fair" region. I have never had a credit card or a store card (which is one of the negatives) and I'm not on the electoral roll (But i should be on it soon).

What are my chances of getting accepted? my credit rating isnt great but that's mainly because I have never had credit lol I'm getting quite worried right now. How long does the Co-op take to let you know of their decision usually?

Thank you!