A non reducing loan sounds rather like a balloon payment? In which case why should it not be enforceable?
It might be vainglorious to think that one could jump ship unscathed but it would probably be worth doing anyway.
One can fairly soon save a lot of money on what one was earning with a loco propellor operator and what one would earn with a jet operator. In addition to this differential in saving, there used to be some form of tax relief offered on self improver training costs which might apply to what would effectively have become a self funded type rating.
Air UK used to get the pilot to take out a loan with Nat West which the airline guarenteed to repay during the course of employment. The loan was a reducing one but on leaving earlier than the two year bond term, the pilot picked up the remainder of the debt with the bank. He then had the option of either clearing or continuing the debt until its logical conclusion. Clever little ploy that!
