Chances of getting a CDL? Watch

LLB Kevin
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#1
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Hi, I'm all set to start an LLM in Legal Research at Leicester this autumn, and it looks like I'm going to have to go down the CDL route. I'm looking at borrowing somewhere around the maximum (£8,000) and I was wondering if anyone here who has experience with such things could give their opinion on how likely I am to actually get the loan, which bank I should apply to, etc.

I got my final undergraduate mark through on Wednesday and got a 72, so my academic record's sound, but my main concern is that I will be negatively affected by the fact that, coming from a doll family, I've had to live with my financial mistakes, with the result that I've been deep into my overdraft most of the time since the end of the first semester. To what extent does anyone think this may reduce my chances of getting a loan?

Thanks in advance,

Kevin
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rottcodd
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I am in the process of applying at the moment - Your 72 won't help you in the slightest as they do not take into account your degree class in your application. It's all about your financial history. I contacted the three banks that offer the loan and the interest rate for RBS is 18.7%, Co-op 12.49% and Barclays 10.5% (and that's on getting the maximum loan out of £8,000 and paying it back over the maximum repayment term of five years). With Barclays and RBS, you can apply now, whereas with the Co-op you have to wait until six weeks before the start of the course. So given that, along with the interest rates, it would be better to apply to Barclays now, and if you get rejected by them, wait until six weeks before the course and then apply for the Co-op. And then, if they reject you, sell your soul to RBS.

As far as I have understood in, they will happily give the money to you if you haven't got anything dodgy on your record, and being in your overdraft isn't dodgy (unless you have exceeded your overdraft limit). But when you do apply, is there anyway you can temporarily be out of your overdraft? Because they will look at your account, and it would be good to be in the positive at the time of applying. Plus they will want to see bank statements from the last three consecutive months, so if all of them have whopping -£1k overdraft on them, it's not going to look great.

It depends what your 'financial mistakes' are. Really, you are best off contacting the banks - they have special CDL hotlines where there will be someone there to advise you on your paticular situation.
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LLB Kevin
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Thanks for the advice rottcodd. I'm working full-time over the summer, so there's every chance that by the time my course starts I'll be out of the overdraft, but getting the overdraft empty by the time I apply, while a nice idea, isn't really possible unfortunately. That thing about CDL hotlines sounds promising, too - thanks.
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Spanky Deluxe
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As long as you've had a reasonably good credit history and haven't had any overdraft charges/credit card payment default in the last three months then you should be fine. If you're already with a bank that offers a CDL then you usually only need to have had no overdraft penalties in the last three months.
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LLB Kevin
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And what if I'm not?

I use NatWest and Nationwide, neither of which offer the CDL unfortunately. I've got no charges on me ever as far as I'm aware and I've been on a contract phone for the past three years (ability to pay bills and all that), but there's the issue of the overdraft which won't be anywhere near cleared by the time I come to apply.
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Spanky Deluxe
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(Original post by LLB Kevin)
And what if I'm not?

I use NatWest and Nationwide, neither of which offer the CDL unfortunately. I've got no charges on me ever as far as I'm aware and I've been on a contract phone for the past three years (ability to pay bills and all that), but there's the issue of the overdraft which won't be anywhere near cleared by the time I come to apply.
It doesn't matter if you've got an overdraft, as long as you haven't gone over it. From what you say, you should be able to get it without any difficulties.
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LLB Kevin
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Coolio, thanks
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