To elaborate on what is happening, I can hear the audio coming through the mic very clearly so i know that it is not the mic or cable. It is only when i hit the record button on studio one that selects that track that it starts to clip. There is also a lot of white noise in the background of my headphones when i am not recording. Could this be coming from the mic?

Trust and believe! This issue happens because of bad quality cables! I've learned (the hard way) that good quality cables make things work! Do some research and see what good cables are available in your city and if you are lucky to live in a country with benefits for easy access to equipment, invest in a good cable and try it out. If this works or not, you are winning either way. You will at least end having a good quality cable, needed in every home studio!