Jerez - BBVA - HELP!

[jam123]

Hi all

Does anyone have any details/experience with the BBVA loan which provide funding for the integrated at Jerez??

I have done a search on this and have not found any details in terms of the the T & C's.

Any details well appreciated.


Jam

[Oscar Juliet]

hola jam

If you contact FTE they will put you in contact with the BBVA bank in London. But to give you a rough guide they have very favourable rates because you can take the loan out in Euros which has a very low base rate for interest (about 2%) which is a big saving over the UK banks.

Hope to see you here soon

OJ

[Send Clowns]

I'm certainly not saying don't do it, but always take independent advice about things like loans in foreign currency. Yes the interest rate is low on Euro loans, but if the Euro strengthens further you will have to pay back more in sterling. Be aware of all the issues!

[jam123]

Thanks OJ

I will get in contact with them. Do you know how much they offer and whether it has to be secured?

Also, how is life down there in Jerez? are you doing the integrated? what's the school like?

Jam

[whiskey1]

Be very careful taking out loans in foreign currency.

Had a number of Australian Farmers take out US Dollar loans, think it was in the late 80's, Australian dollar crashed and poor farmer ended up owing twice what they borrowed in a matter of weeks.

Some walked of the land some sadly carried off, a few in boxes!

[jam123]

Thank you all very much for your comments, I have taken them all onboard. However, what are the chances that the euro will crash against the sterling? pretty slim i think.

i know this is a risk, but it seems to be a minimal one.

This whole game seem to be a RISK!

Any other views?

[Groundloop]

If the euro crashed you would be quids in. The problem mentioned is if sterling falls further against the euro. Your repayments are in euros but you have budgeted in sterling. That's the problem.

[jam123]

Good point ground loop !

Bearing all of the above in mind, are there any other reasons why i shouldn't go for BBVA?

I mean, they are offering a far better package than Mr HSBC (who's profits are soaring through the roof) Now i know why !!!

Any more thoughts from anyone?

[Oscar Juliet]

The loan is available for the full amount of 92,000 Euros. However if you wish you can take the loan out in pounds. Once the loan has been approved you can change the loan from pounds to euros (or vice versa) as you wish but at a cost, so if the euro started to lose its value then you could change the currency of the loan. The bank will explain all of this to you.

As for the terms and conditions the loan must be secured on a property (yours or your parents) or a your parents can act as guarantors. The bank then charge an interest rate of base rate plus 1% if the security is a bank guarantor OR 1.75% if it is secured on a property. The base rate depends whether you take the loan out in euros or pounds, the UK base rate is 4.5% and the euro rate is about 2.1%.

I´m on a integrated course which started last week so I haven´t been here long but so far I think this place is brilliant because it´s hot and the pool is fantastic ... oh and dont forget the cheap bar! The groundschool is hard work but the instructors are great and the lessons go quickly. To be honest I can´t see why you would want to go to any other school!

OJ

[jam123]

Thanks OJ for your info

I have received an email from BBVA regarding the T & C's of the loan, and will study it in detail.

I am debating out of OAT and FTE and although FTE is approx £10, 000 cheaper, i think OAT have th edge over FTE when it comes to airline contacts. Maybe i'm wrong but that's how it seems.

OJ, can you tell me why you chose FTE over OAT?

[Oscar Juliet]

i think OAT have th edge over FTE when it comes to airline contacts

I don´t think that is correct as the employment rate at FTE is very good. It is also important to note that FTE has more airline cadets than Oxford because FTE has cadets from BACX, Thomsonfly, GB Airways, MEA (coming soon) and GAPAN. Whereas the only cadet schemes run at Oxford are Greenlandair and Thomas Cook.

can you tell me why you chose FTE over OAT?

This was choosen for me because I´m on the BACX scheme however I would have still chosen FTE. My reasons are a mixture of the weather, employment rate, facilities and value for money.

Hope that helps

OJ

[ask26]

jam123, how did you work out that FTE is about £10000 cheaper

The OAT course - £56500 + fees + accom = £65000 ish

The FTE course - €92000 + €8000(JOC) = €100000
which with currency conversion gives - £67702

I'm also hoping to be in a position where I'm choosing between these schools, I don't think Cabair have as good a reputation and the WAAC has only started its integrated course so am interested what other people think.

Any comments?

[Crazypilot A]

OAT:

Some of these are conservative estimates (food etc)...

App : 56,500
Acc at oxford (self catering 44 weeks) : 4840
Acc at scottsdale: 1820
Caa Fees (3000 normally but from next year 3500) : 3500
Food in America (10 a day) : 1000
Food Oxford : 2000
Plane ticket 300

Total : 70,000

10% contingency

77000......

Hope it gives you an idea....
:ok:

FTE 92000 = 63000 - forget about joc......when you get a job let the airlines train you...

:ok:

[jam123]

Thanks all for your comments

OJ: I suppose what i meant is that for a self sponsored cadet not associated with any scheme then he/she MIGHT have a slight advantage with OAT's APP than FTE given the success of the APP with the airlines. I have no doubt that FTE is on par with OAT in all other ways. Overall, I do agree with you that FTE offer better value for money for an integrated course.

ask26: OAT £56,500 (course)+£3500(test fees)+£10,000 (accom for the duration of the course)=£70000

FTE: 92,000 euros (all in) Therefore approx £10,000 difference.

My personal opinion is that cabair doesn't seem to be in the same running as OAT and FTE.

Jam

[ask26]

so would you say that the JOC is not worth it, in terms of the APP as that seems to be the only thing that differentiates between them?

[jam123]

not sure, maybe someone else would care to enlighten us.

Jam

[ask26]

I wonder if the BBVA loan will only work for the FTE course or does anyone know whether they would allow allow it in terms of the OAT or even the WAAC course?