Of course it is a worthwhile way to go. Integrated is not the be all and end all. If you are looking to get a JAA licence then you are going to need to do something like 15-20 hours flying within JAA land and consider where you will do the ATPLs, regardless of doing them distance learning you'll have to fly back a couple of times so factor that in. A TR and job are not included in many courses and it'll be interesting to see if you really have missed out on that aspect of the course with CTC by not being able to raise the funds. These are certainly some of the toughest times they will have faced.
The other thing I would say is you are going to need more than £15-20K, no matter what they tell you. Distance learning ATPL is £2000 plus exam fees, plus flights to Canada and back, plus living out their and here.
I think you are sensible not trying to secure that money. If desperation will possibly keep it that way, don't.