career development loans

fairmorn308

Hi there guys

I Have been reading about the CDL's on Learndirect scotlands website and was wanting to ask some advice on the matter.

How do these loans work.

1) do they take the money direct from your wages?
2) what if you have bad credit?
3) am in full time employment aswell? will that matter or help me?
4) how long does it take to get one processed?

Sorry about the questions just am looking, well really needing to do 2 courses which come to a total of around £1300 and i could save and pay for them but then am talking in about 5 months time when i really need them done now.

Any help would be great

fairmorn308

anyone help me?

HappySaver_2

Hiya,

I think you should post this question to the 'student moneysaving' forum as there will be people there who know how it all works.

HTH

HappySaver

Flyer2006

Hello,

I am half way through my commercial pilot training and was wondering if anyone could offer me any advice with regards to funding the remainder of my training.

Basically, I am currently working as Cabin crew and I am now in a position to start the CPL/IR/MCC. I have been approved by my bank, Natwest for an unsecured £25k loan with 8.7% interest rate. I am an Advantage Gold account holder which gives a reduction on the interest rate but apparently because of my age, etc (22 y/o) I am more of a risk and hence the hefty rate.

I have looked elsewhere, online and other banks, but been declined, of course they give no reason as to why but as I only have 2 (rarely used) store cards and one visa card my father suspects i do not have a high enough credit rating. So I am stuck with Natwest.

I can afford the repayments but they are high, also I may have to leave my current job if i cannot get the unpaid leave I have applied for to do the training, so I may be out of work for a short period after the training. The training takes approx 3.5 months. Affording the repayments is not a problem during this time as i have some money saved and my parents are able to assist where necessary. But obviously a lower rate of interest would help me out a bit.

HSBC no longer fund Pilot training under their Professional studies loan scheme, i picked up a leaflet saying they do in branch only to be told it was out of date.

Could anyone steer me onto the right track??

Many thanks in advance.

Bokken_2

Barclays do a Career Development Loan and you don't have to be with Barclays as it is a Government sponsored 0% loan upto 8K over 2yrs.
This maybe what your looking for.
Have a look at Martins Credit card shuffle and how to move loans to 0% on credit cards.
Your credit score will also be a good area to have a look and see if there is a problem check with Experian to be double sure.read up on the credit scoring and related articles as applying for too many cards /loans in a short period of time WILL adversely affect your rating and applications.
If your credit rating is good and to maximise your funds and reduce the interest payments you should aim to pay no interest on the loans or credit cards you have this will release a surprising amount of extra cash over the period of your course when money is at it's most restrictive,
Good luck.
PS pilots are suposed to have high interest aren't they?

savvy

Hi Flyer2006, welcome to the site.

I've moved your thread here which may help you find some useful information.

HTH
savvy

Tom_Jones

Why don't you try posting this query on https://www.pprune.org in the wannabees section loads of good advice from pilots on there no doubt.

Good luck

bery_451

I just graduate last year and need a grad loan to pay masters degree and other expenses.

the problem is im not working so can i get a graduate loan?

jonesMUFCforever

Unlikely.
Graduate loans are normally for post graduates now working and earning.
You may be eligible for a career development loan but this does depend on the type of course and studies you are undertaking.

Moley456

Hi, I wonder if anyone can give any help or suggestions as to funding for Post graduate Courses, In Particular the LPC Course. So far i can only see NATWEST and HSBC that offer 'professional training loans.' I wonder if anyone can suggest anywhere else.

I know there is a Career Developement Loan but at £8000 it's not really enough, can this be taken out with another loan? I never usually qualify for grants financial help etc as my parents earn too much, but i can't live off them next year to the tune of £15K.

I think i'll need about 15K next year as i'll be away from home, etc. If anyone can suggest other 'career/ professional training loans' i would really appreciate it.

Thanks

MATT