I applied for my PSW on the 6th Jan, 2009 but I was refused on the 26th Feb, 2009 on the grounds of maintenance funds. I was given the option to appeal which i did.
On my appeal was on the 24th July and the Judge allowed my appeal (so I was happy). However, on the 31st of October, 2009, I got a letter to come for another appeal on the grounds of reconsideration of the Judge's decision ie HO asked for the decision to be dismissed. Hence, the new hearing dismissed the decision.

I had two options: to go back to home country or make an out of time application in the UK as my day of graduation is 1st Dec 2008.
I made the out of time application on the 24th Nov, 2009 and my visa was granted on the 6th Jan, 2010 (a year after the initial application).
I hope this helps other people.
Cheers.