I was selected for the Flybe MPL just before Christmas, with L3 (due to start in New Zealand in March). I was told during the assessment day presentation that if successful we would be able to take our conditional job offer from Flybe to any prospective lender, to help secure the funding required for the training loan - however I have asked my liaison at L3 when I am going to receive this and they said that you normally don't receive the letter of intent from the airline until after organising the funds and securing the place on the course. Doesn't really make sense to me why the letter would come AFTER organising the funds, when it is supposed to help secure the funding in the first place...
Anyway regardless of this, I am more than likely going to opt out of the MPL scheme. I had asked the school what would happen should Flybe go bust whilst on the MPL course and they couldn't guarantee I would be moved on to the standard ATPL wings programme. In essence my parents could lose their home and I could end up unable to finish the training if the airline goes bust - and yes, any airline could go bust during training but with Flybe it is far more likely than say Easy or BA, given the latest turn of events. For that reason I can't help but think it is foolish to proceed and risk my parents' home in the process.
Would be interested to hear from any of the others that were selected, in the same position!