Fewer wannabes?

[Gillespie]

How do people get the massive loan from a bank required to complete training?

I have been training since I was 19 and I'm now 24. I now have my ppl with 180ish hours and no debt because I've spread the cost of training over such a long period of time.

I need an extra £20,000 plus a contigency of £5,000 to finish my training. I had a meeting with my bank manager to ask for a loan and he laughed at me. I've had to borrow 5k each from 5 very close friends of family in order to continue. I hate having do this but I've come so far to just give up and it seems the only way.

Surely now that sponsorships are rarer than rocking horse s:mad: t there will be fewer and fewer wannabees that are gonnabees? And if people stop prostituting themselves with SSTR's then surely it's going to be "They need us, more than we need them" in the near future?

What are peoples thoughts on this?

[Joe_Bar]

it's going to be "They need us, more than we need them"

Gillespie,

This will never happen and welcome in system. You say it yourself You have come so far and don't want to give up and that's how many of us started and before you know it you have debts so high that the way back becomes more difficult everyday.

If you are desperate to become a commercial pilot than go for it, but forget about the stories they tell you about 'the pension bulge' and others alike. I have newspaper editorials more than 10 years old which make the same promises.

So, try to get a job in ops or something with an airline while you train for your cpl and start networking.

Anyway, enjoy your training because it may be the best time you have in your flying career.

Cheers JB

[FlyUK]

Gillespie, with regard to going to the bank for a loan. When i enquired about a loan the bank manager turned around and said thats fine, all we need is some sort of security.....Your parents house should be enough.....!

Hmmm, think i'll skip that then.

[englishal]

This may come as a shock to some Wanabees.....BUT....

You could always go out and get a job, earn money while at the same time carrying out flight training and do it in stages. Once you're an instructor, go an instruct for two years, while getting paid. Then after 5,6 7 or whatever years of hard work you can walk into an airline job debt free (or if you don't get into the airlines, no great loss), and reap the benefits of your hard work.....

Just an idea;)

BTW, not saying you don't already do this, its just there are numerous wanabees who want everything now, for nothing

[BigGrecian]

With regard to the loan. There are a number of banks which provide career development loans approved by the government. I will try and find out which banks these are, but the main bank seems to be HSBC, and their career development loan. (It even mentions Pilot training as a reason for a loan) I suggest you approach them. It helps of course if you have been a customer with them in the past.
Good Luck
BG

[newflyer]

It would seem that the attitude from UK financial instituions is somewhat different to that of the US ones. I am currently in the process of moving out to Florida for training - permanently. I just did not get the impression that UK banks were on my side. When I approached Key bank in the US they told me no problem you can have up to $100,000 and no interest or payments until you finish training - slightly different approach! (However, I have not been approved yet - so we will see.) This attitude coupled with the cost of training makes you wonder why people train in the UK at all! In defence - I work in the industry and can conclude that UK flight training is probably of the highest quality anywhere. Then again the CAA does have more rules than anyone else especially the FAA.:cool:

[zcar]

The HSBC loan which specifically mentions pilot training is called a Post Graduate and Professional Studies Loan. You require ID, your license and logbook, details of costs of future training on FTO letterhead (worth also taking along current CAA scale of charges too), and a rough plan of timescale so you can agree at what dates you draw down loan funds available in stages. You also need a good credit history. In addition you are also required to switch your main current account to HSBC (they smoothly did this for me), and it doesn't seem to do any harm if you open an ISA with them and take their credit card.

I borrowed £20,000 with no security. I was not required to be employed, and had been out of permanent work for about 2 years at the time. Payments start at an agreed future date, although interest accrues from the date you draw down the funds. I agreed a term of 10 years for repayment although this was negotiable. There are no redemption penalties. Interest rate is fixed at 6.1%. The interview to arrange this took place at the local branch in a small market town with the assistant manager. As I had managed to cobble together all the stuff mentioned, and fit the criteria, it was approved there and then. In all it took about an hour and a half. You can request a review at any time with the manager, free of charge, apply for more funds, negotiate payment commmencement dates, and again this is at the local branch.

The Career Development Loan, on the other hand, is the government backed scheme which allows you to pay a low rate of interest (subsidised I think), with payments not commencing until you are back at work. However there is quite a low maximum lending limit, I think it is £8000 or thereabouts, and you can only apply once so get the full amount as you cannot top it up later. The repayment period is shorter, so the payments are comparitively high.

[ggpmw]

Further to ZCAR'S Comments

Yep, ive just finished my CPL/IR, needed some MORE money for the MCC and FI course I want to do.... made an appointment with local HSBC (I bank with them already so dont know what the outcome would have been otherwise) told them the score... had all my bits of paper as ZCAR describes and there was no problem.. all signed up... without a JOB

So, the moneys there.... now where are those jobs :-)

[Northern Highflyer]

I also have one of these loans and am not sure about the fixed rate part as stated above. It states in the leaflet, and I was told on signing up, that the interest is charged at a fixed rate above the base rate (can't remember but it is 1 or 2 %).

Be aware that if interest rates rise your accrued interest will also rise, increasing your payments when you do come to repay the money.

NH

[birdlady]

Hi All

Ive just completed my PPL and some of my hour building here in South Africa and have run out of money. Im not allowed to work here in Sa as I dont have a work permit and its virtually impossible to get one. Anyways, I will be moving back to Ireland in the near future to earn some money to pay back the debt I already owe. Does anyone out there have any experience with the banks in Ireland in borrowing money for the CPL/Multi IR? If so, some advice would be greatly appreciated!!!

Thanks
Birdlady:ok: :ok: :ok:

Hi ALL

Just fininshed my ppl and some of my hour building here in SA. Ive run out of money so will be returning to Ireland shortly to earn some more dosh. Has anyone had experience with borrowing money from the Irish banks for the CPL? If so, some advice would be greatly appreciated!!!!

Thanks
Birdlady

Sorry didnt see it had already gone through - ooooooooppppps!

[Straightandlevel80kt]

Shop around the banks. HSBC are certainly making a packet out of all the wannabes.

You should stand a better chance than many given your track record and demonstrated commitment.

All the best.