The Official Funding questions/moans/possible joy Thread

I have been accepted for a £10,000 loan. I have a student additions account with Barclays; £1500 overdraft and no credit cards.

Whats your credit history like. i.e defaults on any accounts, been overdrawn on your Barclays account recently?

Whats your credit history like. i.e defaults on any accounts, been overdrawn on your Barclays account recently?

Pretty much been constantly overdrawn for the last four years (like -£600 at the time of application), except when student loans etc. are paid in, and I have occasionally dipped into my reserve fund and beyond it as well so I have a few bank charges to my name.

I was rejected by Barclays and subsequently accepted by Co-Op. I had defaults on my account - fines for dipping over my overdraft limit and for bill payments trying to come out of my account automaticall without there being any money there. I literally lost count of those and just had to ring Nationwide and cut off all bill payments. I was consistent paying my phone bill with only a few minor blips. I also had a credit card from Capital One which I'm (still) slowly paying off.

So it's a complete gamble. I think what won it for me is I have a stable private income. Not much, but enough for them to consider it enough!

My accounts are pretty much in order. Have'nt been OD on my Barclays account for ages and keep up with my other monthly payments. I don't earn much each month so my bank balance i never high but it's steady and been steady for yrs so hoping i'm successful.
As i'm a Barclays customer i can ring up and get a decision there and then they said so hopefully no stressing about it all when waiting for the letter to arrive.

Found this article which i found quite helpful
http://www.moneysavingexpert.com/loans/career-development-loans

I actually feel physically sick as i just got rejected by my own bank Barclays for a PCDL.
Reading up on other people's stories i felt i was a shoe-in to get it since my credit history is up to scratch (no defaults on any accounts for a 10 months and have'nt gone into my overdraft on my account for around 4 yrs.
Anyone else know any reason why people still get rejected with good credit scores (mine was 999 as of this month)
I have a painful few weeks or so now waiting for a decision from The Co-operative bank when i send my form off and tbh i'm not confident.
What alternatives are there if you can't get a PCDL?

How long have you been with Barclays?

If worse comes to worse (i.e. the Co-op reject you too), then there is the possibility of taking out a graduate loan. The only difference between that and a career development loan is higher interest charges, and the Learning and Skills Council do not pay your interest during your study either, obviously.

I been with them for 11 yrs. I rang up Experian and an advisor said it maybe because i have too much available credit!.
Each account i have like Next, Barclays or store cards has an available credit limit. For Barclays it was 1200 while for Next it was 3600.
Therefore it's like why does he need the money (6000) when he has all this money available even though it's not actually cash but credit for each relevant store/company etc, stupid but that's how it works apparently. I'm gonna knock them down but wont update my credit report for a few weeks.
I also asked if i could appeal my loan decision and Barclays said print off a credit report file and send it to us and they'll take a look but i'm not expecting much but worth a shot i guess.

Are'nt graduate loans for those going into work after graduation rather than study? I remember someone i knew asked for one a few yrs ago to Barclays about this and they asked for proof he had a job offer before he could apply for the loan.

It is a complete con to be honest; they will reject you for a career development loan (for reasons x,y and z), but they will gladly give you a graduate loan (i.e. commercial) because they will make more money off you. But because they are more commercial you are more likely to be rejected if you do not have a job etc. (as you suggested); other banks are able to offer unofficial CDL loans for us this way.

I suppose the credit thing makes sense, which is one of the reason I only have my overdraft, but it sucks all the same; I suppose Barclays taking into consideration your 'new credit score' is a good sign. Do not lose hope!

I got onto my MA Fine Art unexpectedly - I hadn't planned on applying, but I was "headhunted" (for lack of a better word) after my Undergraduate Degree Show. It was very flattering, but also past the deadlines for the majority of studentships and bursaries.

The fees are (with a loyalty discount) only working out at about £3100, but that number seems so much more insurmountable without a garanteed student loan.

I've been toiling away trying to source funding from the public sector charitable organisations, "sponsorship" in return for future work etc... but to little avail.

I got onto my MA Fine Art unexpectedly - I hadn't planned on applying, but I was "headhunted" (for lack of a better word) after my Undergraduate Degree Show. It was very flattering, but also past the deadlines for the majority of studentships and bursaries.

The fees are (with a loyalty discount) only working out at about £3100, but that number seems so much more insurmountable without a garanteed student loan.

I've been toiling away trying to source funding from the public sector charitable organisations, "sponsorship" in return for future work etc... but to little avail.

To be honest, tell the university if they can't come up with a fee waiver or something you're not going this year because you can't afford it. They can 'headhunt' and say how great it would be to keep you all they want, but if it's came at such a late stage that you've missed the chance of funding, then it's you're money your spending and you can do what you like. If they want you that badly they wouldn't put you in a position to shell out several thousand of your own money for an MA.

Yeah but what does "headhunted" actually mean in this case. The tutor or the course director recommending it to you is not headhunting. It should usually be accompanied by an offer of funding if they really "want" you. No offence but I cannot imagine a course convenor ever "wanting" anyone except recommending it to students or being pleased with those who have applied.