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Loans

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debt free student can't get loan (help please)

My daughter has completed her 3 years and achieved a 2/1 law degree and has with our help achieved this debt free.

She now want's to attend the LPC (Legal Practice Course) which costs £7,000.

Yesterday Student loans turned her down
Today her bank has done so also, claiming, as she has no debts she is not a good risk.

So, by paying off her bills on time and not being in debt makes her a bad risk, talk about a nutty situation

Can anyone advise how she can resolve this situation please.

regards

spud

ps she has never (until 5 minutes ago) ever activated the credit card she was given ages ago, so is hoping this will now help as when she went into the bank it showed she did not have a credit card (I suppose because of activation)

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Comments

  • Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    What they are saying is that she has no record of paying her debts off properly and not that she has no debts.

    So if she used a credit card regularly for her normal purchases and paid in full each month then this would show on her credit records and put her is a favourable light.
  • Yes that is now realised but HOW does she raise the money?
    CLAPTON wrote: »
    What they are saying is that she has no record of paying her debts off properly and not that she has no debts.

    So if she used a credit card regularly for her normal purchases and paid in full each month then this would show on her credit records and put her is a favourable light.
  • Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    Usually, I would say try her bank but they have turned her down.
    So her best bet is her parents who could either lend her the money or assuming they have good credit records could borrow the money at decent interest rates.
    Secondly she could try a career development loan; they are a bit expensive but it may be an option.
    Thirdly there are the very expensive lenders who will lend to people without a good credit history but they charge prohibitive interest rates.
    Fourthly, she could delay applying and work to build up some savings whilst also bulding up her credit rating.
  • Posts: 48 Forumite
    spudorange wrote: »
    Yes that is now realised but HOW does she raise the money?

    can you take out a loain in your name and make her pay it back
  • Think we may have to

    It's not a case of making her pay it back as she's a good kid and would do so once earning

    Doing some property improvements so had allocated a a fair chunk to that

    may have to put that on hold

    thanks for all who took time to reply
    claudefrog wrote: »
    can you take out a loain in your name and make her pay it back
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