I've got a 2:2 from Warwick (Maths), this was low due to laziness to-be-honest, however I since did an MSc at a 5*-research top Uni in CompSci and got a MSc with Distinction. I've been suggested to do a PhD by academics but I'm confused about sponsorship - particularly EPSRC. Do I qualify with a 2:2+MSc-Dist or even if I don't, can an interested academic get me EPSRC sponsorship anyway?

Help would be appreciated as advice is ambiguous - even on EPSRC's own website which uses the word 'equivalent'.

A 2(ii) plus an MSc is generally considered to be equivalent to a 2(i) for the purposes of admissions, but as you point out the EPSRC are particularly ambiguous about their ordinary Doctoral Studentships. However, look out for their DTA or Doctoral Training Account Studentships, which allow almost complete discretion to the university in determining whether a candidate is qualified.

Have a look in the PhDs Explained and Funding sections of this site for links and information.

Join the club - I have a similar problem. I was told that even if your academic record since your first degree is exemplary, it's your academic record as a whole that is looked at. I think it's the same way for say, the university's own scholarships. This doesn't make too much sense to me, but I think it may be something to do with the number of applications the university recieves. Apparently, the '2i or nothing' rule is used as a convenient way of limiting the number of applications for a particular PhD scholarship.