Personal and Career Development Loan

jacobbolt

Hello and thankyou for letting me join this forum!

Now onto business,

I am a post-graduate student who is now half way through his IT masters course and I have managed so far to get my Tuition fees covered (from personal savings) etc.

However for my living costs I have been waiting around 3 months now with an application to be processed with the Cooperative Bank. It took so long because of getting certified documentation etc.
When I first applied I got a letter back the following week saying .... "Congratulations you meet our requirements and credit check bla bla please now send us documentation for proof of ID"

and so on so I then spent about a month getting stuff together (legal copies of passport ) etc and then with all the bad weather and stuff it was almost 2 months of this loan getting processed.

Then when I finally get all the stuff together they say my "application has expired and they have cloned it and they will be performing another credit check on me".

A week later I phone to pursue my application and I get the bad news that now my application has been denied due to a credit check but they can't elaborate further as too why and they recommend me I write and appeal letter and goto to Experian.co.uk

So I send an appeal letter and wait for Experian to send me my PIN number etc and then I check my score.

My credit score was 927 which was good according to them.

So why has the Coop rejected me?

I have no credit cards or other bank loans.

Just a 7K student loan because I worked during my gap year and decided to pay some of it off (was originally 9K)

I am slightly into my 750 overdraft with Lloyds TSB ( about 200 overdrawn) could that affect it? Right now im living off my overdraft and christmas money for food until I get this goddam career loan in.

I really don't know whether this is worth pursuing further? Is my credit score report which I am going to mail to coop going to change their minds during the appeal? Should I just drop them and goto another bank that does CDL?

Any ideas please!

This is all really confusing :S

Do you think because of all these undesirable students rioting that they think I am not worthy of a loan?

I am not a person who lives beyond their means:

-I don't drink/smoke/ drugs etc
-I have a 3 year old phone and I goto charity shops.
-I dont party and I stay in alot.

So why are they not letting me have this money its not like im going to blow it all on Wiis and Jager Bombs

-Also have a happy new year! Im going to bed early BAH Humbug!

jonesMUFCforever

How much did you apply for?
The bank might have changed its policy and no longer finds IT students low risk when asked to pay the loan back.

jacobbolt

Im 22

I asked for a 4K loan out of 10K offerd to cover 3K rent and 1K for food etc

At 9.9apr paying it back over a year starting September 2011 with the loan being payed back for a total of 4.9K

I had the choice to pay over 1, 2 or 3 years but I wanted to pay it off quickly once i get a job

jacobbolt

It says in red on my credit report that I am not on the electoral role will that change anything?

jonesMUFCforever

jacobbolt wrote: »

It says in red on my credit report that I am not on the electoral role will that change anything?

It could well be!
Your previous post about paying the loan off after getting a job - how competitive is your jobs market - would you take any job to pay the loan off?

jacobbolt

I don't know really on one hand you could say there is a demand for IT jobs as the BCS (British Computing Society) is funding my Tuition fees on the other you can say with the recession and all that there is a reduced amount of IT jobs.

But would a Bank really care about that, I mean I will take any job that is available.

jonesMUFCforever

jacobbolt wrote: »

I don't know really on one hand you could say there is a demand for IT jobs as the BCS (British Computing Society) is funding my Tuition fees on the other you can say with the recession and all that there is a reduced amount of IT jobs.

But would a Bank really care about that, I mean I will take any job that is available.

They want their money back a lot of people would look down at any job outside of their chosen sector.

katsu

Have you tried calling the co-op up to understand why they won't grant your PCDL? The only other bank for a PCDL is Barclays and they really are inefficient and a bit rubbish at processing PCDLs in my experience.

The PCDL brochure has a helpline no for the Young People's Learning Agency - you could always find your original booklet and ring the YPLA and see what they suggest you do?

jacobbolt

Just to let you know the Co-op rejected my application after 3 months saying " I have no income".

A bit miffed with it all as the whole point of a career loan is to obviously support students who are studying without a part time job (which is bloody hard to get).

Oh well down the shitter I go!