Stevethescotspilot,
I can understand your reluctance to commit a huge sum of money right now when the future looks fairly bleak. However, I have been in the aviation business one way or another since, well for a long time. In particular I have been involved with civil aviation since 1985, and one thing I have noticed over the years is that it is either boom or bust,
Right now it is bust, which means that sooner or later it is going to get better. I admit that you would be pushing your luck a bit to commit to a course the way things are just now. However, you said that it is the September course you were thinking of joining, which means that by the time you had finished everything it would be around the end of 2004 by the time you were in a position to begin job applications. I have no idea what the job situation will be by then, and although I am not suggesting that you change your mind about the September course, I do recommend that you keep tabs on the industry. If you see signs of an upturn then my advice would be to get your name down for a course. By the time you have graduated it is likely that a large percentage of recent graduates from all the schools will have got jobs and that could well leave you ideally placed.
As an alternative to doing an integrated course, have you thought of the modular route? At the risk of sounding condescending, if you do not know what that is, it is a means whereby you can get your CPL/IR a bit at a time. Starting with a PPL, hours build, get a night rating followed by a CPL, then multi-engine rating followed by IR. It involves a whole lot less initial outlay with the added advantage that once you have a PPL you can get a reduction on the hours you would have to do on an integrated course.
I was lucky when I learnt to fly because the Queen paid for it, but whichever way you choose to go, I wish you luck.