View Full Version : CTC cadet...
antes56
2nd May 2008, 15:51
Hi everyone..looking to ctc wings cadet program I saw that you have to deposit a £60k as a security bond and when you will be employed they will give them back...
But how does it works? i don't understand very well.....
thanks
antes56
2nd May 2008, 15:53
And also...
it s include everything like fodd and accomodation or just the training costs??
Kerosine
2nd May 2008, 19:33
The loan is provided by HSBC for £60,000, they also offer a 'living expenses' loan for £5000. When you are employed by the airline after, say 2 years of training, your loan is paid back at £1000 per month from your salary. Effectively you start on a salary £12k lower than 'normal' for 7 years.
It would be interesting to know if they are tax free repayment (money deducted at source from wages)? This effectively makes the course over 20% cheaper than taking out a standard loan with another FTO by my reasoning.
I'm pretty sure it is structured in such a way that's it's tax free. That's one of the major benefits of CTC.
antes56
3rd May 2008, 10:04
so, I don't have to pay anything until I am employed..it is correct??
But if they will take £1000 a month from my salary, I hope the salary will be good....
Is there anyone who finished the CTC wings cadet??
Smiler737
13th May 2008, 00:00
From what i understand with regards to the cadet scheme, the airline that employs you takes over the bond, and pays it back out of the wages you recieve...... so yes, you start paying back once you are in employment