Career Development Loans 2012
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Career Development Loans 2012
I know, I know, this has already been discussed before and I KNOW there is a search button! However, let me explain....
I am due to start training in Oct for my PPL to ATPL. I have tried to search high and low for info on the current climate regarding the C.D.L.
The school im using is registered under the Skills Funding Agency but i will be applying for the FULL £10,000 as it will cover most of my costs and exams fees ect ect.
Has anyone used this loan in the last 12 months (barclays or Co-Op) and can tell me the issues they had or if it was that straightforward.
The reason im asking is that you cant apply until 8 weeks prior to your training, which means as i will be also taking loans out for the training too, i dont know how much to ask for loan-wise incase the C.D.L turn round and lend me just £1,000 for example.
I hope this makes sense folks!
P.M me if any questions or direct help?
Thanking you in advance.
I am due to start training in Oct for my PPL to ATPL. I have tried to search high and low for info on the current climate regarding the C.D.L.
The school im using is registered under the Skills Funding Agency but i will be applying for the FULL £10,000 as it will cover most of my costs and exams fees ect ect.
Has anyone used this loan in the last 12 months (barclays or Co-Op) and can tell me the issues they had or if it was that straightforward.
The reason im asking is that you cant apply until 8 weeks prior to your training, which means as i will be also taking loans out for the training too, i dont know how much to ask for loan-wise incase the C.D.L turn round and lend me just £1,000 for example.
I hope this makes sense folks!
P.M me if any questions or direct help?
Thanking you in advance.
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Career development loans are run in conjunction with two banks. They are commercial loans. As such, if you are taking out other loans, it is quite likely to have an impact on your overall credit score.
The advantage of CDL's are that the interest is paid for the duration of the course. However they do have an upper limit of £10,000 which for flight training is a fairly limiting sum. The interest rates are around 10% which can make them more expensive than the better commercial products, if they are maintained after the interest paid period.
It is often suggested that a CDL should be repaid within one month of the course (qualifying period) ending, and substituted with a loan with a better interest rate. A good idea, but often not as easy as it first appears, since the consolidation of existing loans often attracts less favourable rates of interest on an unsecured basis.
There is a Q&A factsheet here which is worth a read through.
The advantage of CDL's are that the interest is paid for the duration of the course. However they do have an upper limit of £10,000 which for flight training is a fairly limiting sum. The interest rates are around 10% which can make them more expensive than the better commercial products, if they are maintained after the interest paid period.
It is often suggested that a CDL should be repaid within one month of the course (qualifying period) ending, and substituted with a loan with a better interest rate. A good idea, but often not as easy as it first appears, since the consolidation of existing loans often attracts less favourable rates of interest on an unsecured basis.
There is a Q&A factsheet here which is worth a read through.
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Beazlebub,
Just the sort of response i was seeking, I will be using it as a feeder loan for all my exams fees, extra tuition and equipment ect.
Thankyou for your help!
Just the sort of response i was seeking, I will be using it as a feeder loan for all my exams fees, extra tuition and equipment ect.
Thankyou for your help!
