Yet another HSBC question!!!

[Kempus]

Hi folks!

Has anyone been to HSBC about a career development loan? I went to them a few months back and advised me that i wasn't elegible for a loan as i dont have a uni degree. I have a HND in aeronautical engineering as well as 6 scottish highers but they still said no go!

Has anyone else been in this position or even better has anyone overcame it? Really not quite sure what to do about this one and any advice would be appreciated. Also, can you use the loan for training in the U.S. to gain JAA rating? Guy at bank wasn't helpfull at all as i didnt have a degree!!

[Easy226]

I think id better go to uni first before i even cosidering taking out a loan for flying!! I havent started flying properly for my ppl yet, but i was considering not going to uni and taking out a loan??!!...

[Murray_NN]

Kempus,

I was in the same situation. But the bank was in the wrong. YOU DO NOT NEED A DEGREE TO GET THIS LOAN!!!

It's a professional studies loan, so therefor you are borrowing money to help you get a professional job.

I have more literature on this which I can dig it up for you if you need.

But the reason they say you need a degree is because they themselves do not know their own procedures! Scary.

Take care!!!

[ 14 January 2002: Message edited by: Murray_NN ]

[ 14 January 2002: Message edited by: Murray_NN ]</p>

[bow5]

The brochure i've been given specifies that the loans are for graduates continuing their study for a professional qualification.

I think you probably could get a loan from them but it would not be as much as if you were a postgraduate.

This is from the HSBC website:

[quote]

BORROWING MONEY

Loans for specific needs
Postgraduate and Professional Studies Loan
Taking that final step towards qualification is not easy. You need to concentrate on your studies, not spend time constantly looking at your finances, worrying whether you can make ends meet. That's where our Postgraduate and Professional Studies loan can provide a real benefit. We have loan schemes for:

Legal students

General postgraduate and professional studies students, including Commercial Pilots Licence

Medical, dental and veterinary students*
For each year of your course you can apply to borrow:


all course fees, and
living expenses up to the greater of
- £5,000, or
- two-thirds of any salary you earned
in the 12 months before you started
your course

* funding of £5,000 per annum is available from the 4th year of study.

In all cases your main bank account must be held with HSBC.

To find out more and get a quote visit your local branch or call
0800 520 420.

Lines are open from 8am to 10pm every day except Christmas Day. Calls may be monitored or recorded for quality purposes.
<hr></blockquote>


If you have 6 Scottish highers, why didn't you go to university?

<img src="confused.gif" border="0">

[ 14 January 2002: Message edited by: bow5 ]</p>

[Murray_NN]

Thats what I was looking for.

There are two types of loans offered by the bank.

One is a Postgraduates loan( which requires a degree) and the other which applies to us, is the Professional studies loan. Obviously you do not need a degree to get the Pro Loan. Thats why they call it the Pro loan.

They specificaly designed this loan so people like us can get a commercial pilot's licence. But the catch is that you have to secure the amount of over 15k. So you may borrow as much as you can, provided you can secure the amount by the means of share certificates or equity in your property or your mum and dad's.

Happy flying!

[bow5]

I love how they nonchelently say, 'Oh yeah you need security. Can't you ask your parents?'

Funnily enough, most peoples parents are not willing to put their house on the line. It's crazy.

One thing though, if you are a postgrad you could borrow the £15,000 unsecured but then get another £10,000 on a graduate loan.

Do you reckon if I offered to make the tea for free (i'll even provide the bags!!) in my local branch if it all goes t*ts up they'll give my the money? Doubtful. :) <img src="rolleyes.gif" border="0">

[ 14 January 2002: Message edited by: bow5 ]</p>

[Kempus]

Thanks for the help guys!

Don't think my folks are too keen to let me, how should i say it "borrow" the house for the next 15 years!

I do have a friend who did get the full amount from the bank and he went down to Oxford but i cant get in touch with him so Chris, if you're out there it's Stu, get in touch mate!

There was one other thing actually, everyone you read about who did manage to get a loan went to the bank with a nice little spread sheet and info on the industry and how it will pick up! where the hell did they get this from cos i'm gonna need it and loads of it!!!!!! <img src="eek.gif" border="0">

[bow5]

Kempus,

From what I can tell (+ what i'm planning on doing asap) these things all help:

- Like you say, a spreadsheet come business plan for you and your training is a good idea. Outline the costs involved in detail and exactly how your money will be spent. Include estimated earnings figures and times to getting a job etc. You can also supply the recent figures indicating a turnaround as well as facts like Easyjet purchasing 75 new aircraft.
- Get yourself some aptitude tests done. If you haven't already, do the GAPAN tests as these add weight to your cause. It maybe an idea to do something like the Morrisby test as well. Obviously, if the results come back and say you're an axe-weilding murderer then leave them out. You need to show motivation - turning up at the bank and asking for £40,000 'cos I wannabee a pilot' is going to get you shown discreetly to the door.

I'm sure there's other stuff that I don't know of though. Anyone care to add anything?