Took a career devolpmemt loan out from barclays but failed my final year.

Sandwiches

Hello

I took out a barclays career development loan to help fund my final year of my PhD, as my main source of funding ran dry. However, I failed my viva and have to resubmit my thesis. Iv cut all expenses moving in with my parents. However, even after taking a mimium wage job I still can't afford the repayments, lol.

I can't re-write my thesis and work, anyway. So the lack of money dosent really matter. I asked for a status letter from my uni to say I was still a student. However, the letter still gives my original completion date, with an addendum saying I have one year left to resubmit. I don't think the bank will a accept this.

I have been suffering from some medical issues and I was thinking of getting a doctors note to accompany the letter. I'm lothe to do this, I don't think it will work and my medical condition, I feel, is private.

I'm not sure what my options are here? I can't work and finish my studies.
Can anyone advise?

Bw
Sandwich
Tldr
PhD student took out barclays career development loan.
Have to rewrite my thesis.
Can't work a full time job and rewrite thesis.
What are some options?

whitewing

Is there not a student welfare person at the uni who could point you in the right direction with this?

Are you panicking about the amount of work you need to redo? Surely if you were that bad they would have picked up on it before you failed and encouraged you.

How much are the repayments and what are you currently earning?

Pixie5740

I know someone who worked full time whilst finishing off her thesis. It almost broke her but it is possible.

Speak with someone at student welfare as whitewing has suggested. Failing that just write to Barclays and explain you cannot repay the loan or offer to make reduced payments. They can't get money you don't have.

Also consider whether it's worth continuing with your PhD. How far off passing were you with your first attempt?

CakeCrusader

I had to drop out of my MSc after falling ill with MS and Barclays were really good - they reduced the payments and I've been paying it off really slowly since. I'd call them

Sandwiches

I need to re do alot. It's gonna be a few, 4-5, months atleast.

My repayments are 250 a month

I'm earning 600 a month. I wanted to work for a month or two and save up enough that I could stop working. However, with the commute to work, rent to my parents (150 a month) and then a little on food and other expenses I can't save much at all.

whitewing

Maybe talk to your parents about whether they actually need the rent at this stage. Are they good at budgeting? If so, may be worth sitting down with them and getting to grips with how they keep track of their spends. Then you may be able to brainstorm some ideas.

I know when I failed some exams etc, it is very difficult to deal with the disappointment and that made me not want to open up.

Also, parents can be not wanting to intrude on your thoughts and feelings and if you are not giving them an accurate understanding, you may force them in to making certain assumptions and they may come across as unwilling in some areas. (Not saying yours are - they let you move back in, but it can be fraught to worry about you but also allow you to have your own headspace).

This could be a brilliant time where you value your relationship with your parents.

takman

Sandwiches wrote: »

I need to re do alot. It's gonna be a few, 4-5, months atleast.

My repayments are 250 a month

I'm earning 600 a month. I wanted to work for a month or two and save up enough that I could stop working. However, with the commute to work, rent to my parents (150 a month) and then a little on food and other expenses I can't save much at all.

If you only earn £600 a month then your only working around 20 hours a week. So you have plenty of time to write your thesis if your actually committed to your PhD.

Hutchch0920

Did you take the maximum loan over the longest period? If not you could extend your repayment period or loan extra money.

koloko

You sound at breaking point, stress wise. Don't be.

I worked full time and passed my PhD viva, but failed the minor corrections and was awarded an MPhil. Thats a 1-year degree for 6 years full time work. I was devastated.

Ten years later I've carved out a successful professional career, with my own business thriving on the side. Things couldn't be better. If anything, the PhD failure made me strive harder for success.

Don't let it break you, its not the be all and end all. In fact the PhD process is corrosive and needs restructuring

boo_star

Pixie5740 wrote: »

Failing that just write to Barclays and explain you cannot repay the loan or offer to make reduced payments. They can't get money you don't have.

I used to work at the Co-op Bank and had some experience with CDLs (and they were a nightmare.)

From memory the terms are fairly strict. The loans are underwritten by the government so the bank won't lose out if you don't pay. As a result, there is very little leeway.

I can't remember if extending the term was a possibility but reduced repayments were certainly not.

If you can't pay and rescheduling isn't possible, you'll just be defaulted and the debt passed on to a DCA.