The CTC Wings (Cadets) Thread - Part 2.

[Wing_Bound_Vortex]

Here's how it works with Easy,

Say in an average month you net in your pay cheque £3000 after tax, £1000 of that will consist of the bond repayment to you, or rather to the bank. You haven't paid tax on that £1000, only on the £2600 ( ish ) gross you earned, so there's the benefit to you.

So as soon as the £3000 enters your account on pay day approximately £1030 will come back out again to pay off the bond at current interest rates, this is based on an amount of £65,000 pounds initial loan. That extra 30 ish pounds comes out of your taxed pay, on top of the fixed tax free £1000.
So from £3000 entering your account on pay day it drops to £1970 immediately.

Hope that helps, and ps yes, join BALPA!

WBV