Best advice I can give you fella is to hang fire for a little while longer and wait until there are definite signs of improvement in the recruitment situation, regardless where you end up going to.
I finished at Oxford this year on the integrated course (£48K and a good course with top instructors), but still unemployed. There are a huge number of students like me and many more experienced guys cooling their heels waiting for work. Take this time to earn as much wonga as you can and get some other work experience under your belt before diving into the aviation pool.
As for course costs, don't forget to ad 15 months worth of living expenses into the equation (at least £7K even for a tight wad like me!) and you can see the advantage of earning more money and waitng until there is agood chance of employment. I'm sure you are as keen as mustard to get going and 15 months seems like forever for the job market to recover, but with the valuable gift of hindsight, I certainly wouldn't want to be training at this moment in time.
Give it 6 months and use the time to earn your dosh and research the market VERY carefully. Good luck whatever you decide.