Career Development Loan refused, why?
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Career Development Loan refused, why?
As the title says, my CDL was refused by RBS.
Apparently, my credit scoring wasn't high enough...
...my question is, how the hell can anyone expect anyone who's middle aged, a high earning home owner...namely, someone who is unlikely to either need, or want a CDL???!??
I'm 25 years old, I presently earn well over £20k pa, have no debts, have 3 credit cards with a combined credit limit in excess of £12k. On the minus side, I live with parents currently; prior to that have been at two rented properties in the last 2 years, also I have two current a/c's, one of which I don't put very much thru on a regular basis.
I shall be phoning RBS tomorrow morning to give'em hell.
Anyone got any relevent points either to me, or ones I could make to RBS???
Yours etc, one very pissed off PPRUNER!
[ 15 August 2001: Message edited by: KillKenny ]
Apparently, my credit scoring wasn't high enough...
...my question is, how the hell can anyone expect anyone who's middle aged, a high earning home owner...namely, someone who is unlikely to either need, or want a CDL???!??
I'm 25 years old, I presently earn well over £20k pa, have no debts, have 3 credit cards with a combined credit limit in excess of £12k. On the minus side, I live with parents currently; prior to that have been at two rented properties in the last 2 years, also I have two current a/c's, one of which I don't put very much thru on a regular basis.
I shall be phoning RBS tomorrow morning to give'em hell.
Anyone got any relevent points either to me, or ones I could make to RBS???
Yours etc, one very pissed off PPRUNER!
[ 15 August 2001: Message edited by: KillKenny ]
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I would consider HSBC or the Halifax. I approached both of these and they were very helpful. It may be that I am a home owner with a positive equity. I spoke to two flying organisations who specifically recommended HSBC. I think that the only problem is that you MUST change any bank accounts etc to their bank. Hope that this assists!! 
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Would any PPRuNer has successfully applied for a CDL enlighten us to their finacial circumstances?
Surely, the whole point of this scheme is that it offers people the chance to make change to a career they want...and if they are doing so, the chances are they probably won't fit into the high credit scoring catagory I described in my first post!
[ 15 August 2001: Message edited by: KillKenny ]
Surely, the whole point of this scheme is that it offers people the chance to make change to a career they want...and if they are doing so, the chances are they probably won't fit into the high credit scoring catagory I described in my first post!
[ 15 August 2001: Message edited by: KillKenny ]
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Killkenny,
33 years old, PPL, No debts, mortgage 78k, House value 140K..Full time employment and salary 36k P/A.
Why do I want to do my ATPL's when so comfortable....There is only one job that would make me happy!!LE!
33 years old, PPL, No debts, mortgage 78k, House value 140K..Full time employment and salary 36k P/A.
Why do I want to do my ATPL's when so comfortable....There is only one job that would make me happy!!LE!
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sorry about the double posting didn't mean to do that!
Anyway, i applied to RBS, and 'did not score highly enough yadayada...' so I am just waiting on my second application from Barclays. I posted a msg similar to yours a while back, you see, i am relatively young, live with my parents and work at a local supermarket to help foot the bill for the flying.I explained my intentions on wanting to do my ATPL's etc...but didn't get anywhere.
What pi**ed me off was that how can they expect someone of 19 to have a steady job, earning a decent wage and maybe own a house. I think not, I thought the whole idea of a CDL was to enhance your career by getting a loan to do so as you can't afford to yourself, otherwise you would have paid your own way.
Another thing that pi**d me off was that it said they were willing to give 100% of the loan to someone who has been unemployed for 3 months, now how on earth can they justify that if they won't give it to someone like like KillKenny who seems to be pretty secure??? The term 'go figure' springs to mind.
Right, well thats enbough whinging from me.
Oh and by the way Halifax don't do a CDL, trust me i tried that one!
Anyway, i applied to RBS, and 'did not score highly enough yadayada...' so I am just waiting on my second application from Barclays. I posted a msg similar to yours a while back, you see, i am relatively young, live with my parents and work at a local supermarket to help foot the bill for the flying.I explained my intentions on wanting to do my ATPL's etc...but didn't get anywhere.
What pi**ed me off was that how can they expect someone of 19 to have a steady job, earning a decent wage and maybe own a house. I think not, I thought the whole idea of a CDL was to enhance your career by getting a loan to do so as you can't afford to yourself, otherwise you would have paid your own way.
Another thing that pi**d me off was that it said they were willing to give 100% of the loan to someone who has been unemployed for 3 months, now how on earth can they justify that if they won't give it to someone like like KillKenny who seems to be pretty secure??? The term 'go figure' springs to mind.
Right, well thats enbough whinging from me.
Oh and by the way Halifax don't do a CDL, trust me i tried that one!
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Si, lord only know's what one must do.
I actually got approved for by Natwest for a £10000 'standard' loan(i.e. not CDL) about 3 months ago - this was prior to hearing about CDL's (thru PPRuNe incidentally), and hence decided again taking it out.
Anyway, Mr R.B. Bank will receive a very forthright phone call tomorrow AM asking what the hell he is playing at, and will post my findings in this forum.
One thing that REALLY gets under my skin is that one of my credit cards is through RBS with a credit limit of £5400 - over half way to the £8000 CDL I asked for!
[ 15 August 2001: Message edited by: KillKenny ]
I actually got approved for by Natwest for a £10000 'standard' loan(i.e. not CDL) about 3 months ago - this was prior to hearing about CDL's (thru PPRuNe incidentally), and hence decided again taking it out.
Anyway, Mr R.B. Bank will receive a very forthright phone call tomorrow AM asking what the hell he is playing at, and will post my findings in this forum.
One thing that REALLY gets under my skin is that one of my credit cards is through RBS with a credit limit of £5400 - over half way to the £8000 CDL I asked for!
[ 15 August 2001: Message edited by: KillKenny ]
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Here (again) is the long and short of CDL applications for Commercial Flying.
The max on offer is about £8k, right?
You are going to need a LOT more than £8k…right?
When you put your case to the Bank (which ever one you choose, ‘cos they are all in the same boat), you will need to show them how you will finance the complete course ...to conclusion.
Unless you have CPL already and ‘just’ need to do an FIC or IR to become employable you will not get the loan, UNLESS you can show proof of funds in place to finance the other elements of a modular route.
Again if you wish to part fund an integrated course with a CDL, you will need to show where the rest is coming from.
In short you MUST go armed with a business plan which shows the Bank that the CDL will be spent in such a way as to allow you to complete your training and be employable.
Please don’t argue with the above, it is FACT. Been there ..done it ..got the T shirt.
Buy the way the interest rates are verging on extortion when it comes to pay the loan back (about 11.5%!!). Ok you get a repayment holiday whilst training but you will pay for it at the end of the day!
Sadly modular aviation training doesn’t quite fit a CDL (multiple training providers etc) but, you can get one, but, it’s a hassle!
The max on offer is about £8k, right?
You are going to need a LOT more than £8k…right?
When you put your case to the Bank (which ever one you choose, ‘cos they are all in the same boat), you will need to show them how you will finance the complete course ...to conclusion.
Unless you have CPL already and ‘just’ need to do an FIC or IR to become employable you will not get the loan, UNLESS you can show proof of funds in place to finance the other elements of a modular route.
Again if you wish to part fund an integrated course with a CDL, you will need to show where the rest is coming from.
In short you MUST go armed with a business plan which shows the Bank that the CDL will be spent in such a way as to allow you to complete your training and be employable.
Please don’t argue with the above, it is FACT. Been there ..done it ..got the T shirt.
Buy the way the interest rates are verging on extortion when it comes to pay the loan back (about 11.5%!!). Ok you get a repayment holiday whilst training but you will pay for it at the end of the day!
Sadly modular aviation training doesn’t quite fit a CDL (multiple training providers etc) but, you can get one, but, it’s a hassle!
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Get This,
25 yr old, currently self employed, earning IR2K a week, own property (plenty of collatoral and all other BS), 1 very low mortgage, car paid for no debt on credit cards - and I am on my knees (not praying) to an institution for CDL.
I have degrees and quals comming out of my arse, never had to do interview for work always had a project to walk to and now when I finally want to do something that I want and have set myself up for over the last no. of years some suit wants to give me a hard time despite the fact that me and my family have been life long members of their institution.
Just sickening...
VF
25 yr old, currently self employed, earning IR2K a week, own property (plenty of collatoral and all other BS), 1 very low mortgage, car paid for no debt on credit cards - and I am on my knees (not praying) to an institution for CDL.
I have degrees and quals comming out of my arse, never had to do interview for work always had a project to walk to and now when I finally want to do something that I want and have set myself up for over the last no. of years some suit wants to give me a hard time despite the fact that me and my family have been life long members of their institution.
Just sickening...
VF
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VF
If as you say you earn £100k pa
, have a small mortgage with loads of equity in your property, why the hell are you pissing around applying for an £8k CDL?
Borrow against the equity on the property and you will pay a damn sight less than CDL rates!!!
As I keep saying. You need to prove that you can fund, or are good for, any shortfall in training costs and you will get a CDL ...NO problem!
BTW, Si in your last post on this subject, you were going to meet with your Bank and let us know the outcome. How did it go?
If as you say you earn £100k pa
, have a small mortgage with loads of equity in your property, why the hell are you pissing around applying for an £8k CDL?Borrow against the equity on the property and you will pay a damn sight less than CDL rates!!!
As I keep saying. You need to prove that you can fund, or are good for, any shortfall in training costs and you will get a CDL ...NO problem!
BTW, Si in your last post on this subject, you were going to meet with your Bank and let us know the outcome. How did it go?
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I managed to get a CDL from the Clydesdale without any hassle. I am a homeowner and wasnt earning a fortune either. I do also know someone else who stayed with their folks and was 19 yrs old that was also approved. It properly depends on the manager at the bank.
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Ahh, the 8K may not be the problem, that can be attained, and totally agree with the methodology involved getting this funding. However, Why should all savings and cash flow be buried into some forigners fat bank account when I can use those funds to continue my business (on a part time basis) and finance any loan that I should be able to recieve from a lending institute.
VF
VF
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When I rang RBS, they said that I didn't score high enough...which I already knew. I said why, and they said that it was because i had applied for the full loan of 8K, and apparently if you are in work you can only apply for 80% of the loan, also it said there was no evidence of how i was going to fund the rest of the course and finally, my father sent in a letter explaining that should there be any problems that he can provide security.
So may be they thought that well why isn't he funding the training then, he does bank with RBS and they said that he didn't provide any evidence on his bank accounts etc, he says he did.
So there you go, i'll let you know how Barclays goes as i have changed a few things upon applying.
So may be they thought that well why isn't he funding the training then, he does bank with RBS and they said that he didn't provide any evidence on his bank accounts etc, he says he did.
So there you go, i'll let you know how Barclays goes as i have changed a few things upon applying.
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I can definately recommend the HSBC. They offer a scheme under the Professional Studies Loan which is designed for people undertaking a pHD, Degree's and the Commercial Pilots Licence. They will pay for the entire funding of the course and you do not start any repayments until the training is complete. The interest they charge is only 2% above their base rate (which currently is approx 5%) as you can see this a very low rate 7% 
You can pick up an info leaflet from your local branch ask for the Professional Studies Loan leaflet.
However as previously stated in another post you will have to transfer your current bank details to the HSBC.
I have found them to be extremly helpful and understanding. At present I understand that they are the only bank to offer such a scheme.
I hope this has helped some of you out there! It's certainly been a great help to me.
You can pick up an info leaflet from your local branch ask for the Professional Studies Loan leaflet.
However as previously stated in another post you will have to transfer your current bank details to the HSBC.
I have found them to be extremly helpful and understanding. At present I understand that they are the only bank to offer such a scheme.
I hope this has helped some of you out there! It's certainly been a great help to me.
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Managed to get a CDL with Barclays last year and had enough money to pay for the rest of the course fees and living expenses.Just returned from South Africa with CPL/IR now have to find money to pay of loan.Delayed payments by an extra 6 months,intrest rates are high though. 
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I went into HSBC today to find out about the Prof Studies Loan, seems the best way to do it. You don't have to pay anything back until six months after you finish!
So, whats the difference between this and a CDL then?
Cheers
So, whats the difference between this and a CDL then?
Cheers
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Si, A CDL will only supply you with upto a maximum of £8000 towards your studies (as previously stated HSBC will fund the entire course) and repayments will commence almost immediatly after finishing your studies and the interest will be somewhere between 8-10% (Cant be sure) Another thing is that you can only repay the loan over a maximum of 5 years, whereas with the HSBC you have the choice of 5, 7 or 10 years.
An added bonus with HSBC is that they will cover living expences upto a max of £5000 or 2/3 of your previous years salary which ever is lower! This of course will be added to the loan. (You never get anything for free, especially from a bank)
An added bonus with HSBC is that they will cover living expences upto a max of £5000 or 2/3 of your previous years salary which ever is lower! This of course will be added to the loan. (You never get anything for free, especially from a bank)
Have to agree with Clear Prop here. Why would anyone earning that much money want to borrow 8K? Doesn't make sense.
A loan is so easily obtainable from the bank you use all of the time.
I walked into a bank last thursday and asked for 25K to finish off funding commercial (H)and to pay off smaller loans (yes, flying costs too). Ten minutes later, upgraded to a platinum account and money in my account! APR 8.7%
Still got to pay it back though.
A loan is so easily obtainable from the bank you use all of the time.
I walked into a bank last thursday and asked for 25K to finish off funding commercial (H)and to pay off smaller loans (yes, flying costs too). Ten minutes later, upgraded to a platinum account and money in my account! APR 8.7%
Still got to pay it back though.