View Full Version : How Much Debt????????
Harold Bishop
2nd Apr 2002, 14:15
In the time I have read PPrune and had an interest in aviation I have met many different types of people and with that comes many differing types of stories on funding your training.
It has varied from the guy who got lucky by working at a flying club and building up ratings ad hoc with virtually no debt, to another I once met at Cabair who took out a loan to cover the whole cost of an integrated course.
I would be interested in hearing everyone’s stories or plans, some of the risks taken amaze me but then again maybe I am just a cautious person, mind you totalling up the amount of money I have pissed up the wall around various watering holes! I myself am currently doing my ATPL's with 120 hours and some ratings in preparation for the modular CPL/IR.
Any thoughts?
:confused: :confused:
redsnail
2nd Apr 2002, 15:53
When I was in Australia, I got various loans and also worked fulltime with a few part time jobs to bring in the cash. I had also bought a house in Sydney as well. (I decided not to blow all my savings on flying- what if something went wrong?) I did it all part time there.
To finance the "conversion" to a JAR ATPL I sold the house and every thing else (except the Ducati) + I got some money last year when my dad passed away.
I am lucky in that while I am in the UK I am now debt free. I have no assets apart from my Ducati, some money in the bank and a log book chock full of some hours. Hopefully, I'll be able to start earning some money again soon.
Aviation ain't easy, you must want it and be flexible.
Harold,
I applied for a HSBC Professional Stidies loan a few weeks ago. They are going to lend me £25k out of the £38k that I said it would probably come to by doing the modular route. That £25k includes PPL and hour building. HSBC said that I can have the first 13k without any security; the remainder requires my parents signature!! I have already been paid the first insatllment of £7000 - I am starting my PPL in a few weeks after I finish my dgeree!
Hope that was useful :)
BTW - you don't need to be a graduate for the Professional Studies loan; this was what the branch manager told me. In case anyone was wondering.
CAT3C AUTOLAND
2nd Apr 2002, 17:36
No amazing debt I am afraid.
I saved up £37K in a period of 3.5 years after landing myself a job after graduating college. On saving this money, I am now spending it :D, on flying training of course. Any monies required once I have blown my wad, will come from the bank.
Having my account with HSBC did me justice, on the strength of my saving ability they have agreed to lend me any addtional cash, at a ridiculous rate of interest no doubt :eek:.
DeeTee
2nd Apr 2002, 23:00
Borrowed £44k, Mum and Dad had to use their house as security. Loan nearly paid off, still flying RHS in lovely jets.
Cannot beleive it, only type a few words and make a spolling error. Sheesh.
RowleyUK
3rd Apr 2002, 11:33
Saved 5000 for PPL pay as you go
Saved 8000 for 100 hrs PA28
Saved 6000 for groundschool, accom,exams
borrowed 10000 for CPL/ FI(r)
borrow 5000 for 1st half of IR
saved 5000 for second half of IR (hopefully by instructing)
So as you can see, I have bydgeted for an FI rating, which will hopefully get me my first job in aviation at the ripe old age of 22!