Career Development Loan

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Did you send the rest of the documentation prior to the course date then to accept the offer or did you wait until you had started the course and send everything together?

Yeah i sent off the form declaring i accept the loan, the interest and the amount i pay back and the other form that has my bank details on to put living funds in and upon finishing the course and 2 months after where to take payments from.

You can get yours stamped early? Well means your going to get funds sooner then because i thought the idea of the form is to confirm where to send to course fees and to confirm i had in fact started.

DMU has my form ready to pick up upon enrolling. Have a spare just in case anything happens :wink:

Reply 341

college80

For the co op loan they say on the letter they will open a loan account with a card etc. I don't bank with them. Will they put loan for living expenses into that loan account with the living expenses loan amount. How do I access it? do they give internet banking too?

Thanks.

Reply 342

ice_white_tiger

You CAN get it stamped by your university before you start; I did mine, and they sent it back in the post to me yesterday. Just phone up your university and ask. If they're hesitant, say you're worried about it all, and they should change their minds :smile:

And Shiv Shiv - chances are I'm at this moment in the same room as the person whose going to stamp your form! d:

Reply 343

tekno

Original post by college80

They ask for your bank account details on the application so I imagine they put it into that account

Reply 344

ClarenceSpecial

Just an update in case it helps anyone else:

Had a letter from Barclays saying they needed me to call to confirm information. I called armed with this letter, and this time the nice lady accepted I was me and changed the erroneous data they held for me.

I clarified the info, she put me on hold and then came back to me saying I'd been provisionally accepted and would be sent the agreement forms in 5-7 days!

I almost can't quite believe it!
Just in case it helps anyone (as when I was applying I really wanted to know the circumstances of those who got accepted to weigh up my chances):

I have an outstanding £5000 debt that I am paying off (car finance - I bought the car in July this year so this is new debt)
I had two defaults in 2008 that I satisfied in 2009 from when I was a student, but these are still on my credit record.
I have a mobile phone account and internet account - a couple of late payments on the phone about a year ago otherwise pay these on time.
I applied for the full £10000
I'm doing a part-time PhD in Psychology while working part time at another Uni, where I've been working full time for the past 5 months.

Hope that helps someone! Also really hope the nice lady on the phone wasn't just having a joke with me- also hope the fact I posted my Co-Op application form yesterday won't change everything!!

Reply 345

Ramz

Im going to take my letter which the Uni have to stamp and sign on the day off my enrollment and then send it back to Barclays.. would that be a good idea, my enrollment for my course is 19th sept.

Reply 346

JurassicPike

Hi, is there any one that can make any recommendations on appealing a decision?

I was initially refused by Co-Op for not passing their credit check, my experian rating at the time was 777, but at the time of applying i wasn't on the electoral register due to moving back home after uni. After a month of sending documents back and forth to Barclays, i found out today that they had rejected my claim because i have gone over my overdraft once in the last 3 months, they gave no other reasons.

I don't want to sound like i'm making excuses but the reason i went over on that occasion was due to a direct debit coming out of my account a day earlier than it is supposed to (25th rather than the 26th) and i was only over the limit for a matter of hours.

Does anyone know how the appeals process works? and would it be better for me to try and explain my situation to Barclays or just try again with Co-Op and hope that the fact I'm now on the electoral register (i've been told this is important) pushes me over their credit scoring threshold?

Any advice would be greatly appreciated, I'm supposed to be starting on 3 October and cannot aford my course without the loan.

Reply 347

ClarenceSpecial

Original post by JurassicPike

When I spoke to Co-Op they indicated that if you fail the credit check, but are given the option to appeal, then often they accept you. It sounds like that's what you should do- not being on the electoral register is probably what made you automatically rejected. I probably have a way worse credit score than you but Barclays have provisionally accepted me (I am on the electoral roll though!). If I were you I'd appeal to Co-Op- it seems as though they are a bit more organised and that lady on the phone did say that a lot of people get accepted after appeal...

plus they aren't looking at your bank statements so won't be basing the decision on that one blip you had before.

Reply 348

joanna7

have found this forum really helpful whilst waiting to see if my application to co-op for a CDL is accepted. It has been today. I received a text on 26th August from co-op and called today to find out if I was accepted. I had a 'good' credit rating from equifax (431). I applied for 2,500, have an overdraft of 700 with my own bank which is usually around 400 o/d, credit card balance of 2600 and had one late payment in April 2010 on my current account and several unauthorised o/draft payments up to October 2010, from then a clean credit history for about 8 months except the one missed direct debit. I wrote a letter to accompany my application, talked about my improved credit rating and explained the one missed payment and indicated my income from part time work (about 1800 per year with more opportunity to work during hols). I was refused by co-op in my first year, applied for 6000 and my credit rating was worse then due to missed payments as described above. I hope the above may give some indication of what they are looking for credit wise and think writing a letter may have helped. I think co-op (from reading this forum) are more organised and efficient than barclays. best of luck to all in the future.

Reply 349

lorenzo1989

DO NOT GO TO BARCLAYS FOR A CDL THEY ARE USELESS! i started my application in july and stil havnt got the loan and its not september!

Reply 350

Shiv_Shiv

Original post by lorenzo1989

DO NOT GO TO BARCLAYS FOR A CDL THEY ARE USELESS! i started my application in july and stil havnt got the loan and its not september!

I think it varies - my application was processed in 2 weeks with a letter of acceptance received!

Reply 351

Eganhimself

Original post by lorenzo1989

DO NOT GO TO BARCLAYS FOR A CDL THEY ARE USELESS! i started my application in july and stil havnt got the loan and its not september!

So no confirmation? Have you even been accepted?

You don't receive any money from them until you start the course and send the stamped and confirmed details.

(Unless you are cheeky and get it signed before).

Reply 352

lorenzo1989

yeh ive been accepted onto my course and everything start in 2 weeks. ive been into barclays bank over 5 times the past week and rang the CDL company and they keep saying how they want my bank statements which i keep sending them by fax. i had a meeting with a barclays branch manager today whos logging a formal complaint

Reply 353

mir

Lorenzo its not helpful for you to post something like that... people only have 2 banks to apply to for the loan.. and lots of them have had no issues with Barclay's. Including myself. We're asking a bank to lend us money, there are bound to be problems for some unfortunately. Tis the way it goes. thankfully it sounds as though something is happening for you. Good luck! :-)

Reply 354

sound_check

Original post by Variola

Bugger.

I rang co op today and it has been declined because of credit check :-(

Is it worth going for Barclays still?? I have heard it is the other way round, if Barclays decline then co op might take you but not the other way round

The same thing as happened to me but the other way round. Im so annoyed as Barclays have had me running around for ages. Firstly they LOST my application in their internal post when I first applied in July, then they said that I hadn't sent in all my bank statements( I had). Now I ring them today (I doubt they would have rung me) and they have declined my application because of a a £6 overdraft bill (which I paid of immediately). Im so annoyed and stressed! I dont know whether its worth applying to the co-op as if they all do a credit check then the same stupid £6 fine might re-occur...Going down the route of a personal loan does not look fun but at this rate it'll be my only hope :'( :'(

Reply 355

happy_penguins

Hey guys,

I originally posted a few weeks ago about my experience with applying for a CDL through Co-Op. I was really pleased because I had been provisionally accepted, passed the credit score and was told all that was left to do was check the course details with YPLA and get the forms sent out.

I went on holiday for 2 weeks, safe in the knowledge that nothing could go wrong - I'd passed the credit score after all, yay!

When I got home there were no forms for me to get signed, so I called and was told that the acceptance had been overturned to declined. I asked how this was possible and was told that even though I had passed the credit SCORE, there was something in my credit HISTORY that had changed the decision.

This isn't the best form of customer service, as I had to call them to find out - there was no communication at all from the bank about the change in status and they knew I thought I was accepted so I'm not best pleased as it's left me with one week to find funding for the fees and a full time job to work around uni so that I can afford to live - not ideal.

Although I'm not happy about the lack of communication, the fact remains that something in my credit history has caused concern and I still want these guys to lend me money. So I have appealed with a year's worth of bank statements and my entire credit report and a breakdown of how my bills have decreased over the past year and that by the time I finish my masters, the only credit bill remaining will be the CDL, and that monthly repayment is hundreds of pounds cheaper than my current bills. And I'll be working full time again so there is no way I won't be able to afford the repayments - even if I was only working full time on minimum wage.

It's not an ideal situation and I'm not convinced the appeal will be accepted; I've even offered to have a garuntor if they feel that would make me less of a risk. The guy I spoke to this time around said that appeals are considered on individual merit and that you can't expect that just because you've taken the time to appeal you will be accepted.

Does anyone have any experience of appealing? If you have appealed and been declined at the Co-Op is it worth going to Barclays?

I hope everyone still in the process of applying/ appealing gets what they need, if anyone has any advice at all I'd love to hear it. Thanks :redface:

Reply 356

ice_white_tiger

Sorry to hear that Happy Penguins :frown:

I can't believe they strung you along like that!

I don't have any experience in appealing, but all I can say it to keep at it. If you honestly can't think of anything in your credit history that would be a problem - or can but think it was miniscule - then I'd say keep with the appeal. However, it might be worth your while at least enquiring in a Barclays store about how quickly they could process a CDL for you (they might get into gear as its so close to start dates), and maybe talk with your own bank about getting a personal loan; you'd have to start paying it right away, probably, but if you borrowed enough that would cover the repayments for the Masters year and then worked afterwards, you'd be ok. Not ideal, I know, but it's an option.

Keep with the appeal, but definately back yourself up with other options. Hope this kind of helped :smile:

fingers crossed for you!

Reply 357

ClarenceSpecial

I can't believe what the Co-OP did to you, Happy Penguins, I think it's really terrible. It may be that we're asking these banks to lend us money, but surely they must realise that it can really affect people's lives and should be sensitive to that fact. Do you know what it is on your credit history that might have changed their mind? It seems really odd to me that they wouldn't check all that before telling you you've been provisionally accepted and are going to be sent the forms!

As for applying with Barclays instead, you could try that, but be warned it may take a LONG time, I know some people have had an ok experience with them, but a lot of people seem to complain about them, me definitely included.

Barclays told me on the 8th September I would receive all the forms within 5-7 days. It's now the 24th of September, and guess what?! No forms. Every time I call they tell me 3-5 or 5-7 days. They've now told me the forms were actually sent out on the 15th September. Do I believe that? I don't know. They haven't turned up. I have the feeling this could go on forever.

How long did other people have to wait for their forms to arrive? My course starts next week and this is really starting to worry me!

Reply 358

ClarenceSpecial

Update: forms arrived from Barclays in the post just now.

Unfortunately, the first form that needs to be signed and returned is someone else's, including all their personal information: address, bank detials, NI number, mother's maiden name, income, contact numbers. EVERYTHING. So not only do I not have the right forms and my application will be delayed even MORE, but this poor guy's details have been sent to someone else. And mine have probably been sent to yet another person.

There must be something all these people who've had such a bad experience with Barclays can do about this. Watchdog? Something? I can't believe they can operate this way. It's disgusting.

Reply 359

landan

I am so happy that i went with co-op.

People applying go for co-op.

Even if barclay's they accept you now, think about it in the long term. Your going to be dealing with them for a long time while repaying it back.

All this talk about their terrible customer service is for a reason.