Career Development Loan Question

Skelly18

Just a warning to all those with not very good credit, who have a Basic Bank Account and have been told by their bank that as the conditions for borrowing are "less financially stringent" than they would be for a "normal loan".

The Co-operative Bank - the so-called "Ethical Lenders" - have left me in a real financial mess, which has left me with impending homelessness, having to give up my course, and therefore giving me no entitlement to continue living in student housing, (until such time as I can save the monies I need - and Counselling courses attract many further costs, due to things like Supervision fees, requirements for Personal Therapy and placement costs). I am also now behind with my final installment of course fees the CDL was supposed to be covering, after struggling through illness and other difficulties to have afforded the course fees and costs before the CDL was agreed.

Basically, they agreed my development loan for postgraduate Professional Counselling training; I signed the agreement form, stamped and verified by my university finance department, and was told that the money would be going into my account. After a number of weeks, I was told, over the phone, very casually, that "a decision has been taken by another department not to offer you the loan" - that was well over a month ago, and since then, myself and my university have been contacting them, by phone, letter and in person, to get t the bottom of the treatment, to no avail.

The bank are geing extremely cagey about reneging on the loan agreement and despite several promises to provide written information on the reasons for going back on their agreement, this letter they say they have sent to me/are sending to me has still not materialised.

I have been forced to write to them, threatening legal action and am just warning people not to rely that the agreement to offer the loan will be followed through - at least by Co-op bank - leaving people in a similar mess to the one I currently am in.

mums_on_strike!

I made enquiries into a CDL last week and initially spoke to the Career Development Helpline (0800 585 505) found them very informative - giving me all the info that everyone else has already highlighted.
Received the package yesterday and it seems there are 3 banks - Co-op [ 12.9%, upto 3 years no payment]; Barclays [typical 6.3%, upto 3 years no payment] and Royal Bank Scotland [typical 9.9%, upto 3 years no payment].

There is alot to consider - but as I don't need to apply quite yet I'll keep my, somewhat limited, options open. Worth getting hold of and reading for yourself - although, I have taken on board those post from people who have had their own experiences - thankyou!

katieandscott

my dad is a lorry driver and has been for many many years. i have always wanted to do it to! right here's my problem i am 21years old have a bad credit score so i cannot seem to get any financial help. currently stuck in a dead end job earning £5.50 an hour which i need to support my two kids and girlfriend with. Help!! anyone!?!

Torby

katieandscott wrote: »

my dad is a lorry driver and has been for many many years. i have always wanted to do it to! right here's my problem i am 21years old have a bad credit score so i cannot seem to get any financial help. currently stuck in a dead end job earning £5.50 an hour which i need to support my two kids and girlfriend with. Help!! anyone!?!

Think you have maybe posted on the wrong thread?

DrFluffy

I took out as CDL for my 1st year... An expensive way to borrow money, as now all the big hitters will not lend without you taking life assurance out too (so monthy LA payments as well as interest building on loan etc.)

There are much cheaper ways to borrow now.