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When does the Co-op Career Professional Development Loan get paid? Watch

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    I've been approved for the PCDL and have sent the required paperwork to them (PCDL start notification form + agreement form). When will the funds for living expenses be transferred?

    T&C's state 'within 2 working days after we have processed your loan agreement and have received confirmation from the course provider of the start course'.

    Also states that any agreed funds will be paid on the condition that your course has started.

    So does this mean it will be paid when my course starts, or within two working days after receiving and processing the two forms?

    Any experiences with this? Thanks!
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    (Original post by Chris49)
    I've been approved for the PCDL and have sent the required paperwork to them (PCDL start notification form + agreement form). When will the funds for living expenses be transferred?

    T&C's state 'within 2 working days after we have processed your loan agreement and have received confirmation from the course provider of the start course'.

    Also states that any agreed funds will be paid on the condition that your course has started.

    So does this mean it will be paid when my course starts, or within two working days after receiving and processing the two forms?

    Any experiences with this? Thanks!
    My reading was this.


    PaymentWhen we have received and processed your signed loan agreement and we have received confirmation from your course provider of the start of your course we agree to lend you the amount of credit shown overleaf and open an account in your name(s).
    I didnt get the 2 working days from what i was looking at, but my interpretation of above is its paid after its both been processed and confirmation from the course provider it has started. IT will then be made available as soon as it takes for them to set up your account or process the payment.

    I was looking at

    http://www.co-operativebank.co.uk/as...pcdl-terms.pdf
    I may have missed the 2 working days.
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    (Original post by Chris49)
    I've been approved for the PCDL and have sent the required paperwork to them (PCDL start notification form + agreement form). When will the funds for living expenses be transferred?

    T&C's state 'within 2 working days after we have processed your loan agreement and have received confirmation from the course provider of the start course'.

    Also states that any agreed funds will be paid on the condition that your course has started.

    So does this mean it will be paid when my course starts, or within two working days after receiving and processing the two forms?

    Any experiences with this? Thanks!
    Hi sorry I don't have the answer to your question... But I'm now applying for the same loan and am a bit anxious about the whole thing.

    Can I ask when you applied and when they came back to you?
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    (Original post by 999tigger)
    My reading was this.


    PaymentWhen we have received and processed your signed loan agreement and we have received confirmation from your course provider of the start of your course we agree to lend you the amount of credit shown overleaf and open an account in your name(s).
    I didnt get the 2 working days from what i was looking at, but my interpretation of above is its paid after its both been processed and confirmation from the course provider it has started. IT will then be made available as soon as it takes for them to set up your account or process the payment.

    I was looking at

    http://www.co-operativebank.co.uk/as...pcdl-terms.pdf
    I may have missed the 2 working days.
    Sorry, the two working days was the term sent in the contract to me.
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    (Original post by Razorramone)
    Hi sorry I don't have the answer to your question... But I'm now applying for the same loan and am a bit anxious about the whole thing.

    Can I ask when you applied and when they came back to you?
    Sure - applied on the 11th July, was accepted on the 13th and found out when I received the paperwork (around the 15th?).
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    (Original post by Chris49)
    Sorry, the two working days was the term sent in the contract to me.
    So the first bit is they pay the fees within 2 working days of being told the course has started by the institution.

    The second bid is unclear imo. It says when the loan agreement is made. so that could mean finalised and accepted by you or not until they have started things with paying the fees.

    Just ring them and clarify.
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    (Original post by 999tigger)
    So the first bit is they pay the fees within 2 working days of being told the course has started by the institution.

    The second bid is unclear imo. It says when the loan agreement is made. so that could mean finalised and accepted by you or not until they have started things with paying the fees.

    Just ring them and clarify.
    Phoned them today; the first assistant told me the funds will be released once they have received the forms, while the second person told me it will be released on the 'funding start date'.
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    (Original post by Chris49)
    Phoned them today; the first assistant told me the funds will be released once they have received the forms, while the second person told me it will be released on the 'funding start date'.
    Then you need to speak to the supervisor.
    take the name of the person who you are speaking to.

    Imo it should be the date your loan agreement starts. as thats the date the loan becomes active. It should list that on the documentation. The clause is ambiguous at best imo poor drafting.
 
 
 
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