Hi,
I've just been making a similar decision. restricted amount of money, and just wanted to have some fun and try flying. I tried a couple of places and have ended up looking at 3 axis microlights. Training is usually around £110 per hour, which means that your £1500 will get you about half way through a course, and if you have the aptitude, its viable you could go solo within that. The microlight I'm learning on is a Eurostar, which as far as I'm concerned, is just a little plane, even with a heater!
Go for it, you'll love it. Spend your first £120 on a trial though, as that will give you a feel as to whether you want to carry on. You can find your closest school on the bmaa web site
British Microlight Aircraft Association,Home
Good luck, and let us know how it goes.