Career Development Loan - Training Co. in Administration/Insolvent

MarathonMan1981

Hi all, my 1st post! :j

I'm currently paying off my CDL whilst i'm ongoing with an IT course, but i got a letter today saying that the training co. are in administration and i am an unsecured creditor.

Can anyone here explain more? Can i cancel my standing order with Barclays who the loan is with? Can i claim any money i've paid back?? Is this bad news for me? :eek:

Dont know if this forum is the relevant section, but any help appreciated, thanks!

AMILLIONDOLLARS

NO :eek: you cannot cancel your standing order with Barclays your loan agreement is with them and you must keep up the payments.

I would go in and see them, explain what has happened, they may be able to advise. You may have taken out some kind of insurance, to cover this situation, check you loan agreement. Phone the Administrators they will be able to tell you whether there is a chance of you getting your money back.

Good luck

AMD