They do not 'cover you' for the first half of the training costs...if you do not meet the standard they will refund up to £30k 'at their discretion'. Well before half way through you've already parted - or the bank has on your behalf - with the full £60k (not including interest). Therefore you may as well have paid your local club £30k (but at their discretion it could be £60k) for 80 or so hours...and in fact that would be better, because at least you would be in UK airspace with all of its intricacies rather than the apparant airspace void that is NZ!