Am I likely to be accepted

MusicalLawyer

In January 2014 I will be starting my Legal Practice Course.
The fee's are around £15k.

I have some money saved up for it, but I will be needing a Career Development Loan to help fund the course.

The problem is that I have defaults on my credit file from 2008, and 2010. The one from 2007 will be gone by then, however I have 4 settled defaults which are due to come off in 2016 in Sept, Oct, Nov and Dec.

It is looking as if I will need to borrow around £10 - £12k.

I have accounts on my credit file - mobile phone, a paid off loan and gas and electric. All these are up to date, no missed payments etc. The mobile phone I've had since 2008. So since 2010 I haven't been missing payments or anything like that.

What's the chances that I'd be accepted if I were to apply beginning of Jan in 2014?

What else can I do to try to make myself more appealing to lenders? I have about 2 years to sort this out.

chanz4

98% of not been accepted with the 2010 default.

MusicalLawyer

Would it make a difference if I were already banking with the particular bank, and lowered the amount I required? So, if I was only needing something like £5k / £6k?

BoGoF

If you want proper advice then stop messing about, it's went from 'needing' £10-12k to £5-6k?

What is it?

Apologies in advance if that comes out wrong but the full picture at the start helps.

tell_it_how_it_is

KellyKing1987 wrote: »

What else can I do to try to make myself more appealing to lenders? I have about 2 years to sort this out.

Which means you have two years to save as hard as you can, and see where that gets you, no?

MusicalLawyer

I was originally going to study the course full time which is why I was after the £10 - £12k.
However, I've decided that it'll be best to do it part time as I will have more time, and could aid me in getting a 'commendation' for the course.

It means that this way I can borrow a lesser amount to pay off the initial costs of the course, and whilst working full time, save up the remaining amount.

If I were to be able to borrow £6k from my bank, it would mean I could save up the remaining £3,500 from wages (it's an approximate figure as fee's for 2013 haven't been released).

The payments for the loan would start one month after finishing the course. And it is 0% until that time also, when it then rises to 9.9%.

MusicalLawyer

tell_it_how_it_is wrote: »

Which means you have two years to save as hard as you can, and see where that gets you, no?

This is true, however, with me still being at Uni and only being able to for part time I can only manage to save £100 every 4 weeks currently. Obviously, any over time money goes in to that savings as well, but over time can not be guaranteed.

When my degree finishes in April 2013, I am going to be looking for full time employment, which means I'd be able to save 3 times as much for a few months - but this still wouldn't get me the extra £6k I am looking for,for the initial costs of the course.

I could work nights full time, but that would mean sacrificing important studying time. Which I don't want to do as I need a 2:1 minimum in order for me to gain a Training Contract after my academic training.

sassy_one

I think if your signature has anything to say, you have to much credit with too high balances.

I never would have credit for more than £3000, what I know I could repay within days if needed.

And, I know someone who had a perfect credit rating, 5 settled credit accounts, no missed payments and earning a lot, soon as they took a Wonga loan for two days, they have been getting cr*p rates, refused a overdraft, credit card and even a Vanquis card!
Wonga on your file would have ****** it up.

bouncydog1

All I would be thinking of doing at the moment, is making sure you pay everything on time and save as much as possible. Everything can change in two years and you might want to do something else.

What happens if you don't get a job to save from - puts a whole different perspective on things. Nobody can say whether or not you will/won't get a loan - focus on ensuring you pay bills and save.

MusicalLawyer

I have done some research in to the career I want, and have decided that an alternate route would be best for me.

This route would consist of an ILEX Fast Track Level 6 Course which costs just under £2000 for 2012.
I would be saving double this myself. It does mean the route would take longer.

However it also means I get to go in to employment sooner, and won't have any debts!

Thread closed!